San Francisco, California, Feb 14, 2018: TMR Research has published a new report titled, “e-passport Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.” According to the report the global e-passport market will witness an extremely high growth rate in the years to come on account of the rising acceptance from countries and realization of the advantages of using digital data, rather than plain paper. The rising awareness regarding the benefits of contactless chips as opposed to complete manual identification measures will give the global e passport market a boost.
In addition, the ICAO regulations are making it easier for nations to adopt e-passports at a fast pace. This is significantly responsible behind the rising adoption of e-passport. The key Advantage which e-passport bring to the table is its ability to help the authorities track illegal and fraudulent activities with enhanced speed and accuracy as well as streamlining the immigration process. The use of e-Gates which automatically authenticate and checks an e-passport carried by passengers passing through them is turning out to be an invaluable addition to immigration portals in airports.
Nations across the globe are recognizing the potential of e-passport and our investing extensively in this area so as to adopt the latest technology. The NXP and ICAO have laid down specific plans which are expected to decide the future of a passports. As of now, over 730 million e-passports are already in circulation worldwide and more are gearing in nations. E-passport is estimated to become an important part of a person’s identity in the near future. E-passport is expected to improve the process of verification.
On the other hand, the law system is having a difficult time tracking illegal activities relating to travel in immigration. E-passports are already being provided illegally by companies and this is expected to pose a threat to the growth of the market. TMR Research recommends authorities to build strong regulations and verification processes in order to fight digital forgery which would make it difficult to pull off digital forgery as compared to paper-based forgeries.
On the basis of geography, it is estimated that all the regions are equal is driving hard to issue a passport on a mass scale. However, developed nations are much ahead in terms of adoption of new technology and newer versions of a passports as compared to the underdeveloped ones. Therefore, Europe and North America are expected to lead within the global e-passport market. However, in the years to come e-passport is expected to be streamlined across major countries in the world.
The report profiles leading players within the global e-passport market. Their names are: Abbot Informatics, Gemalto, Microsoft, Hexagon, GE, SAP, and Oracle.
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