E-Passport and E-Visa Market: Digital Transformation in Travel and Security
𝐄-𝐏𝐚𝐬𝐬𝐩𝐨𝐫𝐭 𝐀𝐧𝐝 𝐄-𝐕𝐢𝐬𝐚 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 The value of the global market for e-passports and e-visas was roughly USD 24.5 billion in 2022, and industry analysts project that it will climb to approximately USD 43.6 billion by 2030, expanding at a compound annual growth rate (CAGR) of approximately 7.5% between 2023 and 2030. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐄-𝐏𝐚𝐬𝐬𝐩𝐨𝐫𝐭 𝐀𝐧𝐝 𝐄-𝐕𝐢𝐬𝐚 𝐌𝐚𝐫𝐤𝐞𝐭? The global market for electronic passports (also known as e-passports) and electronic visas (also known as e-visas) is referred to as the E-Passport and E-Visa markets. E-passports are regular passports that have electronic chips built into them. These chips often store biometric data such as fingerprints and facial recognition data, in addition to other personal information. These electronic passports are intended to improve national security while also streamlining the process of establishing one’s identification and going through border control. E-visas,...