Global Passport Reader Market, Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Forecast to 2029
“Global Passport Reader Market’ is the title of the upcoming report that is in the process of study and analysis at MarketResearch.biz. In the report, various aspects and scenarios are considered, as well as current and future scenarios. The report also comprises verified data and information based on inputs gathered from experts in the industry. In order to ensure accuracy of findings, exhaustive primary and secondary efforts were invested, and paid sources were used to validate data. The report also provided insights into major trends, growth factors, restraints, Y-O-Y growth, and future forecast & opportunities. The various opportunities for potential revenue generation in untapped markets is also highlighted. Key player profiles include company details, recent developments, effective strategies, acquisitions, and mergers etc. The global passport reader market is segmented on basis of technology, reader type, application, sector, and region. Regions are further sub-segmented at country level, and revenues for each segment presented according to each region and country.
Passport readers are electronic devices with components and technology operating on optical scanners, RFID, and others. A biometric passport is a regular or conventional passport in terms of size, design etc., but the difference is that it is chip-embedded. The embedded electronic microprocessor chip contains the passport holder’s biometric information, which makes it easier to authenticate the identity of the holder, and this can even be done without need for the passport to come in contact with the device. These devices operate on contactless smart card technology, and the device is capable of reading the printed information contained on the pages of the passport, as well as the embedded microprocessor chip.
Some of the primary factors driving growth of the passport reader market include increasing number of individuals and groups traveling from country to country for recreational purposes, healthcare treatment and medical tourism, tour and travel purposes, and also, the number of immigrants seeking to enter developed countries has been witnessing a substantial increase in the past decade. Chip-embedded passports and biometric passport readers provide a higher level of security and ensures efficient and error-free identity authentication at airports, ferry and cruise liner ports and stops, border security, immigration points, and hotels etc. A major factor which has brought about changes in the way identity authentication is conducted is due to vast and evolving technological developments and advancements in the field of biometrics. Optical Character Recognition (OCR) is among some of these advanced technologies currently in use. Passport readers reduce time required during check-ins, and aid in more rapid and streamlined approach to identity authentication.
Swipe readers, self-service kiosks, and compact full-page readers are some of the different types of solutions currently available in the market. Swipe readers read the information from the passport’s embedded chip when the passport is swiped over the reader, and this is stored on the magnetic strip of the reader. The information can be retracted once done with the identity authentication process. This approach reduces time required to manually authenticate a traveler’s identity as well as validate the authenticity of the passport as well. Swipe readers are gaining adoption in establishments such as banks, at border control points, in the transportation sector, for law enforcement procedures and deportation, hotels, and adoption is projected to continue to expand as the digitalization trend sweeps across the globe.
Global Passport Reader Market Segment Analysis:
Technology: Among the technology type segments, the RFID segment accounted for highest revenue share the previous year, and is projected to continue its dominance over the next five years.
Reader Type: Among the reader type segments, the swipe reader accounts for highest revenue share currently, but the contactless reader is gaining traction due to convenience and ease of usage.
Global Passport Reader Market Regional Analysis:
The market for passport readers in North America accounted for significant revenue share in 2018, and this is attributed to an increasing number of younger individuals, as well as retired members of populations, especially in developed countries, going on world tours and various other travel packages during that year. Markets in Asia Pacific, China, and India are expected to register significant CAGRs over the forecast period. This can be attributed to increasing footfalls at airports as a result of discounts, passport on arrival option at several countries in the region, and rising spending capacity among consumers in the region. However, some factors that are expected to hamper market growth to a certain extent include high cost of passport reader units, data safety concerns, potential malfunction of unit, among others.
Global Passport Reader Market Segmentation:
- Radio-frequency Identification (RFID)
- Optical Character Recognition (OCR)
By Reader Type:
- Swipe Readers
- Self-Service Kiosk
- Compact Full-Page Reader
- Airport Security
- Border Control
- Asia Pacific
- North America
- South America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Gemalto N.V
- Lintech Enterprises Limited
- Access Limited
- ARH INC
- Regula Forensics Inc.
- DESKO GmbH
- Beijing Wintone Science Technology
- IER Inc.
- IDAC Solutions Pvt. Ltd.
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