An Incisive, In-depth Analysis on the Epassport Market
This study offers a comprehensive, 360 degree analysis on the Epassport market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Epassport market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
ePassport is the term used for passports equipped with electronic devices or contactless integrated circuits (IC) such as RFID chips. The RFID chip contains biometric data and hence, ePassports are also known as biometric passports, MRTD (Machine Readable Travel Documents) with ICC Chips. The increasing efforts and investments for the development of smart borders and smart airports to ensure fast and secure travel have created an upsurge in the demand for ePassports.
The report on the ePassport market offers a detailed analysis of the market volume (Units), market drivers, challenges, opportunities and trends, industry growth factors, and value chain along with the collective opinion and perspectives of ePassport market participants. According to FMI analysis, the global ePassport market was valued at 16,458.1 Mn in 2017 and is projected to witness 7.4X expansion at an estimated CAGR of 22.1% during 2018-2028.
Key Dynamics: Global ePassport Market
International organizations such as ICAO (the International Civil Aviation Organization), IATA (the International Air Transport Association), and ACI (Airports Council International) have projected that the number of air travel passengers will nearly double to 7.2 billion by 2035 end. Additionally, there has been an increase in the Y-o-Y growth percentage of the number of air travel passengers annually. With the growing number of passengers, there has been an increase in the demand for advanced digital security and data encryption solutions to ensure reliability and fast processing at airports, which in turn has been generating high demand for ePassports.
Prominent Trends Governing Global ePassport Market
The global ePassport market report highlights various supply and demand side trends along with strategic recommendations and a detailed analysis of the ePassport market on the basis of various segments.
With the growing incidences of terror attacks and illegal activities on an international level, there is a strong demand for data encryption and data protection. Regulatory bodies such as ICAO, IATA, and ACI have formed numerous protocols to improve border security and thus, ePassports have been witnessing strong demand. In terms of security or from a technological point of view, conventionally-used ePassports were based on BAC (Basic Access Control) and were chip based, having basic information; however, with technological advancements, ePassports are being deployed with biometric information and advanced SAC (Supplemented Access Control) and PACE (Password Authenticated Connection Establishment) technologies.
Assessment of the ePassport Market Competition (Supply-Side Trends)
The global ePassport market is a consolidated market with prominent players such as Gemalto N.V., HiD Global Corporation, Entrust Datacard Corporation, and IDEMIA, amongst others
Manufacturers are entering into long-term multiyear service supply contracts with government bodies for the deployment of ePassports. For the continuous and uninterrupted supply of raw materials, manufacturers have also entered into long-term contracts with chip and other suppliers.
The global ePassport market has also witnessed an increase in the number of mergers and acquisitions to expand their global reach and product offerings based on the latest technologies for the development of advanced digital security solutions.
There has been a rapid rise in the demand for ePassport solutions across the developing countries of Asia Pacific. The governments in developing countries such as India have made noteworthy investments in the development of airport infrastructure and adoption of latest and more secure digital solutions, which is expected to drive the demand for ePassport during the latter half of the forecast period.
Data Security – A Key Challenge in Global ePassport Market
Although numerous advantages are associated with the use of ePassports, there are also a couple of disadvantages. For instance, if the owner loses an ePassport, someone can gain access to the chip for free. Fake chips can also be easily uploaded and hence, these passports are also not totally secure.
Biometric and chip-based information can also be hacked and utilized for illegal purposes, which is one of the major limitations of ePassports.
Key Players in Global ePassport Market
Some of the key players reported in this study of the global ePassport market include Gemalto N.V., HID Global Corporation, 4G Identity Solutions Private Limited, CardLogix Corporation, Infineon Technologies AG, IDEMIA, Eastcompeace Technology Co., Ltd., Primekey Solutions AB, and Entrust Datacard Corporation, among others.
Global ePassport Market Research Methodology Overview
Future Market Insights focuses on using a modelling-based approach and triangulation methodology for market estimation and forecast development. The unique frameworks and approaches include data collection, market profiling, hypothesis generation, forecast development, pricing analysis (on the basis of region, technology, manufacturers, application and competition benchmarking.
In order to ascertain the global volume and value for ePassports, data from secondary sources such as ICAO, companies’ annual reports, and white papers, amongst others were referred while the penetration and adoption rate of ePassports across different countries were gauged. The current number of ePassports issued and in circulation were tracked to arrive at the global volume (units) of ePassports. The price for ePassports was tracked individually for countries and the global weighted average was arrived at, which was then utilized to obtain the value of the global ePassport market.
Various macro-economic factors have also been taken into consideration to develop an apt forecast for the demand of ePassport across various regions. Prominent factors taken into consideration include air traffic growth, international and domestic travel and tourism industry growth, airport infrastructure spending, semiconductor and chip manufacturing industry, investment in IoT, global biometric technology market demand, GDP, population growth, and urbanization, amongst others, which have been influencing the demand for ePassports globally.
Future Market Insights, in its recent study on the ePassport market, offers a detailed value-volume analysis of the ePassport market along with insights through innovative frameworks such as basis point analysis (BPS), incremental dollar opportunity index, market attractiveness analysis and Y-o-Y growth on the basis of various segments on the basis of technology, application, security and region. The volume analysis for the ePassport market has been considered in units (number of ePassports issued for the current base year) covering data for historical period 2013–2017 and a forecast for 2018–2028 with 2017 as the base year.
In addition to the quantitative analysis, the ePassport market report provides market size estimates and growth trends and forecasts. It also covers market sentiments from a qualitative perspective, which include market dynamics such as drivers, restraints, trends and opportunities, forecast factors, macroeconomic factors, market definition, value chain analysis, pricing analysis and other factors that influence and impact the global ePassport market along with segment-level projections in a comprehensive manner. The ePassport market report also highlights an overview of the EPassport market by region wherein the number of ePassports issued has been tracked for various prominent countries across each region. The data obtained has been scrutinized across each of the countries. The primary objective of the ePassport report is to offer key insights on market updates, competition positioning, current trends, market potential, growth rates and other relevant information and statistics in a suitable manner to the readers or various stakeholders of the ePassport market.
ePassport is the term used for passports that are equipped with electronic devices or contactless integrated circuits (IC) such as RFID chips. The RFID chip contains biometric data and hence, ePassports are also known as biometric passports, MRTD (Machine Readable Travel Documents) with ICC Chip. Increasing efforts and investments for the development of smart borders and smart airports for fast and secure travelling have created an upsurge in the demand for ePassports.
The ePassport market report is structured to facilitate the reader to develop a thorough understanding of the market. The report begins with an executive summary covering a gist of the report. The executive summary highlights the global ePassport market overview in terms of value and volume through various segments. The section also covers key supply and demand side trends in the global ePassport market. This section also outlines a technology roadmap with the introduction, adoption and current developments in the ePassport market. The next section begins with market definition, market taxonomy and research scope.The market definition also provides an outline of research assumptions/limitations pertaining to the research study on the basis of which the entire framework has been devised.
The next section that follows in the global ePassport market report includes macroeconomic factors along with value chain analysis, drivers, restraints, trends, and opportunities having a profound rate of influence in market growth. The information has been backed up with suitable examples and facts as obtained from official and authentic data credentials. In the subsequent section, the ePassport market viewpoint has been covered, which includes the global value and volume analysis
Global ePassport Market Segmentation
The report provides significant information pertaining to the above-mentioned segments in the global ePassport market. The latter part in the ePassport market background is included in the impact of the forecast factors, which include a study of the factors that are expected to have an impact on the ePassport market, such as technological growth, investments and other key insights pertaining to the market.
The next section provides a pricing analysis of ePassports on the basis of regional fronts, wherein the weighted average selling price has been computed to arrive at the global average prices. The pricing analysis provides pricing by each configuration for the present scenario. Assumption and key considerations for the same have also been included.
The sections that follow consist of the global ePassport market analysis by technology, application, security and region/country. The overall analysis of the ePassport market begins with an overall global market assessment followed by an analysis for numerous regions citing the macroeconomic environment of the particular regions. Each regional section of the report contains qualitative data and quantitative aspects of the global ePassport market.
In the final section of the ePassport market report, we have provided a competition analysis with company market share analysis pertaining to the ePassport market and performance of manufacturers by a tier-down structure of the global ePassport market. In the competition dashboard section of the global ePassport market, we have provided a dashboard view of major players along with the market share, and their key business strategies. This would enable clients to evaluate strategies deployed by market leaders and help them develop effective strategies consequently.
The first stage of the ePassport research entailed the formulation of a preliminary hypothesis, which was considered from primary as well as secondary approaches. The subsequent stages involved triangulation of data gathered from the two approaches. To determine the market trends and opportunities, the global ePassport market report has been segmented on the basis of four criteria: technology, application, security and region.
For the final data analysis of the ePassport market, we have considered 2018 as the base year and basic data was collected from public sources as well as sources such as companies’ annual reports, investor presentations and press releases, World Bank Statistics on revenue sales, newsletters, published reports on public domain, industry associations such as ICAO (International Civil Aviation Organisation) reports and paid databases on finance and corporate information. The collated data from the aforementioned sources was further validated from product manufacturers, end-user procurement agencies, distributors and regional representatives.
For ePassport market estimation, we have considered both demand-side as well as supply-side drivers and trends. Historical data includes data for the period 2013-2017 and forecast estimation for the period 2018-2028. We have considered technology developments, market trends, mergers and acquisitions, and strategic developments among the manufacturers of the ePassport market. The forecast presented in the global ePassport report evaluates the actual market size (US$ Mn) in 2017 with regard to the product (ePassport) and the expected market value in the global ePassport market over the forecast period. Moreover, the ePassport report highlights the market attractiveness for the coming ten years. This market attractiveness would help clients identify real opportunities in the global ePassport market.
Further, we also considered the mandated industry standards and regulations for each region. Furthermore, to analyse the market share and competition analysis section, we tracked key developments such as collaborations, expansion, mergers & acquisitions, new orders, product launches, awards and recognition for companies operating in the market. For market share and tier analysis based on key and regional players of ePassport, we collected data from annual reports published by the manufacturers of ePassport and estimated the market share of players on the basis of the distribution of the product at the regional level. Competition benchmarking has been provided for the top five competitors with respect to sales performance of ePassports.
Epassport Market Reports - Table of Contents
19. Assumptions and Acronyms Used
20. Research Methodology