Technavio report finds ePassport market to grow 26% CAGR through 2021
Technavio has published a new research report that finds that the global ePassport market is expected to grow at a CAGR of more than 26 percent during the forecast period.
The report, “Global e-Passport Market 2017-2021“, covers the market outlook and growth prospects of the global ePassport market for 2017-2021.
According to Technavio, some of the factors contributing to the growing preference for multimodal biometrics such as ePassports include the high adoption rate in applications such as border control, not being required to purchase two biometric devices, and the increased flexibility and support for a range of biometric options.
Another key driver of growth is the increasing rate of revenue generation from passport booklet, smart chips, antennas, data captures and readers.
“Illegal immigration, trans-border crimes, and increasing thefts are among the several factors that drive the market growth,” Amrita Choudhury, a lead enterprise application research expert from Technavio, said. “ePassports ensure faster security checks and verification of individuals at airports and international borders. The need to enhance the safety of citizens, strengthen international border security, and lower the rate of passport and visa fraud contributes to the growth of the global ePassport market.”
The report forecasts that the ePassport market in the Americas has the highest adoption rate of of all regions with a projected CAGR of nearly 26 percent during the forecast period. .
The rapid advances in technology are expected to drive adoption towards other biometric technologies such as facial recognition, according to the report.
The global ePassport market is currently undergoing an increasing demand and production of the technology required for ePassport, which will increase the inflow of new entrants and widen the growth scope for the already established vendors.
In addition, large security corporations are increasingly acquiring pure-play companies to ensure that they do not miss out on the significant growth opportunities in the market, the report said.
The report highlights several key vendors in the market including Gemalto, Giesecke & Devrient, Infineon Technologies, Safran Identity & Security and Oberthur Technologies, as well as prominent vendors like 4G Identity Solutions, ASK, CardLogic, DataCard, HID Global, IRIS, and Mühlbauer.
The global ePassport market by hardware accounted for the largest market share during 2016 and will continue to dominate the market for the next four years, the report stated.
Previously reported, Technavio published a report titled “Global Biometric Market in the Automotive Sector, 2017-2021”, which forecasts that the market will grow steadily during the next four years and see a CAGR increase of more than 19 percent by 2021.