[Market Research Report] Electronic Passport Market
Report ID: AA1123911
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. For application methods, please apply directly through the relevant link.
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New Trends The electronic passport market is witnessing several new trends: 1. Evolution of biometric technology: In addition to facial recognition and fingerprint authentication, advanced biometric technologies such as iris recognition are being introduced. This is expected to further enhance security. 2. Emergence of smart passports: In addition to electronic passports, the development of smart passports that work in conjunction with smartphones is progressing. This is expected to improve the portability of passports and further enhance convenience. 3. Integration with digital IDs: The integration of electronic passports with digital IDs is advancing, aiming for a centralized personal authentication system. This will enable seamless authentication across various services. Importance of the Market The introduction of electronic passports contributes significantly not only to the digitization of travel documents but also to the enhancement of international security and the efficiency of border management. This reduces the risks of terrorism and illegal immigration, improving the safety of global movement. Electronic Passport Market by Technology - Radio Frequency Identification (RFID) - Biometric Authentication Electronic Passport Market by Application - Leisure Travel - Business Travel
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