Multimodal biometrics to drive 21 percent CAGR ePassport growth to 2023
The global market for ePassports will grow by 21 percent CAGR to $23.93 billion from 2019 to 2023, driven by demand for multimodal biometrics to support security efforts at airports, according to forecasts from Technavio.
More than half of the expected growth will come from the APAC region, the “E-passport Market by component (software, hardware, services) and geographical regions (Europe, APAC, North America, South America, and MEA)” report says. The APAC region trailed only Europe in market size in 2018, and is expected to increase rapidly due to the growing number of air passengers.
The market is concentrated in the hands of a few major players, according to the report, which also segments the market by software, hardware, and services components.
“The increasing number of fake passports is driving the demand for e-passport markets. 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 via biometrics. Thus, the increase in the number of fake passports is expected to drive the growth of the global e-passport market during the forecast period,” says an unnamed senior analyst at Technavio.
Deployments of biometrics at airports are forecast to grow by 27 percent CAGR through 2022.