Published on : Jun 27, 2017
Albany, New York, June 27, 2017: The report provides a detailed analysis of the various critical parameters of the global E-passport and E-visa market, including trends, opportunities, and regional segmentation. It performs a comprehensive evaluation of the vendor landscape of the market.
E-passports and E-visas are used in identity authentication of a traveler during international travel. This technology enables storage of traveler’s data on a smart chip, which includes a digital signature and a unique identification number. It is safer than the conventional paper technology as it prevents the alteration and duplication of data. Data is stored electronically on the chip and is authenticated by public key infrastructure (PKI), thus rendering e-passport forgeries difficult. Biometrics modalities such as fingerprint, facial, and iris recognition are used for this process.
The growth of the global E-passport and E-visa market is primarily supplemented the increasing cross-border travel. Rapid globalization and rising consumer disposable income worldwide are resulting in the greater number of people doing international trips. Moreover, the growing number cases of passport and visa forgeries has escalated the need for secure systems, thereby stoking the growth of the market.
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Governments worldwide are increasingly focusing towards the development and production of secure E-passport and E-visa infrastructures, which will provide sustainable growth to the market. They are allocating significant budget towards stabilizing existing programs, incorporating new document and IT security features, updating and replacing aging equipment, and re-issuing documents and reengineering processes. Owing to all these factors, the global E-passport and E-visa market is expected to rise at a phenomenal CAGR over the coming years.
However, the upward climb of the market is marred by the high investment required for initial deployment and replacement. The restraint has a high impact, especially, in less-developed and developing countries. Nevertheless, the emergence of hybrid smart cards and rapid technological advancements are likely to open new avenues for players in the global E-passport and E-visa market.
On the basis of product, the market is bifurcated into E-passport and E-visa. The demand for E-passport is likely to remain strong in the years to come. On the other hand, the trend of E-visa is gaining momentum and therefore, the segment is estimated to register a noteworthy CAGR over the forthcoming years. Based on applications, the global E-passport and E-visa market is divided into travel and business. In terms of geography, the market is fragmented into Europe, Asia, North America, and Latin America. The report highlights the major countries in the global arena, which are the U.S., the U.K., Germany, Japan, China, France, Korea, Brazil, Argentina, and Mexico.
Some of the prominent participants in the global E-passport and E-visa market are 4G Identity Solutions, Gemalto, DataCard, CardLogic, ASK, Infineon Technologies, Mühlbauer Group, Eastcompeace, IRIS, Morpho, HID, Giesecke and Devrient, and Oberthur Technologies.
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