The number of ePassports closed in on approximately 263,966 thousand units in 2018, and will record 19% Y-o-Y growth in 2019, according to a new study of Future Market Insights (FMI). Prospects of the ePassport market are influenced by a plethora of factors, ranging from protocols implemented by regulatory bodies such as ICAO, ACI, and IATA to improve border security, to smart airport initiatives such as biometrics.
The report on the ePassport market offers a detailed analysis of the market volume (Units), market drivers, challenges, opportunities and trends, industry growth factors, and value chain along with the collective opinion and perspectives of ePassport market participants. According to FMI analysis, the global ePassport market was valued at 16,458.1 Mn in 2017 and is projected to witness 7.4X expansion at an estimated CAGR of 22.1% during 2018-2028.
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Prominent Trends Governing Global ePassport Market
The global ePassport market report highlights various supply and demand side trends along with strategic recommendations and a detailed analysis of the ePassport market on the basis of various segments.
With the growing incidences of terror attacks and illegal activities on an international level, there is a strong demand for data encryption and data protection. Regulatory bodies such as ICAO, IATA, and ACI have formed numerous protocols to improve border security and thus, ePassports have been witnessing strong demand.
RFID Remains Preferred Technology while Biometrics Gain Marked Significance
According to the study, RFID technology has witnessed widespread adoption in ePassport generation, with global sales estimated at over 207,396 thousand units in 2018. New applications of RFID for ePassport have been introduced, however considerable privacy and security risks have been identified recently. This has led to the incorporation of multistage authentication for verification of ePassports, resulting in the adoption of biometrics in combination with RFID to reduce identity theft and fraud, while aiding governments in furthering their border security.
Data Security – A Key Challenge in Global ePassport Market
Although numerous advantages are associated with the use of ePassports, there are also a couple of disadvantages. For instance, if the owner loses an ePassport, someone can gain access to the chip for free. Fake chips can also be easily uploaded and hence, these passports are also not totally secure.
Biometric and chip-based information can also be hacked and utilized for illegal purposes, which is one of the major limitations of ePassports.
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Key Players in Global ePassport Market
Some of the key players reported in this study of the global ePassport market include Gemalto N.V., HID Global Corporation, 4G Identity Solutions Private Limited, CardLogix Corporation, Infineon Technologies AG, IDEMIA, Eastcompeace Technology Co., Ltd., Primekey Solutions AB, and Entrust Datacard Corporation, among others.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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