The global passport reader market size is estimated to reach USD 395.97 million by 2025, growing at a CAGR of 11.3% from 2019 to 2025, according to a new report by Grand View Research, Inc. The increasing adoption of e-passports and need for authentication of passports at airport points, border control facilities, and immigration points are expected to drive the growth of the market. The increasing number of air passengers is expected to subsequently trigger the building of new airports, especially in developing economies across the world. The governments of various countries are investing heavily in construction of airports and this is expected to increase the demand for passport readers over the forecast period.
Furthermore,
increasing adoption of new technologies such as Optical Character Recognition
(OCR) enables saving the time required for airport staff to manually enter the
data of passengers in the systems. The use of RFID technology has increased
owing to the demand from industries & sectors such as transport, retail,
medical, and defense. The continuous advances in biometric technologies are
further driving the demand for readers to strengthen security at airports and
borders by reducing forgery.
North
America dominated the global passport reader market in 2018 and is projected to
continue to dominate over the forecast period owing to the rapid and early
adoption of advanced technologies such as multi-row OCR reader for
machine-readable passports. Asia Pacific is expected to register the highest
CAGR owing to the increasing production of readers in countries such as India
and China. Countries such as the U.S., Australia, and Germany are estimated to
generate considerable revenue over the forecast period.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/passport-reader-market
Passport Reader
Market Report Highlights
- Increasing
number of airports and the rising number of immigrants is propelling the
demand for passport readers at airport check-in points and border security
- The airport
security segment dominated the market in terms of revenue in 2018 owing to
the growing threats of terrorism and other criminal activities
- The
self-service kiosk segment is expected to register the highest growth rate
over the forecast period owing to benefits such as reduced waiting time
for passengers
- The public
sector dominated the market in 2018 owing to the increasing demand for
passport readers from airport check-in points, aviation security points,
and so on
- North America
accounted for the largest market share in 2018 owing to the increasing use
of e-passports in the region
- Asia Pacific
region is expected to register the highest CAGR over the forecast period
owing to the presence of leading manufacturers such as Shenzhen HCC Technology
Co., Ltd.
- The prominent
players operating in the passport reader market include Beijing Wintone
Science & Technology Co. Ltd. (China); Gemalto NV (France); DESKO GmbH
(Germany); ARH Inc. (Hungary); and 3M (U.S.), among others.
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment