The global passport reader market is anticipated to value USD 395.97 million until 2025. It is also expected to register a CAGR of 11.3% over the forecasted years, 2019 to 2025. The rapid technological advances being carried out for developing security systems to validate and authenticate information about travelers is projected to drive the market demand for passport readers across the globe.
The technology segment of RFID dominated the global market with 40.0% share in 2018 due to need for retrieving travelers’ information from the RFID tag present on the passport. While, the optical character recognition is projected to witness significant growth owing to rising need for conversion of many documents liked scanned papers and digital images into searchable and editable data.
The public sector segment accounted for a share of 65% in 2018 on account of the rising adoption of such devices at immigration points, airport check-in, and border control. On the other hand, the private sector segment is anticipated to register the highest CAGR in the upcoming years owing to their increasing demand among car leasing & rental companies and travel agencies.
In 2018, the airport security application segment dominated the global market on account of rising concerns about border terrorism, criminal activities, drug trade, and human trafficking. While the border control application segment is projected to witness substantial share due to increasing usage of passport readers for the detection of counterfeit or altered traveler’s documents.
The market for the Passport reader market includes key players such as 3M, Gemalto NV, ARH Inc, IER, Access Ltd, and Beijing Wintone Science & Technology Co. Ltd They are constantly engaged in development and innovation to develop more advance products for facilitating the check-in and check-out process at airport terminals.
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Further key findings from the report suggest:
• In 2018, the public sector segment dominated the global market with share of 65.0%.
• The airport security application segment dominated the global market in 2018.
• In 2018, North America dominated the global market with 29.0% share across the global passport reader market.
• The key players in this market are3M, Gemalto NV, ARH Inc, IER, Access Ltd, and Beijing Wintone Science & Technology Co. Ltd.
Million Insights 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)
Passport Reader Type Outlook (Revenue, USD Million, 2014 - 2025)
• Swipe Readers
• Self-Service Kiosk
• Compact Full-Page Reader
Passport Reader Application Outlook (Revenue, USD Million, 2014 - 2025)
• Airport Security
• Border Control
Passport Reader Sector Outlook (Revenue, USD Million, 2014 - 2025)
Passport Reader Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• South America
• Middle East & Africa