Some of the market leaders profiled in the analysis include ARH INC, Gemalto N.V, Access Limited, Beijing Wintone Science Technology, Regula Forensics Inc., DESKO GmbH, Lintech Enterprises Limited, IDAC Solutions Pvt. Ltd., and IER Inc.
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The global passport reader market is growing pervasively mainly due to the wide uptake of this device at the airports and border controls to maintain a smooth flow of passengers. Simultaneously passport readers are also useful to the police and security forces as well as the travel, entertainment and hospitality industries for checking personal data and identification.
Passport readers integrate a complete range of technology solutions. Simultaneously, Industry players keep adding features & software updates to make their product unparalleled to their competitors. This, in turn, provides massive impetus to the market, further pushing it to the extended level.
Taking a note from the current market progress; Market Research Future (MRFR) in its recently published study report asserts that the already booming, global passport reader market will accrue exponentially registering over 8.67 % CAGR during the forecast period (2017-2023). Growing number of cross-border travels and terrorisms activities increase the sales of passport readers.
Additional factors substantiating the market growth include the growing number of immigrants, increasing needs for authentication of passports, and increasing adoption of e-passports. In the last couple of years, passport forgery cases have been increased to an alarming rate, which threatens the national security of countries across the globe. As a result, the demand and the deployment instances of passport readers have increased dramatically, leading to increasing the market size.
On the other hand, factors such as the high cost of implementation and lack of technical expertise among the operators are hampering the market growth, restricting the adoption of passport readers. Nevertheless, advanced security features useful in preventing unlawful activities of producing fake documents are expected to support the market growth.
The emergence of e-passports has transformed the industry completely. e-passports help in creating highly secure and interoperable infrastructure for international travel. Additionally, they reduce waiting time and benefits users by providing self-service kiosks, which enable the passengers to self-verify. The increase in the e-passports is propelling the market growth, raising the demand for passport readers at the airport terminals, hotels, and car rental service stations among others.
The Passport Reader Market appears to be competitive owing to the presence of numerous well-established players having an international and global presence. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for the leading players. The market will witness intensified competition with an increase in R&D innovations and M&A.
MRFR has segmented its analysis into five key dynamics for an easy grasp.
By Technology: RFID, Barcode, and OCR among others.
By Type : Compact Full-Page Reader, Self-Service Kiosk, and Swipe Readers among others.
By Application: Airport Security and Border Control among others.
By Sector: Public, Government, and Private
By Regions: Europe, North America, APAC and Rest of the World.
North America is the largest market further expected to account for the largest market share of the global passport reader market in the next 6 years. The region has a number of passport readers deployed at the airports and border controls to maintain a smooth flow of passengers.
Factors such as technological advancements and increasing uptake predominantly drive the regional market. Furthermore, the rising usages of e-passports and increase in cross country travel foster the market growth.
The passport reader market in the European region accounts for the second- largest market, following the North American market closely. The presence of a sizable number of key players drives the market growth hugely. Furthermore, increasing purchasing power and accessibility stimulates the demand for the advanced passport reader, increasing investment in surveillance technologies.
The Asia Pacific region has emerged as a lucrative market for the passport reader. The demand for the advanced passport reader is gradually growing in the region with the strengthening economy in countries, such as China, India, and South East Asian countries. The growing number of technological advancements alongside the presence of technology developers are providing impetus to the market growth in the region.
- By the 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 the 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 the 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
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Industry/ Innovation/ Related News:
November 29th, 2018 – Panasonic Corporation, (Japan), a multinational electronics corporation announced an integrated mobile identification and entrance control solution for its popular 7-inch rugged tablet.
Panasonic TOUGHPAD FZ-M1 Passport is ideal for border control, police and security forces, as well as the travel, entertainment, and hospitality industries. The device integrates a complete range of technology solutions for checking personal data and identification in a rugged but lightweight design that can be easily used on the move.
Panasonic TOUGHPAD FZ-M1 Passport is developed with the Flexible integrated technology. The Passport solution can be ordered with a number of integrated reader technologies. Solutions include a 2D barcode reader, a smart card reader and RFID for contactless cards, as well as a Machine-Readable Zone (MRZ) for 2-line and in the future 3-line passport reading.
- Technology investors
- Integrated device manufacturers (IDMs)
- Original equipment manufacturers (OEMs)
- Research/Consultancy firms
- Device Manufacturers
LIST OF TABLES
TABLE 1 GLOBAL PASSPORT READER MARKET, BY TECHNOLOGY, 2017-2023 (USD MILLION)
TABLE 2 GLOBAL PASSPORT READER MARKET, BY TYPE, 2017-2023 (USD MILLION)
TABLE 3 GLOBAL PASSPORT READER MARKET, BY APPLICATION, 2017-2023 (USD MILLION)
TABLE 4 GLOBAL PASSPORT READER MARKET, BY SECTOR, 2017-2023 (USD MILLION)
TABLE 5 GLOBAL PASSPORT READER MARKET, BY REGION, 2017-2023 (USD MILLION)
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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 2023
FIGURE 4 SUPPLY CHAIN ANALYSIS
FIGURE 5 PORTER’S FIVE FORCES ANALYSIS OF GLOBAL PASSPORT READER MARKET
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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