E-Passport And E-Visa Market to Reach USD 47 billion by 2032
Page Contents
Market Overview
Published Via 11Press: The E-Passport And E-Visa Market size is expected to be worth around USD 47 Bn by 2032 from USD 25.2 Bn in 2022, growing at a CAGR of 6.6% during the forecast period from 2022 to 2032.
The e-passport and e-visa market has experienced significant growth in recent years. E-passports are electronic passports that contain a microprocessor chip, which stores the traveler's personal information and biometric data. They offer improved security features over traditional paper passports and are becoming increasingly popular worldwide.
Similarly, e-visas have become an essential part of international travel for many travelers. An e-visa is an electronic visa that allows travelers to apply online for their visa before traveling to their destination country. This eliminates the need to visit the embassy or consulate in person, making the process quicker and more convenient.
The increased use of technology in the travel industry has facilitated a surge in demand for digital documents such as e-passports and e-visas. Many countries have recognized this trend and are investing heavily to enhance their digital infrastructure to meet emerging demands from travelers worldwide.
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Key Takeaways
- Growing Demand for E-Passports, E-passports, which contain biometric information and are designed to prevent identity fraud, are becoming more popular among governments and travelers alike. The global e-passport market is forecast to expand at a compound annual growth rate (CAGR) of 6.6% between 2022 and 2032.
- E-visa adoption is on the rise, E-visas which allows travelers to apply for and obtain a visa online, are becoming more common as governments strive to streamline visa processing and reduce wait times.
- Advances in technology are propelling growth, The use of cutting-edge technologies like biometrics, machine learning, and blockchain is expected to further fuel expansion within the e-passport and e-visa market. These innovations improve security while cutting processing times making traveling a more comfortable and efficient experience for passengers.
- Asia Pacific is projected to experience the highest growth in the e-passport and e-visa market due to increased international travel and government initiatives to enhance border security. Countries like China, India, and Indonesia are anticipated to be key markets for these documents in this region.
- Key players in the market include Gemalto, Shanghai Mite Speciality & Precision Printing, India Security Press, Beijing Jinchen Cvic Security Printing, Bundesdruckerei, Japan National Printing Bureau, Goznak, Casa da Moeda do Brasil, Canadian Bank Note, Royal Mint of Spain, Polish Security Printing Works, Istituto Poligrafico e Zecca dello Stato, Iris Corporation Berhad, Semlex Group, Veridos, Morpho
Regional Analysis
- North America The United States and Canada are the two major players in this region. North American travelers increasingly require electronic passports and visas due to an increasing number of travelers and the need for more secure immigration processes.
- The European region has experienced an enormous expansion of the e-passport and e-visa market due to the implementation of the European Union's visa information system. Furthermore, growing demands for secure, efficient border control have further fuelled this sector's expansion.
- The Asia-Pacific region is expected to experience rapid growth in the e-passport and e-visa market due to an increasing number of travelers and the need for secure border control measures. China, India, and Japan are forecasted to be among the leading players in this space.
- Latin America The e-passport and e-visa market in Latin America is expected to expand due to an increasing need for secure and efficient border control measures. Brazil and Mexico are expected to be the leading players in this region.
- The Middle East and Africa region is expected to experience significant growth in the e-passport and e-visa market due to an increasing need for secure border control measures. Saudi Arabia, UAE, and South Africa are projected as being among the major players in this space.
- Overall, the e-passport and e-visa market is expected to expand globally due to an increasing need for secure and efficient border control as well as an increasing number of travelers.
Drivers
Increased Need for Secure Identification With today's evolving security threats, there is an ever-increasing demand for secure identification methods. E-passports and e-visas offer a more reliable alternative than traditional paper-based passports and visas in this regard. Rising Number of International Travelers As globalization accelerates, so too do international travelers. This has necessitated the creation of more efficient and streamlined immigration processes something e-passports and e-visas can provide. Government Initiatives, Governments around the world are taking steps to modernize their border control systems by introducing e-passports and e-visas. This is being done in order to enhance security, enhance traveler experiences, and boost efficiency.
Advancements in Technology Advancements in biometric technology have made it simpler to authenticate identity and boost security. E-passports and e-visas use this technology, providing a more secure and efficient method of identification. Cost Savings, E-passports, and e-visas can help cut costs associated with traditional paper passports and visas, such as printing and processing fees. Furthermore, they help save time and resources needed for processing immigration applications. Convenience, E-passports, and e-visas offer travelers greater convenience, as they can apply for visas and passports online, eliminating the need to visit embassies or consulates. This saves time and effort, making the entire process simpler for travelers.
Overall, these drivers are expected to continue fueling the growth of the e-passport and e-visa market over the coming years.
Restraints
The high initial investment, The implementation of e-passports and e-visas requires a significant initial investment in technology and infrastructure. This can be a significant barrier to entry for some governments and organizations. Privacy concerns E-passports and e-visas require the collection and storage of biometric data, which can raise privacy concerns among some individuals and organizations. This could lead to resistance from some governments and travelers. Lack of standardization There is a lack of standardization in e-passport and e-visa systems, which can lead to interoperability issues and make it difficult for travelers to navigate the different systems. This could hinder the growth of the market.
Limited internet access E-passports and e-visas require internet access to apply for and process applications. Limited internet access in some regions could make it difficult for some travelers to apply for e-passports and e-visas, leading to lower adoption rates. Technical difficulties E-passports and e-visas are reliant on technology, which can lead to technical difficulties and downtime. This can cause delays and inconvenience for travelers, leading to a negative perception of e-passports and e-visas. Resistance to traditional paper-based systems There may be resistance from some governments and organizations that are invested in traditional paper-based passport and visa systems. This could slow the adoption of e-passports and e-visas.
Overall, while there are several factors that could restrain the growth of the e-passport and e-visa market, the benefits of enhanced security, efficiency, and convenience are likely to outweigh these factors in the long term.
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Opportunities
Emerging markets There are many emerging markets with large populations that are increasingly becoming major players in the global economy. These markets present a significant opportunity for the e-passport and e-visa market, as there is a growing demand for secure and efficient border control. Increasing demand for contactless technology The COVID-19 pandemic has accelerated the demand for contactless technology, including e-passports and e-visas. This presents an opportunity for the market to grow as more travelers look for touchless options to navigate border control processes. The growing adoption of biometric technology is becoming increasingly popular in many industries, including border control. The growing adoption of biometric technology presents an opportunity for the e-passport and e-visa market to grow, as these technologies can help enhance security and streamline immigration processes.
Improving technology, The technology behind e-passports and e-visas is improving rapidly, making these systems more secure and efficient. This presents an opportunity for the market to grow as these systems become more reliable and widely adopted. Government initiatives, Governments are increasingly taking initiatives to modernize their border control systems by introducing e-passports and e-visas. This presents an opportunity for the market to grow as more governments implement these systems. An increasing number of travelers The number of international travelers is expected to continue to grow in the coming years, presenting an opportunity for the e-passport and e-visa market to grow as more travelers look for efficient and secure ways to navigate border control processes.
Overall, these opportunities are expected to drive the growth of the e-passport and e-visa market in the coming years.
Challenges
Cybersecurity threats E-passports and e-visas require the collection and storage of sensitive personal data, which makes them vulnerable to cyber-attacks. Ensuring the security of these systems is a major challenge for the market. Interoperability issues There is a lack of standardization in e-passport and e-visa systems, which can lead to interoperability issues and make it difficult for travelers to navigate the different systems. This is a challenge that needs to be addressed to ensure the widespread adoption of e-passports and e-visas. Limited internet access E-passports and e-visas require internet access to apply for and process applications. Limited internet access in some regions could make it difficult for some travelers to apply for e-passports and e-visas, leading to lower adoption rates.
Privacy concerns E-passports and e-visas require the collection and storage of biometric data, which can raise privacy concerns among some individuals and organizations. Addressing these privacy concerns is important for the market to gain widespread acceptance. Resistance from traditional paper-based systems, There may be resistance from some governments and organizations that are invested in traditional paper-based passport and visa systems. This could slow the adoption of e-passports and e-visas. Cost While e-passports and e-visas can help reduce costs associated with traditional paper-based passports and visas, the initial investment required for implementing these systems can be high. This could be a challenge for some governments and organizations.
Overall, these challenges are significant obstacles that the e-passport and e-visa market needs to address to ensure the widespread adoption and success of these systems.
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 25.2 Bn |
| Revenue forecast by 2032 | USD 47 Bn |
| Growth Rate | CAGR Of 6.6% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
Key Market Segments
Type
- Ordinary E-passport
- Service & Diplomatic E-Passport
Application
- Adult
- Child
Key Market Players included in the report:
- Gemalto
- Shanghai Mite Speciality & Precision Printing
- India Security Press
- Beijing Jinchen Cvic Security Printing
- Bundesdruckerei
- Japan National Printing Bureau
- Goznak
- Casa da Moeda do Brasil
- Canadian Bank Note
- Royal Mint of Spain
- Polish Security Printing Works
- Istituto Poligrafico e Zecca dello Stato
- Iris Corporation Berhad
- Semlex Group
- Veridos
- Morpho
Frequently Asked Questions
What is the market study period?
The E-Passport And E-Visa Market is studied from 2017 – 2032.
What is the growth rate for the E-Passport And E-Visa Market?
The E-Passport And E-Visa Market is growing at a CAGR of 6.6%
Which region experiences the highest rate of growth in the E-Passport And E-Visa Market?
Asia Pacific is growing at the highest CAGR over 2022- 2032.
Which region is the largest in the E-Passport And E-Visa Market?
North America holds the highest share in 2022.
Who are the major players in the E-Passport And E-Visa Market?
Gemalto, Shanghai Mite Speciality & Precision Printing, India Security Press, Beijing Jinchen Cvic Security Printing, Bundesdruckerei, Japan National Printing Bureau, Goznak, Casa da Moeda do Brasil, Canadian Bank Note, Royal Mint of Spain, Polish Security Printing Works, Istituto Poligrafico e Zecca dello Stato, Iris Corporation Berhad, Semlex Group, Veridos, Morpho
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