Global Electronic Passport Market: Projected to Grow Rapidly with a CAGR of 24.8% from 2022 to 2031
The global electronic passport market is expected to reach $211.5 billion by 2031, up from $28.8 billion in 2022. During this period, the compound annual growth rate (CAGR) is forecasted to be 24.8%, indicating rapid market expansion.
**Factors Driving Growth**
The main factors supporting the rapid growth of the electronic passport market are as follows:
1. **Enhanced Security**: Electronic passports are embedded with microchips that securely store the holder's biometric information (facial recognition or fingerprints), digital photographs, and personal data. This makes counterfeiting and tampering difficult, significantly improving security.
2. **Streamlined Immigration Procedures**: The introduction of electronic passports has expedited immigration control processes, reducing waiting times at airports and other entry points. This enhances convenience for travelers and is expected to facilitate smoother international travel.
3. **Government Support**: Many countries are promoting the adoption of electronic passports, and government support is a crucial factor in market growth. In particular, policies aimed at strengthening counter-terrorism measures and border management are driving the proliferation of electronic passports.
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