E-Passport Growing At 26.31% CAGR To 2017-2021

2017-2021 e-Passport market report considers the revenue generated from hardware, software, and services segments to calculate the market size.

March 28, 2017 /MarketersMedia/ —

The 2017 e-Passport market trend is rising awareness of e-passport as a secure travel document. The e-passport is a far more secure travel document than a traditional paper passport. It is an additional method of authenticating the printed information with a sealed electronic copy. The analysts forecast global e-passport market to grow at a CAGR of 26.31% during the period 2017-2021.

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The global e-passport market has a significant number of vendors across the globe. The market is experiencing an increasing demand and production of the technology required for e-passports, which, in turn, will boost the inflow of new entrants and widen the growth scope for the already established vendors.

The global e-passport market by hardware accounted for the majority market share during 2016 and will continue to dominate the market for the next four years. Some of the major factors responsible for the market segment’s growth is the increasing rate of revenue generation from passport booklet, smart chips, antennas, data captures, and readers.

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Further, the report states that one challenge in market is high cost of initial deployment and replacement. One of the main challenges faced by vendors in the global e-passport market is the high initial deployment and replacement costs in some regions. This is due to the limited vendor penetration in regions such as South America and APAC which have a few local players. Most of the vendors in this market are based in Europe. Therefore, the market is controlled by a small group of vendors. This results in low competition and high initial deployment and replacement costs. Contactless smart cards have high manufacturing costs as they are more advanced than magnetic tape cards. Hence, the overall cost of e-passports increases with advances in software and hardware.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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E-passports are used to authenticate the identity of a traveler during international travels. This technology stores data about the traveler on a smart chip, which bears a unique identification number, and a digital signature. It is more secure than traditional paper technology as it cuts down the risk of data alteration and duplication. The data stored electronically on the chip is authenticated by public key infrastructure (PKI), which helps eliminate forgeries. Facial, fingerprint, and iris recognition are the major biometric modalities used in the technology.

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Release ID: 181248