{"id":46839,"date":"2020-07-16T08:54:31","date_gmt":"2020-07-16T08:54:31","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2656183"},"modified":"2020-07-16T08:54:31","modified_gmt":"2020-07-16T08:54:31","slug":"passport-reader-market-2027-receives-a-rapid-boost-in-economy-due-to-high-emerging-demands","status":"publish","type":"post","link":"http:\/\/ipsnews.net\/business\/2020\/07\/16\/passport-reader-market-2027-receives-a-rapid-boost-in-economy-due-to-high-emerging-demands\/","title":{"rendered":"Passport Reader Market 2027 Receives a Rapid Boost in Economy due to High Emerging Demands"},"content":{"rendered":"

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Increasing Number of Outbound Tourists to bolster the passport reader market growth at 7.7% CAGR during 2020–2027<\/strong><\/p>\n

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.<\/p>\n

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. Also, in 2018, the Cairo International Airport deployed Gemalto’s high-speed passport readers for reducing queues and reinforcing security checks. Such rise in the count of international tourists worldwide is expected to boost the demand for passport readers.<\/p>\n

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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<\/p>\n

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<\/p>\n

The passport reader market<\/a> is highly fragmented, with the presence of several key players. These players operating include 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.<\/p>\n

Impact of COVID-19 Pandemic on Global Passport Reader Market<\/strong><\/p>\n

Tourism is one of the industries relying heavily on aviation. By facilitating tourism, air transport helps generate economic growth and alleviate poverty. ~1.4 billion tourists cross borders every year, and over half of them travel to their destinations by air. According to ICAO, the outbreak of COVID 19 is anticipated to result in an overall reduction of 1,878 to 3,227 million air passengers worldwide in 2020. Also, as per the UNWTO, the international tourism is expected to decline from US$ 910 billion to 1,170 billion in 2020, in comparison to the US$ 1.5 trillion generated in 2019, with 96% of worldwide destinations owing to travel restrictions in 2020. Furthermore, ACI has estimated a loss of more than 50% in air passenger traffic at airports worldwide by 2020. The decline in air passenger traffic would have a negative impact on the passport reader market; however, with the relaxation on travel bans, the market will slowly put up.<\/p>\n

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The report segments the global passport reader market as follows:<\/strong><\/p>\n

By Technology<\/p>\n