Allied Market Research (AMR) has released a new report that suggests that the e-passport market will explode in the next few years. The firm specifically predicts that the market will jump from $24.57 billion in 2019 to $125.13 billion in 2028, a figure that represents a CAGR of 27.5 percent for the period between 2021 and 2028.
Much of that growth can be attributed to recent technological advancements, both at the airport and in identity verification more generally. The technology allows border agents to spot imposters, and is easier to implement with modern screening infrastructure.
However, AMR warned that the high cost of implementation will slow the rollout of e-passports in some parts of the world. COVID-19 also had a significant negative impact on the market, since travel restrictions mitigated the demand (and the need) for travel documents. Thankfully, international travel is expected to increase as vaccines become more readily available.
RFID passports were the most common type of passport in 2019, representing the majority (more than 75 percent) of the total market. That is likely to shift in the next few years, with the biometric passport segment growing at the fastest rate with a CAGR of 29.5 percent. Two-thirds of those new 2019 passports were acquired for leisure travel, though the business travel segment will grow more quickly (a CAGR of 29.3 percent) in the forecast window.
Europe was the largest regional e-passport market, representing more than 33 percent of the market overall. The region will still account for the lion’s share of e-passport revenue moving forward, though the Asia-Pacific region will expand with an impressive CAGR of 29.5 percent.
AMR identified CardLogix, Entrust, Infineon, HID Global, and Thales as some of the key players in the e-passport space. HID Global recently provided new e-passports for Estonia and Libya, while Thales has outfitted Thailand with a new biometric document.
July 7, 2021 – by Eric Weiss