Market Overview
The global Passport Reader market is estimated to hold a moderate market growth during the assessment timeframe. The worldwide market is driving the market growth, including the increasing adoption of e-passports, rising need for authentication of passports, and increasing immigrants.
However, the global Passport Reader market might hamper the market growth due to the high technical issues and high cost of implementation.
Moreover, the global market has the support of different intended audiences, including technology investors, original equipment manufacturers (OEMs), device manufacturers, research or consultancy firms, and integrated device manufacturers (IDMs).
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Market Segmentation
The Passport Readers Market has been segmented based on type, technology, sector, and application. The current market has been segregated into the self-service kiosk, compact full-page reader, swipe readers, and others based on the type segment. In 2017, the compact segment was estimated to dominate the global market by creating the largest Passport Reader Market Share at a CAGR of 8.09%.
According to the technology segment, the worldwide market has been segmented into Barcode, RFID, OCR, and others. In 2017, the OCR segment was predicted to dominate the global market and is estimated to expand the market share at the highest CAGR of 10.01% in the research period.
Based on the sector segment, the worldwide market consists of private, public, and government. In 2018, the public sector had dominated the global market and was further expected to generate a higher market share during the assessment period.
The global market is divided into border control, airport security, and others in terms of the application segment. In 2017, the airport security segment was expected to dominate the current market. However, the border control segment is registered to generate a CAGR of 10.01% and is known to be the fastest-growing application over the review period.
Regional Analysis
The regions like Asia Pacific, Europe, North America, and the rest of the world are developing the global Passport Reader Market in the forecast timeframe.
The North American regional market is accounted to register the largest market share during the assessment period. This region is driving due to the increase in airport officials, air passengers, and border controls and the increasing usage of e-passports in the region. Moreover, the increasing use of e-passports at hotels, immigration points, airport terminals, etc., is the major factors to drive the market growth.
Apart from that, the Asia Pacific regional market is registered to acquire the highest CAGR in the review period. Especially, the countries like India and China are projected to account for higher market value and revenue in the further coming years due to the development of advanced products and the presence of several manufacturers in the region. This region is consists of various prominent market players like Sinosecu Technology Co., Ltd, Shenzhen HCC Technology Co., Ltd, and others.
Industry News
The 3M e-Passport Reader launch was announced by 3M, an advanced travel document authentication system. This product is useful to authenticate some of the optical features on a passport-like ultraviolet image, logos, crests, and other graphical patterns.
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