- Use of ePassport readers in Border control efforts is projected to be the fastest growing application
- Asian governments developing smart cities is boosting the ePassport Reader Market.
- North America is dominating the global ePassport Reader Market.
Advancements in printing technology have threatened passport security globally. Passport readers, which are integrated at check-in points, border controls, and immigration points are capable of ensuring authenticity and help prevent passport forgery.
Market Research Future has segmented the global ePassport Reader Market into four different regions, namely, North America, Europe, Asia Pacific, and Rest of the World. The North American market is further segmented into the U.S., Canada, and Mexico while the European market is segmented into Germany, the U.K., France, Spain, Italy and Rest of Europe. The Asia Pacific market is sub-divided into China, India, Japan, South Korea and Rest of Asia Pacific.
North America is dominating the global ePassport Reader Market due to a rise in usage of e-passports and increase in air passengers. Therefore, airport and border controls officials have started deploying passport readers to maintain a smooth flow of passengers.
Asia Pacific region is the hub for semiconductors, many leading passport reader manufacturers are present in this region. The region is witnessing the highest growth rate and is projected to continue growing at the same pace over the forecast period.
The Global ePassport Reader Market is valued at $169.76 million in 2018. The market is projected to reach $279.50 million by 2023 at an expanding CAGR of 8.67% over the forecast period.
Some of the prominent players in the global ePassport Reader Market are Gemalto N.V, ARH INC, Access Limited, Regula Forensics Inc., Beijing Wintone Science Technology, DESKO GmbH, IER Inc., Lintech Enterprises Limited, and IDAC Solutions Pvt. Ltd.
The global ePassport Reader Market is segmented into technology, type, application, sector, and region.
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Based on technology, the global ePassport Reader Market is sub-segmented into RFID, closed coupled and OCR (Optical Character Recognition). Based on the type, the market is segmented into compact full page reader, self-service kiosk, swipe readers, and others. Based on the application, ePassport Reader Market is sub-segmented into airport security, border control, and others.
MRFR has segmented ePassport Reader Market report by region namely Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America accounted for the largest share of the EPassport Reader Market, owing to rise in usage of e-passports and increase in air passengers, airport officials and border controls started deploying passport readers to maintain a smooth flow of passengers.
Market Research Analysis
Geographically, Asia Pacific is the fastest growing region across the globe. Furthermore, growing focus of many Asian governments to develop smart cities is boosting the ePassport Reader Market along with the increase in the installation of automatic gate systems at airports. North America is dominating the global market by holdng 38% share the global ePassport Reader Market.
By technology, OCR dominated the passport reader technology in 2017 and is projected to grow at the highest CAGR of 10.01% during the forecast period
By type, the compact, full page reader dominated the market in 2017. Compact full page reader is projected to grow at a CAGR of 8.09%
By application, airport security dominated the market in 2017. Border control application is projected to be the fastest growing application at a CAGR of 10.01% during the forecast period