Electronic passport and visa abbreviated as e-passport and e-visa respectively are digital verified documents that contains information that can be used to authenticate the identity of passengers. E-passport and e-visa uses contactless smart chip technology incorporated with microprocessor or computer chip along with antenna which is embedded in it. Due to several advantages of e-passport and e-visa such as secured, privacy protection by the use of biometric technology etc. It is widely 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. In December 2016, there has been 57% growth witnessed in the number of people availing tourism travel services using e-visa worldwide. The key driver fueling the growth of global e-passport and e-visa market. There has been a massive growth in the number of people travelling in the cross-border destinations. According to U.S. Travel Association, U.S. domestic travel had increased 1.2% i.e. 2.17 billion from 2015 to a total of more than 2.2 billion person trips in 2016. Domestic leisure travel increased 1.7 % in 2016 to more than 1.7 billion-person trips. Therefore, leisure travel accounted for about 79 % of all U.S. domestic travel in 2016. Furthermore, International travel spending in U.S. continued to account for $43 billion surplus increase in 2016. As per United Nations World Tourism Organization, all the destinations worldwide have welcomed approximately 348 million international tourists including overnight visitors between January and April 2016 which in turn was approximately 18 million more than the same period in 2015 (330 million) i.e. profit of 5.3%. This was followed by a hike of 4.6% in 2015 as compared to 2014. Therefore 2016 was the seventh consecutive year witnessing an above average growth. Therefore, it is evident that there has been significant growth in the number of people travelling in cross-border destinations. While the number of international travels have recorded to have been increased by more than 5% each year. According to UNWTO, it is estimated that around 500 million tourists will be travelling in cross border destinations between May and August 2016. This is because in this period, summers are at its peak in the Northern Hemisphere, so tourists visit to spend their vacation. This accounted for approximately 41% of the total number of international tourist travels in 2016.
Another factor influencing the growth of the market is the adoption of digitalized techniques in the e-passport and e-visa. The present world is shifting towards the world of digitalization as this technology offers several benefits and vast number of opportunities in the future. It offers high accuracy, cost effectiveness, easy access to information and flexibility. Digital technology such as digital fingerprint, biometrics, digital image recognition system, digital signature are some of the latest digital technologies which makes the e-passport and e-visa most authenticated secured document. Recent developments and advancements in the e-passport and e-visa have been going on. For example, master prints could be used to unlock any smartphone's fingerprint sensor. Electronic Visa stickers are also the emerging digital technology. Moreover, although the expired visas have been invalidated and destroyed some active visa stickers would be still present in the passports and would be separated during reading which would be a time-consuming process.
Source: OBRC Analysis
The report on global e-passport and e-visa market includes components and applications.
Components included in e-passport and e-visa market report are:
- E-passport chip
- System integration
- Biometrics
- RFID
- PKI
The applications of e-passport and e-visa include:
- Travel
- Business travel
The global e-passport and e-visa market report has been geographically segmented in:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
Asia Pacific emerged as the leading market in terms of revenue share in 2016. It is expected that APAC will continue its dominance in the global e-passport and e-visa market during the forecasted period. The major factor driving the growth of the 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, minimizes 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.
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 share in terms of revenue in 2016 and is anticipated to grow at a CAGR of 17% during the forecasted period.
The major market players of the global e-passport and e-visa market are:
- GEMALTO
- DATACARD GROUP
- 4G IDENTITY SOLUTIONS
- EASTCOMPEACE
- MUHLBAUER GROUP
- OTHERS
These companies are using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in the e-passport and e-visa market.
For Example; In June 2017, HID global acquired Arjo Systems SAS, which is a provider of physical and digital identity solutions thereby increasing its e-ID and e-passport expertise.
In June 2017, Gemalto, the world's leading company in the digital security sector signed a partnership deal with East Timor government to issue e-passports to its citizens.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in e-passport and e-visa market.
Key reason to buy the report:
- The report includes market estimation, forecast and analysis for the year 2016-2023.
- Report includes detailed analysis of different segments such as component and applications of e-passport and e-visa.
- Identify and understand the strength, opportunities, challenges and threat of the e-passport and e-visa market.
- Covers details analysis of Porters 5 force model and other strategic models and also covers revenues, market share analysis, competitive landscape analysis of major players of e-passport and e-visa market.
- Detailed analysis of various the regulatory policies which are affecting the global e-passport and e-visa market.
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At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global e-passport and e-visa market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the e-passport and e-visa market, with giving extensive SCOT analysis of key companies.
Key findings of the global e-passport and e-visa market.
- The global e-passport and e-visa to expand at a CAGR of about 26% during the forecast period 2016-2023.
- Adoption of digitalized techniques in the e-passport and e-visa is the key factor driving the growth of e-passport and e-visa market
- Asia Pacific emerged as the leading market in terms of revenue share in 2016.
- The biometrics segment has accounted for the largest market share in terms of revenue in 2016 and is anticipated to grow at a CAGR of 17% during the forecasted period.