The ePassport market is projected to have a market share of US$ 383.2 billion by 2033. While it is likely to be valued at US$ 50.6 billion in 2023. The market is anticipated to grow at a strong CAGR of 22.4% from 2023 to 2033. The higher penetration of RFID chips, integrated technology, faster internet bands, and advanced adoption of the advanced technology available in the aviation center. Furthermore, the higher investment in international aviation programs is likely to flourish the demand for ePassports.
The increase in flyers and higher density in the airports are pushing authorities to increase the adoption of ePassports from the end users. Alongside this, advanced features like tracking, enhanced safety of data and information of the end users through encryption and other solutions are also flourishing the demand.
New companies introducing their bimetric, smart card, and RFID technology to give authorities options to choose from are flourishing the expanding the market growth. Also, the strong CAGR is tapped as the market goes through a transformational phase due to issues like cyber security, data protection, and theft.
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Key Takeaways from the ePassport Market Report:
- The United States market leads the ePassport market in terms of market share in North America. The United States region held a market share of 10.2% by 2022. The growth in this region is attributed to the increasing awareness among the population. Moreover, increase in digitization and automation. North America also held a market share of 18.3% global share in 2022.
- Germany’s ePassport market is another significant market in the European region. The market held a market share of 8.7% in 2022. The growth is attributed to the government’s adoption of advanced smart card technology. Europe held a leading global share of 37.1% in 2022.
- The Indian ePassport market thrives at a CAGR of 29.9% during the forecast period. The market’s growth is attributed to leading companies investing, revised passport management, and higher digitization.
- The RFID segment leads the technology-type segment as it held a market share of 78.8% in 2022. The growth is attributed to the WMS integration, higher efficiency, better counting speed, product availability, and smooth storage and distribution.
- Based on the application type, the leisure travel segment leads as it held a market share of 77.9% in 2022. The growth is attributed to higher consumption.
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Competitive Landscape:
The key vendors work on better technological integration, and availability of RFID, biometrics, and smart card technology in one. Companies also collaborate to expand their supply chain. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
Key Players:
- Gemalto N.V. (Thales)
- HID Global Corporation
- 4G Identity Solutions Private Limited
- CardLogix Corporation
- Infineon Technologies AG
- IDEMIA
- Eastcompeace Technology Co., Ltd.
- Primekey Solutions AB
Recent Market Development
- IDEMIA has introduced the advanced biometric passport system that accelerates border control checks using an ePassport. The company also claims that there is faster throughput, cutting-edge security, and easy-to-authenticate documents.
- Eastcompeace Technology Co., Ltd. has launched its ePassport platform with a multi-layered security proposition, and faster processing.
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Key Segments Covered:
By Technology:
- RFID
- Biometrics
By Application:
- Business Travel
- Leisure Travel
By Security:
- Basic Access Control
- Password Authenticated Connection Establishment
- Supplemental Access Control
- Extended Access Control
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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