The e-passport and e-visa market has been studied by Market Research Future (MRFR) analysts to understand what trends are impacting its outcome and how it is going to fare in the coming years. The study covers significant data like market trends, drivers, demand, size, share, SWOT analysis, expert review, market challenges & E-passport and E-visa Market Forecast. The global E-passport and E-visa Market is set to record a 7.7% CAGR during the ongoing forecast period of.
The entire process to work things digitally would help the end user in getting approvals for e-visa in a simplified way. At the same time, this will curb hassles during the immigration process. This upgradation in the system is happening at a global scale owing to which countries are making this mandatory, which will inspire more uptake. However, in under-developed countries this idea of e-passport and e-visa is yet to get a proper acknowledgement as they lack infrastructure.
Growth Boosters and Main Restraints
Following a series of terrorist attacks in the past few decades, ePassport and eVisa are being viewed as a foundation for global security. ePassports and eVisas have become mainstream and have also given rise to a sustainable multi-billion-dollar market that is expected to fundamentally transform the worldwide border and travel control infrastructure. They also promptly deliver on the promise of creating a consistent, secure, and highly reliable identification infrastructure.
The marketplaces for E-passport and E-visa involve the credentialing, verification and enrollment processes along with solutions integration as well as related physical and logical technology that deploy and leverage biometric technology. The requirements as well as processes vary from country to country, as they employ a varying levels of automation. The intense efforts and increasing investments for building smart borders as well as smart airports to facilitate fast and secure travel have pushed the demand for ePassports and eVisas, benefitting the market.
Increasing number of identity frauds, surge in advanced airport infrastructure, growth in air traffic and supportive regulatory structure bolster the market growth to a large extent. The ability of e-passport to facilitate quicker security checks as well as verification of passengers at airports and international borders along with the rising adoption by various countries to elevate safety of citizens and lower the chances of visa fraud can significantly boost the demand for E-passport market.
The global study of the e-passport and e-visa market has been reviewed by MRFR analysts on the basis of a segmentation that includes type, application, and hardware components as important measures.
By type, the global review of the e-passport and e-visa market has been sub-segmented into biometrics and RFID. The biometrics segment includes an understanding of facial recognition, fingerprint recognition, and iris recognition.
By application, the review of the global e-passport and e-visa market includes segments like travelling, identification proof, and immigration or border control. The travelling segment can be assessed on the basis of leisure travel, business travel, and foreign affairs.
By hardware components, the understanding of the e-passport and e-visa market includes a study of antenna, processor/chip, and others.
In North America, investment in the sector, infrastructure, and easy adoption of advanced technologies will boost the market. In Europe, the market will find similar tailwinds.
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Cardlogic limited (Ireland)
4G identity solutions private limited (U.A.E)
Iris Corporation (Malaysia)
Safran identity and security (France)
Muehlbauer group (Malaysia)
Oberthur Technologies (France)
Datacard group (U.S)
HID Global Corporation(U.S)
Giesecke & Devrient limited (Germany)
Gemalto NV (the Netherlands)