The global E-passport market size is expected to grow by USD 27.56 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global E-Passport Market 2020-2024 (Graphic: Business Wire)
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The increasing number of fake passports is driving the demand for E-passports market. With the surge in the number of international passengers, governments across the world are finding it difficult to identify fraudulent passports. E-passports play a crucial role in identifying fraudulent passports by verifying the biometrics of the passengers. Some of the benefits of using biometric passports include the protection from identity thefts, easy passport verification at the entry and exit gates of airports, increased privacy of passport holders, and less scope of forgery of biometric information.
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As per Technavio, the growing demand for multimodal biometrics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
E-Passport Market: Growing Demand For Multimodal Biometrics
The global E-passport market is witnessing an increased demand for multimodal biometrics, which helps in strengthening the security at airport terminals. Multimodal biometrics use multiple biometric identifiers such as fingerprints, iris, and face to confirm authentication. As a result, it offers an enhanced security layer and helps in overcoming the errors of standard biometrics. For instance, the E-passport solution offered by National Database & Registration Authority (NADRA) utilizes facial recognition and fingerprint recognition technologies. Therefore, in the era of unprecedented cyberattacks, the demand for multimodal biometric solutions is expected to surge, which will support the growth of the global E-passport market during the forecast period.
"Other factors such as the introduction to virtual mobile identity, and the increasing adoption of ICAO public key directory (PKD) will have a significant impact on the growth of the E-passport market value during the forecast period," says a senior analyst at Technavio.
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E-Passport Market: Segmentation Analysis
This market research report segments the E-passport market by component (software, hardware, and services) and geography (Europe, APAC, North America, South America, and MEA).
The European region led the E-passport market share in 2019, followed by APAC, North America, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing number of air passengers in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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