Scope of the Study
The global electronic passport market is expected to grow at a healthy pace during the forecast period, according to the AMA study. Increasing demand for automation in authentification & verification process, rising demand for advanced verification process in the travel & tourism industry, and growing demand for biometric systems for passport verifications propelled by concerns such as cyberattacks are expected to be some of the major factors aiding into the growth for the market. However, the market is expected to witness decline in the growth during FY 2020 but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Hardware, Software and Services), by Application (Leisure Travel and Business Travel) and major geographies with country level break-up.
CardLogix Corporation (United States), De La Rue (United Kingdom), Entrust Datacard Corporation (United States), Giesecke+Devrient Mobile Security GmbH (Germany), HID Global Corporation (United States), IDEMIA (France), Infineon Technologies AG (Germany), Mühlbauer Group (Germany), Safran (France) and Thales (France) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States, Germany, France Players will contribute to the maximum growth of Global Electronic Passports market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Electronic Passports market by Type, Application and Region.
On the basis of geography, the market of Electronic Passports has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Demand for Advanced Verification Process Propelled by Rising Safety & Security Concerns
- Rising Demand for Automation Across Authentification & Verification Operations
- Growing Demand for Biometric Systems in Passport Verification Propelled by Concerns such as Cyberattacks
- Implementation of Artificial Intelligence (AI) & Machine Learning (ML) in Electronic Passport Technology
- Opportunities in the Asia Pacific Region
- Short-term Challenges due to Reduced International Travel Across the World due to the Current COVID-19 Pandemic
Market Leaders and their expansionary development strategies
In April 2019, Thales announced that it has completed the acquisition of Gemalto N.V. To become one of thee global leaders in the digital identity & security market
Stringent Worldwide Government Regulations Regarding Shutting Down of Operations Across Transportation and Travel & Tourism Industry is Impacting Negatively on the Market
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