(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Passport Reader Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Passport Reader Market products.
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The Passport Reader Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe's organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020.
ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.The global passport reader market is expected to witness a moderate growth over the forecast period due to growing immigrants, increasing need for authentication of passports, and increasing adoption of e-passports. However, the high cost of implementation and technical issues are projected to hamper the global passport reader market.
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In the last two to three years, Passport forgery has been increased to great extent, which threatens national security. The U.S. Department of State's law enforcement arm and Diplomatic Security (DS) Service have deployed special agents for identifying fake passports and also to coordinate with more than 160 countries for investigation purposes. Thousands of cases were found related to forging of passports on a global scale. The border control authorities and airport officials have deployed passport readers, which are capable of testing the originality of document. The upcoming e-passports are helping to eradicate the forgery of the documents by holding a chip in which the data of traveler is stored and can be read at the time of check-in. This advanced security features will definitely help in preventing unlawful activities of producing fake documents.
Increase in the e-passports is rising the demand for passport readers at the airport terminals, hotels, and car rental service stations among others. These e-passports help in creating highly secure and interoperable infrastructure for international travel. Additionally, they reduce waiting time and benefit users by providing self-service kiosks, which enables the passengers to self-verify. However, one of the major restraining factors slowing down the growth of the passport readers market are the technical issues that occur in the device. The passport reader is an electronic device comprising electronic components, optical scanners, RFID, and others. Electronic components are highly sensitive to high voltage, which may damage them or may interfere with the proper working of the device. Global Passport Reader Market is expected to grow at a CAGR of approximately 8.67% during the forecast period 2017-2023 .
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Key Players
Some of the prominent players in the global passport 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.
Segments
The global passport reader market is segmented by technology, type, application, sector, and region. By the technology, the market is sub-segmented as RFID, Barcode, OCR, and other. By the type, the market consists of compact full page reader, self-service kiosk, swipe readers, and others. The application segment consists of airport security, border control, and others. By the sector, the market is segmented into public, government, and private.
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Key Findings
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 periodBy 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
Regional Analysis:
MRFR has segmented the 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 Passport 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.
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Intended Audience
Technology investors
Integrated device manufacturers (IDMs)
Original equipment manufacturers (OEMs)
Research/Consultancy firms
Device Manufacturers
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Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products' demand, growth and opportunities for new and existing players.
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Darlene Dooley
Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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