Passport Reader Market Worth $395.97 Million by 2025 | CAGR: 11.3%: Grand View Research, Inc.
SAN FRANCISCO, Oct. 3, 2019 /PRNewswire/ -- 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.
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Key suggestions from the report:
-- 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.
Read 100 page research report with ToC on "Passport Reader Market Size, Share & Trends Analysis Report By Technology (RFID, Barcode, OCR), By Type, By Application, By Sector (Public, Private), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/passport-reader-market
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.
Grand View Research has segmented the global passport reader market on the basis of technology, type, application, sector, and region:
-- Passport Reader Technology Outlook (Revenue, USD Million, 2014 - 2025)
-- RFID
-- Barcode
-- OCR
-- Passport Reader Type Outlook (Revenue, USD Million, 2014 - 2025)
-- Swipe Readers
-- Self-Service Kiosk
-- Compact Full-Page Reader
-- Other
-- Passport Reader Application Outlook (Revenue, USD Million, 2014 - 2025)
-- Airport Security
-- Border Control
-- Others
-- Passport Reader Sector Outlook (Revenue, USD Million, 2014 - 2025)
-- Public
-- Private
-- Passport Reader Regional Outlook (Revenue, USD Million, 2014 - 2025)
-- North America
-- U.S.
-- Canada
-- Mexico
-- Europe
-- U.K.
-- Germany
-- France
-- Italy
-- Spain
-- Asia Pacific
-- China
-- Japan
-- India
-- South Korea
-- Australia
-- South America
-- Brazil
-- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
