Electronic passport and visa abbreviated as e-passport and e-visa respectively are the authenticate documents which consists of digital and biometric information of the passengers travelling to cross-border destinations. This digital information is required to authenticate the identity of passengers. E-passport and e-visa functions on the contactless smart chip technology integrated with microprocessor or computer chip along with an embedded antenna. E-passports and e-visa are being extensively used by the passengers travelling for both business and leisure purpose. This had led the global e-passport and e-visa market to expand at a CAGR of about 26% during the forecast period 2016-2023. Due to several advantages of e-passport and e-visa such as secured, flexible to use, privacy protection using biometric technology etc. The key factor driving the growth of global e-passport and e-visa market is the massive growth in the number of people travelling in the cross-border destinations.
Asia Pacific is the largest market region for global e-passport and e-visa market and had accounted for largest market revenue share in 2016. It is expected that Asia Pacific will continue its dominance in the global e-passport and e-visa market during the forecasted period 2016-2023. The major factor driving the growth of the global e-passport and e-visa market is the introduction of e-passport and e-visa application and services. It facilitates reduction of hassles during the processing and verification of documents at airports, minimized the processing time at immigration desks to get clearance, and also allows security personnel to focus their attention on the surveillance of suspicious and high-risk travelers.
The global e-passport and e-visa market is influenced by the presence of leading companies such as GEMALTO[Netherlands], DATACARD GROUP[U.S.], 4G IDENTITY SOLUTIONS[India], EASTCOMPEACE[China], MUHLBAUER GROUP [Germany] etc. Product launches, joint ventures, mergers and acquisitions are some of the crucial strategies adopted by the key market players to gain competitive advantage.
Global e-passport and e-visa market report covers segmentation analysis of components and application. Report further covers segments of component type which includes E-passport chip, system integration, biometrics, RFID and PKI. Among these segments, the biometrics segment has accounted for the largest market revenue share in 2016 and is expected to rise at a CAGR of 17% during the forecasted period 2016-2023. Whereas, applications of e-passport and e-visa include travel and business travel.