Increasing need for authentication of passports, growing number of immigrants, and increasing adoption e-passports are driving the growth of the global passport reader market. However, high implementation cost and technical issues are some factors hampering the growth of the market.
The global passport reader market is segmented on the basis of technology, which is further segmented into Radio frequency identification (RFID, Barcode), OCR (Optical Character Recognition) and others. RFID is a wireless technology, which helps in obtaining information from an RFID tag embedded in the documents to be scanned. A barcode is a machine-readable representation, which stores data in the form of parallel lines spaced at certain widths. These codes are scanned by barcode readers, which consists of a light source, lens and a photo conductor translating optical impulses into electrical signals. Optical character recognition (OCR) refers to recognition of printed text by a computer. The process involves scanning of text, letter to letter, analysis of scanned text and conversion of an image into a commuter language, which is ASCII or character codes for data processing.
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The global passport reader market is segmented on the basis of the type as compact full page reader, self-service kiosk, swipe readers, and others. A compact full page reader is a multi-functional passport reader, which is capable of reading a full page of passport and travel documents. A self-service kiosk is an interactive computer terminal, which consists of specialized hardware and software and can provide information regarding the passport and immigration details. Swipe readers consist of magnetic strip readable technology in which the information is stored and can be retracted at the time of swiping at the reader.
The global Passport Reader Market is segmented on the basis of application as airport security, border control, and others. As per MRFR analysis, airport security application is projected to dominate the global passport reader market during the forecast period. Based on the application, passport reader market is sub-segmented into airport security, border control, and others. The airport security has accounted for the largest share by generating highest revenue of 86.8 million in 2017 and is expected to grow at a CAGR of 7.71% during the forecast period.
Market Research Analysis:
Geographically, Asia Pacific is the fastest growing region across the globe. Furthermore, growing focus of many Asian government to develop smart cities is boosting the passport 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 passport reader market.
According to Market Research Future Analysis, the global passport reader market is valued at USD 169.76 million in 2017. The market is projected to reach USD 279.50 million by 2023 at an expanding CAGR of 8.67% over the forecast period.
Some of the key players in the global passport reader market are Gemalto N.V, ARH INC, Access Limited, Regula Forensics Inc., Beijing Wintone Scienc.e Technology, DESKO GmbH, IER Inc., Lintech Enterprises Limited, and IDAC Solutions Pvt. Ltd.
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