The global e-visa market will reach USD 4.27 billion at an 11.93% CAGR by 2030, states the new Market Research Future report.
E-Visa Market Drivers
Increase in International Passengers to Boost Market Growth
The increase in international passengers and reduction in the delay due to airport processing operations will boost market growth over the forecast period. E-visas help to save travelers & airport checking authorities’ time enabling authorities in focusing more on the suspicious passengers.
|Revenue Forecast in 2030:||USD 4.27 Billion|
|Growth Rate:||CAGR of 11.93% from 2022 to 2030|
|Forecast Period:||2022 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
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E-Visa Market Opportunities
Different Benefits of E-Visas to offer Robust Opportunities
The different benefits of e-visas like privacy protection, flexibility in use, and high security will offer lucrative opportunities for this market in the assessment period.
Restraints and Challenges
High Costs to act as Market Restraint
The high cost related to initial deployment as well as replacement may act as market restraints over the forecast period.
E-Visa Market Segmentation
The global e-visa market is bifurcated based on application, platform, and component.
By component, services will lead the market over the forecast period.
By platform, desktops will dominate the market over the forecast period.
By application, travelling will spearhead the market over the forecast period.
The new coronavirus pandemic outbreak has devastated the global economy and is currently causing more problems. Concern was raised by the abrupt lockdown that was implemented in both regional and worldwide places because humans were containing the virus and serving as its points of transmission. The e-passport and e-visa markets had shown an increase in global demand during this time. In times of such tragedy and urgency, people desired to leave their current location, return to their homes, and stay with their families. The fear of spreading the virus and moving into the stage of community spread, however, was considerably greater and had a negative impact on the world’s ability to function. Therefore, once the spread was curbed, there were fewer casualties, and there were more resources available for medication and vaccination, it was necessary for the governments of the world to open their borders to international travel.
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North America to Spearhead E-visa Market
The highest market share in the e-visa market was held by North America. The US, Canada, & Mexico are the three country-level marketplaces that make up the North American market. The US is the nation that receives the most tourists and business travellers alike. The region’s e-visa industry has expanded as a result of the US’s electronic system for travel authorization (ESTA), Canada’s electronic travel authorization (ETA), and Mexico’s universal e-visa. In the North American e-visa market, the US holds the highest market share. Additionally, due to the rapid technological advancements and the presence of the top important players in the market there, North America is predicted to hold the highest revenue share in the market in 2021. Additionally, it is predicted that growing IoT device trends and increased regional tourism would support market expansion.
APAC to Have Favorable Growth in E-visa Market
Asia-Pacific is the second-largest e-visa market in the world. India, Vietnam, Thailand, Singapore, Malaysia, Australia, and the rest of Asia-Pacific make up the region of Asia-Pacific. APAC countries have extended support for e-visas in order to further boost tourism, which has helped the market grow in the area. The region generates 25% of the global tourism revenue. The Asia-Pacific e-visa market is predicted to be dominated by Malaysia. Due to the region’s expanding economy, advanced technology, and quickening urbanization, the Asia Pacific market will expand at a healthy CAGR in the forecast period. Being a tech-savvy generation, the existence of a sizable youth population in the area also helps the market flourish. The expansion of the market is significantly influenced by the internet’s adoption in nations like China and India. From January to December 2019, a total of 29,28,303 visitors entered India using an e-visa, up significantly from the 23,69,941 who entered during the same period last year, according to figures from the Indian Ministry of Tourism. Another significant factor fueling the expansion of the regional industry is the rise in outbound travel. For instance, the China Tourism Academy said that the country’s outbound tourism industry increased to 149 million trips in 2018, up 14.7% from 2017, Chinese tourists spent more than USD 130 billion abroad in 2017, an increase of more than 13% from the year before.
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E-Visa Market Key Players
Eminent industry players profiled in the global e-visa market report include SCICOM (Malaysia), Gemalto NV (Netherlands), CBN (Canada), Securiport LLC (US), C Serve Corporate Services (Mozambique), Mühlbauer Group (Germany), 4G Identity Solutions Private Limited (India), VFS Global Group (UAE), BLS International (India), Swiss Authentis S.A (Switzerland), and MITECH (Oman).
Key players have adopted various tactics to maintain their leadership positions such as partnerships, mergers and acquisitions, new product launches, geographic expansions, and many more.
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