The global e-passport market size was US$ 21.9 billion in 2021. The global e-passport market is forecast to grow to US$ 122.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 27.1% during the forecast period from 2022 to 2030.
An e-passport is an electronic form of passport embedded with a microprocessor chip. This microprocessor chip contains biometric data, including name, passport number, date of birth, signature, picture, and nationality of the cardholder.
Factors Influencing the Market
The growing automation and rising demand for biometric IDs will surge the demand for the global e-passport market. In addition, there are various benefits of e-passports that are likely to drive market growth. For instance, e-passports reduces the chances of misuse and theft. In addition, the digitally stored personal details of travelers cannot be erased or changed by frauds. Thus, the high-security features of e-passports will drive the market forward.
The growing traffic of airports and rising inclination towards international traveling will surge the growth of the e-passports market. Furthermore, growing initiatives by government bodies to boost cross-border security will contribute to market growth. For instance, Haneda, one of Japan's leading international airports, implemented facial recognition technology in 2019. Moreover, the Government of Kenya also inaugurated ten new passport centers in June 2019 to offer innovative and advanced e-passports to people.
E-passports reduced the time consumed in check-in and check-out. Moreover, visitors no longer need to stand in a long queue to enter the airport. Such advancements are likely to benefit the global e-passports market.
COVID-19 Impact Analysis
The COVID-19 pandemic forced the authorities to ban travel activities. Airports also witnessed low traffic as compared to the previous situation. Thus, it hampered the growth of the global e-passports market. Furthermore, the increased need among traveling industries to detect traveler information immediately surged the demand for automated technology.
Regional Analysis
The Asia-Pacific e-passport market is forecast to grow at the highest growth rate due to growing international travelers and the growing use of digital technology at airports. Furthermore, favorable policies by government bodies to boost cross-border security will contribute to the growth of the e-passport market. For instance, the Indian government unveiled chip-enabled biometric passports recently. In addition, most of the airports in Japan have begun using facial recognition scanners and e-passports to facilitate the identification process of travelers. In addition, growing urbanization and the increasing number of airports will benefit the e-passport market in the coming years.
Competitors in the Market
Market Segmentation
The global e-passport market segmentation focuses on Technology, Application, and Region.
By Technology Outlook
By Application Outlook
By Region
