Report : Europe Passport Reader Market Forecast to 2028 - COVID-19 Impact and Regional Analysis 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 Others), and Sector (Public and Private)
At 7.1% CAGR, the Europe Passport Reader Market is speculated to be worth US$ 60.96 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe passport reader market was valued at US$ 40.49 million in 2022 and is expected to reach US$ 60.96 million by 2028, registering a CAGR of 7.1% from 2022 to 2028. Growing number of outbound tourists and rising number of international immigrants are the critical factors attributed to the Europe passport reader market expansion.
International migration is on the rise, owing to factors such as economic pressures, changing age structures, population growth, rapid urbanization, and environmental stress. Economic factors attract migrants to wealthier countries, while poor conditions and crisis spur people to leave their home countries. Most migrants leave their home country voluntarily to pursue socioeconomic opportunities. There is a significant increase in the total number of international migrants across the region. For instance, according to the UN’s Department of Economic and Social Affairs (DESA), the number of international immigrants globally accounted for 272 million in 2019, surpassing the growth rate of the global population. As per the statistics published by the DESA, Europe has the maximum number of international migrants, followed by North America, with 51 million in the US. Furthermore, according to the Migration Policy Institute, in 2020, there were 280.6 million global migrants representing ~4% of the world’s population. Ireland experienced population growth due to increasing immigration rates, with total net migration of 61,100 people in April 2022. Passport readers play a significant role in verifying the authenticity of the documents, thereby helping control the flow of illegal immigration. With the rising air travel, authorities are under pressure to manage queues. To reinforce security concerning illegal migration, the airport authorities deployed Gemalto’s automated document reader AT9000 MK2.
Hence, an increase in the number of international migrants is increasing the traffic at airports and the need for passport readers, thereby propelling the market growth. This is expected to drive the market during the forecast period.
On the contrary, usage of facial recognition technology to eliminate multiple security checks hurdles the growth of Europe passport reader market.
Based on technology, the Europe passport reader market is categorized into RFID, barcode, and OCR. The RFID segment held 64.1% market share in 2022, amassing US$ 25.96 million. It is projected to garner US$ 38.10 million by 2028 to expand at 6.6% CAGR during 2022–2028.
Based on type, the Europe passport reader market is categorized into swipe readers, self-service kiosks, compact full-page readers, and portable readers. The compact full-page readers segment held 41.4% market share in 2022, amassing US$ 16.77 million. It is projected to garner US$ 23.79 million by 2028 to expand at 6.0% CAGR during 2022–2028.
Based on application, the Europe passport reader market is categorized into airport security, border control, and others. The airport security segment held 69.7% market share in 2022, amassing US$ 28.22 million. It is projected to garner US$ 41.71 million by 2028 to expand at 6.7% CAGR during 2022–2028.
Based on sector, the Europe passport reader market is bifurcated into public and private. The public segment held 93.0% market share in 2022, amassing US$ 37.68 million. It is projected to garner US$ 57.03 million by 2028 to expand at 7.2% CAGR during 2022–2028.
Based on country, the Europe passport reader market has been categorized into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 30.5% market share in 2022. It was assessed at US$ 12.36 million in 2022 and is likely to hit US$ 17.61 million by 2028, exhibiting a CAGR of 6.1% during the forecast period.
Key players dominating the Europe passport reader market are Adaptive Recognition Hungary, Inc.; Thales Group; Access Ltd; Beijing Wintone Science & Technology Co. Ltd; Desko GmbH; IER SAS; Shenzhen Rakinda Technologies Co., Ltd.; Regula; Veridos GMBH; and Lintech Enterprises Limited among others.
- In July 2019, Access-IS integrated its OCR310e OCR OEM engine into Aratek Marshall.
- In April 2019, Thales completed the acquisition of Gemalto.
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