Electronic Passports Market to get Boosted by Booming Tourism Industry —
Electronic Passports Market 2019
E-passport or electronic passport are known for an in-built chip that carries several information and provides high security. The chip has an antenna and a microprocessor, and various other security measures. This passports ca be used in automated e-passport gates where the checking process would not require an officer from the Border Force officer. The chip holds information and that gets shared during the scanning process. The global electronic passport market is expecting strong growth in the coming years.
The global Electronic Passports market is valued at 7880 million US$ in 2018 is expected to reach 12900 million US$ by the end of 2025, growing at a CAGR of 6.4% during 2019-2025.
Rapid growth in the tourism industry, and the demand to facilitate the security process are major factors that can be taken into consideration as major traction providers for the global electronic passport market. There are several countries who are already benefiting from the process and are affecting the global electronic passport market.
The Leading key players covered in this study
Shanghai Mite Speciality & Precision Printing
India Security Press
Beijing Jinchen Cvic Security Printing
Japan National Printing Bureau
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
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Type and application are two distinct segments that have been included in the study of the global electronic passport market. This analysis supports the idea of getting factors on the right track and know them better to explore their possibilities in the future.
Based on the type, the global electronic passport market can be segmented into ordinary e-passport and service & diplomatic e-passport. Both these segments are going to witness strong growth as various countries are updating their entire passport issuing system. The global market is expecting high growth in the coming years.
Based on the application, the global electronic passport market can be segmented into adult and child. Both these sectors are gaining strong traction as many are considering this as a basic necessity and getting their passports done as a priority in their lives.
North America, South America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are regions that have been included in the region-specific study of the global electronic passport market. Such an extensive analysis has its focus set on revealing demographic challenges that can inspire the global market in the coming days.
North America is expecting strong growth as the region has well-established structure, high investment capacity, solid backing from advanced technologies and others. The region has the US and Canada, countries with strong market potential, high investment capacity, and a population well-aware of these recent growths due to which the regional market can garner remarkable revenues. Europe is also anticipating strong growth due to its similarities in features with that of North America. The region has several countries like the UK, Spain, France, Germany, the Netherlands, Italy, and others who are spending substantial amount in taking the regional market forward.
The APAC market is also benefiting from the influence of several emerging economies who are revamping several sectors among which the electronic passport segment is one. India, China, and others have launched this process to simplify various operational process.
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In 2019, Kenya launched the electronic passport system for their residents which is expecting strong traction from countries in Europe. The U.K. launched this program in London. The Netherlands and Germany have announced that they would give visas to only those people who have their Kenyan passports updated to electronic passports.
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