Advanced Verification Technologies and Rising Global Travel Drive E-passport Market Growth

The SNS Insider report reveals that the E-passport Market, valued at USD 34.32 billion in 2022, is poised to reach USD 213.63 billion by 2030, with an expected CAGR of 25.68% from 2023 to 2030.

Market Report Scope:

The e-passport market scope encompasses the adoption of electronic chip technology in passports, providing secure storage for personal data. This innovative approach enhances safety by minimizing the risks of data duplication and alteration. The market’s trajectory is driven by a shift from traditional paper passports to technologically advanced solutions. With an increasing number of European countries embracing e-passports, the market is poised for substantial growth. The electronic chip, featuring a unique identification number and digital signature, ensures a higher level of security. This market scope reflects a global movement towards safer and more efficient travel documentation systems, emphasizing the significance of technological advancements in modernizing passport functionalities.

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Major Key Players Included in the Report are:

• 4G Identity Solutions
• Ask Media Group LLC
• CardLogix Corporation
• Eastcompeace Technology Co. Ltd.
• Entrust Corporation
• HID Global Corporation
• Infineon Technologies AG
• Muhlbauer Group
• Safran
• Thales Group
• Others

Market Analysis:

The e-passport market is propelled by a surge in advanced verification technology, heightened global travel, and robust airport infrastructure. Offering biometric authentication, digital signatures, and encryption, e-passports provide an unparalleled level of security, reducing the risk of forgery and tampering. Despite the market’s growth potential, challenges such as high implementation costs persist. However, the increasing adoption of wireless communication within the travel industry presents lucrative opportunities. E-passports are becoming the preferred choice for governments globally, providing a secure and reliable means of identity verification. This analysis underscores the industry’s transformative role in enhancing travel security and efficiency on a global scale.

Segment Analysis:

In terms of technology, the RFID segment dominates the e-passport market, offering additional security features and contactless reading capabilities, especially crucial during the ongoing pandemic. For applications, leisure travel leads, as e-passports simplify international travel and provide an added layer of security for leisure travelers.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Technology

• RFID
• Biometrics

On The Basis of Application

• Business Travel
• Leisure Travel

On The Basis of Security

• Basic Access Control
• Password Authenticated Connection Establishment
• Supplemental Access Control
• Extended Access Control

Key Regional Development:

Europe currently dominates the e-passport market, owing to advanced airport infrastructure in the UK and Germany and the widespread use of smartphones during travel. However, Asia-Pacific is expected to witness significant growth due to increasing demand, favorable government policies, and the introduction of e-passport smart gates.

Key Takeaways:

• Technological Advancements Drive Market Growth: The incorporation of advanced technologies, such as RFID, biometric authentication, and encryption, propels the e-passport market’s expansion.
• Leisure Travel Segment Thrives: E-passports become increasingly popular among leisure travelers, streamlining international travel and enhancing security measures.
• Europe Maintains Dominance, Asia-Pacific Surges: While Europe leads the market, Asia-Pacific experiences substantial growth, fueled by rising demand, government support, and smart gate implementations.

Recent Developments:

• Cisco has introduced the Catalyst 8000 Edge Platform, a high-performance router catering to modern networks’ security, automation, and cloud-managed service needs.
• Juniper Networks launched the MX10008 Universal Routing Platform, ideal for data centers and service providers, offering advanced routing, security, and automation features.
• Nokia unveiled the 7750 SR-14s Router, a high-capacity router designed for service provider networks, capable of handling up to 144 terabits per second of traffic. These innovations underscore the industry’s commitment to providing robust, secure, and efficient solutions in the evolving landscape of global travel and digital security.

Table of Contents – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
   • COVID-19 Impact Analysis
   • Impact of Ukraine- Russia war
   • Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. E-passport Market Segmentation, by Technology
9. E-passport Market Segmentation, by Application
10. E-passport Market Segmentation, by Security
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion