The global market for e-passports is going to surge over the next few years, according to a new report from Technavio. The market research firm forecasts a CAGR of 21 percent between 2019 and 2023, equating to $23.93 billion in growth.
In a report summary, a senior Technavio analyst explained that an increasing number of fake passports, together with a “surge” in international travel, is driving demand for e-passports in the government sector.
The analyst also highlighted the importance of biometrics in e-passports, a major theme of the report. Biometric identification based on modalities like facial, fingerprint, and iris recognition is increasingly being used to enhance security at airports, and Technavio says that “the demand for multimodal biometric solutions is expected to surge, which will support the growth of the global e-passport market during the forecast period.”
Looking at the global market in finer detail, Technavio says that Europe was the leading region in 2018, followed by APAC, the Americas, and MEA, but that over the forecast period the APAC region will see the greatest growth. Major players in the market highlighted by Technavio include IDEMIA, Thales, Infineon Technologies, Giesecke+Devrient, and De La Rue, whose passport business is currently being acquired by HID Global.
June 25, 2019 – by Alex Perala