The global Passport Reader Market will develop an 8.67% CAGR in the forecast period 2017- 2023, according to the new Market Research Future (MRFR) analysis. A passport reader is a device that caters to the demands of passport reading, travel document reading, visa and ID card OCR reading. Owing to its alluring features and plentiful benefits, it has wide applications such as border control, airport security, and others.
Various factors are fuelling the global passport reader market growth. As per the recent MRFR market estimates, such factors include the growing immigrants, growing need for authentication of passports, growing adoption of e-passports, increasing investments on the adoption of advanced technologies and security devices both in developed and developing countries, advances in technologies such as OCR, and increasing international air passenger traffic worldwide.
On the contrary, decline in air passenger traffic, impact of COVID-19 pandemic, technical issues, and high cost of implementation may impede the global passport reader market growth over the forecast period.
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The notable players profiled in the global passport reader market report include IDAC Solutions Pvt. Ltd, Lintech Enterprises Limited, IER Inc., DESKO GmbH, Beijing Wintone Science Technology, Regula Forensics Inc., Access Limited, ARH INC, and Gemalto N.V, among others.
The global passport reader market is highly fragmented and competitive in nature with the presence of several well-established domestic and international players. These industry players have used several strategies to stay ahead such as mergers and acquisitions, partnerships, collaborations, geographic expansions, and others. Further, they are also investing in research and development activities to cater to the burgeoning needs of the customers.
The MRFR report throws light on an inclusive segmental analysis of the global passport reader market based on sector, application, type, and technology.
By technology, the global passport reader market is segmented into OCR, barcode, RFID, and others. Of these, the OCR segment will lead the market over the forecast period. It will develop at a 10% CAGR by 2023.
By type, the global passport reader market is segmented into swipe readers, self-service kiosk, compact full page reader, and others. The compact full page reader will dominate the market over the forecast period.
By application, the global passport reader market is segmented into border control, airport security, and others. Of these, the airport security will spearhead the market over the forecast period.
By sector, the global passport reader market is segmented into private, government, and public
By region, the global passport reader market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Increasing use of e-passports in immigration points, airport terminals, hotels, and others, rise in air passengers, and increasing deployment by border controls and airport officials are adding to the passport reader market growth in the region. The United States holds the utmost market share for the rising investments by the government in airport infrastructure coupled with installation of passports readers in different airports for hassle-free flow of passengers.
In the APAC region, the global passport reader market is predicted to grow at a fast pace over the forecast period and at a high CAGR. India and China have utmost market share owing to the development of advanced products like combo readers, service kiosks, and others and the presence of several manufacturers, the presence of leading manufacturers, increasing number of airports in Australia, and increasing adoption of biometric passports are adding to the global passport reader market growth in the region. Additional factors adding market growth include government progressing smart city projects and growth in the setting up of automatic gate systems in the airport.
In Europe, the global passport reader market is predicted to have healthy growth over the forecast period and that in RoW is predicted to have sound growth over the forecast period.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
List of Tables
TABLE 1 GLOBAL PASSPORT READER MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION)
TABLE 2 GLOBAL PASSPORT READER MARKET, BY TYPE, 2020-2027 (USD MILLION)
TABLE 3 GLOBAL PASSPORT READER MARKET, BY APPLICATION, 2020-2027 (USD MILLION)
List Of Figures
FIGURE 1 TOP DOWN & BOTTOMUP APPROACH
FIGURE 2 FORECAST MODEL
FIGURE 3 DROC OF GLOBAL PASSPORT READER MARKET RESEARCH REPORT: FORECAST TO 2027
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