Global Passport Reader Market Size is estimated to expand rapidly in coming years, at a CAGR of 12.6 % from 2019 to 2027. In 2017, the global market valuation was USD 0.25 billion, and it is anticipated to be greater than USD xx.xx billion by 2027. The increasing number of people travelling via air and growing adoption of e-passports is expected to dominate the global market in forecast period. In addition, the demand of a passport reader will also be driven by the technological advances like the optical character recognition (OCR), which are used for altering typed or printed text images into machine-encoded text, a photo of a document, a scanned document or a scene-photo. An RFID tag codes for the private information of a passport owner.
Use of passport reader at airport and crowded places helps security authorities to reduce time and queue for error free recording of information. This is the key factor impacting the global market of passport reader.
Global Market Growth Opportunities (Revenue, Growth) By 2019-2027
The need for airport check-in, border control, immigration points and hotel passengers to be authenticated is also projected to boost growth in the market over the projected time period. The rise in cross-border transportation and terrorism leads to the increasing revenues of passport publishers. The growing amount of fake passport instances, which threaten the national security of a variety of nations, is pushing the requirement for a passport viewer further. A viewer used to recognize falsified records for visas with RFID marks where traveler information are collected and scanned when checking in.
This global market study report analysis offers in-depth insights, revenue details, and other vital information regarding the global passport reader market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global passport reader market report has been segmented on the basis of type, application, and region. It includes the estimation of the market size, in terms of value, with respect to 4 main geographies, namely, North America, Europe, APAC, and RoW.
By Technology Insights: On the basis of technology, global passport reader market has been segmented into RFID, barcode, and OCR. Among which RFID segment is expected to be the highest growing section in the global market of passport reader. The RFID technology works on the idea where RFID tag which is embedded with passport is scanned to evaluate the information. The growing concentration on improving safety technologies has developed the need for visa and passport RFID devices.
In the forecast period, the section of optical character recognition is projected to grow significantly. The development of the section is attributable to the need for the conversion into searchable and editable information of various documents such as digital pictures and scanned documents. The OCR technology allows the registration of the passport holder's identification data, namely title, place of formation, gender, visa and the nationality. The requirement for stronger safety and passenger identity in flights, waiting checks and flight ticket centers will fuel the requirement for OCR technologies.
By Application Insights: On the basis of application, global passport reader market has been segmented into airport security, border control, others. Among which airport security segment has accounted for largest share in the global market of passport reader. The increasing dangers posed by trafficking in human beings, boundary terrorism, smuggling, drug trafficking and other crime have resulted to strict safety policies being imposed on airports worldwide. The growing use of passport readers to confirm individual identification and recognize falsified passports at airports drives the development of the section. In addition, the setup and use of safety devices as well as investments for the development of sophisticated airport safety technology and devices help the market to grow.
The passport reader market is divided into regions that are North America - U.S, Canada, Other; Asia-Pacific -India, Japan, China, Australia, Other; Europe - UK, Russia, France, Brazil, Other; Middle East and Africa. Every region analysis details in sense of growth, revenue, volume, challenges, and opportunities with the regional and global key players. Due to the growing amount of aerial travelers, North America dominated the industry in the 2018 sector. The increasing use of e-passports at restaurants, terminals, immigration stations etc. drives the requirement for regional passengers ' passports. Due to growing public spending in the airport infrastructure and passenger assembly at multiple airports, U.S. played a significant role in the North American market in 2019.
Global Passport Reader Market Size, Share Analysis by Region 2019-2027
The largest CAGR over the forecast period in Asia Pacific is expected to take place. The existence of a number of producers and the growth of advancing products such as self-service kiosks, combination printers, etc. are anticipated that nations such as China and India will produce significant income over the next six years. As large projects are ongoing in countries like China, India, Australia, and Indonesia in Asia Pacific, the region has potential to bypass any competition. This is also because of the great amount of reserves that the region has. Exploration activities in China are increasing which is why China may have great demand for tin catalysts and compounds. According to the National Bureau of Statistics, passport reader market will increase the regional demand during the forecast period.
Global Passport Reader Market Study Objective
To forecast the market size of passport reader market, along with describing and defining the market, in terms of volume and revenue as well as market opportunities for stakeholders, in order to provide a competitive landscape for global market players.
Market analysis and forecast of passport reader market on the basis of region, substrate, and application or end-use industry. To profile major market players, and to analyze their market shares and essential competencies comprehensively.
To analyze and elaborate significant factors that will have a major impact on the growth of passport reader market, such as drivers, restraints, challenges, and opportunities.
The regional analysis of passport reader market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa, and the Asia Pacific.
Strategic analysis of micro markets, in terms of individual prospects, opportunities, growth trends and their involvement in the overall market.
To provide detailed analysis of competitive and strategic developments in the passport reader market like a new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.
Key Players Landscape
Gemalto NV, ARH Inc., 3M, IER, Access Ltd., Beijing Wintone Science & Technology Co. Ltd., and DESKO GmbH are some of the key players in the market of passport reader. These businesses have taken various development approaches in order to enhance their business situation. The main growth policies taken by these organizations to improve their products' and global existence to satisfy the increasing supply from developing economy bubbles officials are expansion, fresh brand creation, fusion & procurement and cooperation.
Global Passport Reader Market Study Report Offer You!
The global passport reader market study report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast. The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.
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