iCrowd Newswire – Jun 5, 2020
According to our latest market study on “Global Passport Reader Market to 2027 – Analysis and Forecast by Technology (RFID, Barcode, and OCR); Type (Swipe Readers, Self-Service Kiosks, Compact Full-Page Readers, and Portable Readers ); Application (Airport Security, Border Control, and Other Applications); Sector (Public and Private); and Geography,” the market was valued at US$ 211.67 million in 2019 and is projected to reach US$ 374.56 million by 2027; it is expected to grow at a CAGR of 7.7% from 2020 to 2027. The report highlights key factors driving the market growth, and prominent players and their developments in the market.
The international tourism industry is growing at an exponential rate. According to the World Tourism Organization (UNTWO), there were ~1.4 billion international tourist arrivals across the world, signifying an increase of 6% from 2017. Also, it was worth ~US$ 1.7 trillion, i.e., ~2% of the total world GDP. With the rising number of international tourists, airports worldwide are deploying an additional level of security and expanding the number of gates to handle air passenger traffic. For instance, in 2019, Panasonic Corporation installed additional automated facial recognition gates at multiple airports in Japan. These included 203 units across the country, of which 123 were deployed for foreign nationals. The features of these gates included passport readers.
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Competitive Landscape: Passport Reader Market: Access Ltd, ARH Inc., Beijing Wintone Science & Technology Co., Ltd., DESKO GmbH, Thales Group, IER SAS, Regula Forensics Inc., Shenzhen Rakinda Technology Co., Ltd., Lintech Enterprises Limited, and Veridos GmbH.
The global passport reader market was dominated by North America in 2019; further, the US dominated the market in North America in the same year. The growth of the market in this country is majorly attributed to the adoption of technologically advanced border securing technologies by the Department of Homeland Security (DHS), including passport readers. The country has significantly high number of airports, which regularly cater to noteworthy number of international passengers (both arrival and departure). This factor has led the airport authorities and security authorities to implement and deploy advanced passport reading technologies, to safeguard the country from illegal immigrants. Further, the rising deployments of passport readers among hotels, banks, and travel agencies are boosting the growth of passport reader market.
APAC is expected to witness the highest CAGR over the forecast period. The major demand in the region is anticipated to be generated by countries such as China and India. The region also comprises a strong presence of passport reader manufacturers engaged in the development of advanced products, including combo readers and self-service kiosks. A few of the key manufacturers in this region are Sinosecu Technology Co., Ltd, RTscan Technology Limited, and Shenzhen HCC Technology Co., Ltd. Furthermore, the increasing number of international business travelers due to rising industrialization in the region is propelling the growth of the passport reader market
The report segments the global passport reader market as follows:
- Swipe Readers
- Self-Service Kiosks
- Compact Full-Page Readers
- Portable Readers
- Airport Security
- Border Control
- Other Applications
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
- South America (SAM)
- Rest of SAM
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Chapter Details of Passport Reader Market:
Part 01: Executive Summary
Part 02: Scope of The Report
Part 03: Passport Reader Market Landscape
Part 04: Passport Reader Market Sizing
Part 05: Passport Reader Market Segmentation by Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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