Report : North America 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 6.0% CAGR, the North America Passport Reader Market is speculated to be worth US$ 93.52 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America passport reader market was valued at US$ 66.09 million in 2022 and is expected to reach US$ 93.52 million by 2028, registering a CAGR of 6.0% from 2022 to 2028. Increasing number of outbound tourists and surging number of international immigrants are the critical factors attributed to the North America passport reader market expansion.
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 worldwide, signifying an increase of 6% from 2017. Also, it was worth ~US$ 1.7 trillion, i.e., ~2% of the total world GDP. Further, in 2019, all the regions worldwide witnessed an increase in their international arrivals. After the COVID-19 crisis, there is a significant setback for tourism development as the number of outbound trips are increasing as borders reopened. According to the World Tourism Organization, international tourism showed arrivals reaching 62% of pre-pandemic levels in the first nine months of 2022. Between January and September 2022, 700 million tourists travelled internationally, which is more than double the number recorded in the same period of 2021.
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, and companies engaged in providing passport readers are coming up with new advanced products. This is expected to drive the North America passport reader market during the forecast period.
On the contrary, use of facial recognition technology to eliminate multiple security checks hurdles the growth of North America passport reader market.
Based on technology, the North America passport reader market is categorized into RFID, barcode, and OCR. The RFID segment held 65.3% market share in 2022, amassing US$ 43.18 million. It is projected to garner US$ 59.43 million by 2028 to expand at 5.5% CAGR during 2022–2028.
Based on type, the North America 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 41.3% market share in 2022, amassing US$ 27.32 million. It is projected to garner US$ 36.78 million by 2028 to expand at 5.1% CAGR during 2022–2028.
Based on application, the North America passport reader market is categorized into airport security, border control, and others. The airport security segment held 67.3% market share in 2022, amassing US$ 44.50 million. It is projected to garner US$ 64.58 million by 2028 to expand at 6.4% CAGR during 2022–2028.
Based on sector, the North America passport reader market is bifurcated into public and private. The public segment held 90.0% market share in 2022, amassing US$ 59.49 million. It is projected to garner US$ 84.73 million by 2028 to expand at 6.1% CAGR during 2022–2028.
Based on country, the North America passport reader market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 56.8% market share in 2022. It was assessed at US$ 37.55 million in 2022 and is likely to hit US$ 51.09 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the North America passport reader market are Adaptive Recognition Hungary, Inc.; Thales Group; Access 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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