Report : South 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 3.4% CAGR, the South America Passport Reader Market is speculated to be worth US$ 24.12 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America passport reader market was valued at US$ 19.72 million in 2022 and is expected to reach US$ 24.12 million by 2028, registering a CAGR of 3.4% from 2022 to 2028. Increasing number of outbound tourists and surging number of international immigrants are the critical factors attributed to the South America passport reader market expansion.
In the last few years, passport forgery incidents have surged to a great extent, thus, threatening national security. Several cases were detected concerning the forging of passports across the region. Hence, border control authorities and airport officials have installed passport readers that can test the originality of the document. There is an increase in the deployment of passport readers at airports, car rental service stations, and hotels, among others. Moreover, the upcoming e-passports are facilitating in eliminating the forgery of documents. These passports have a chip with stored data of travelers, which can be checked at the time of check-in through passport readers. These innovative security features are expected to prevent unlawful activities of generating fake documents. These e-passports create highly secure and interoperable infrastructure for traveling across the world. Furthermore, they help reduce waiting time, and users benefit by offering self-service kiosks for passengers to self-verify. Several countries globally are planning to issue e-passports owing to the advanced security features. The rising use of e-passports is expected to propel the demand for passport readers. This is expected to drive the market during the forecast period.
On the contrary, custom of facial recognition technology to eliminate multiple security checks hurdles the growth of South America passport reader market.
Based on technology, the South America passport reader market is categorized into RFID, barcode, and OCR. The RFID segment held 75.0% market share in 2022, amassing US$ 14.79 million. It is projected to garner US$ 17.83 million by 2028 to expand at 3.2% CAGR during 2022–2028.
Based on type, the South 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 45.9% market share in 2022, amassing US$ 9.04 million. It is projected to garner US$ 10.55 million by 2028 to expand at 2.6% CAGR during 2022–2028.
Based on application, the South America passport reader market is categorized into airport security, border control, and others. The airport security segment held 75.9% market share in 2022, amassing US$ 14.96 million. It is projected to garner US$ 18.03 million by 2028 to expand at 3.2% CAGR during 2022–2028.
Based on sector, the South America passport reader market is bifurcated into public and private. The public segment held 95.5% market share in 2022, amassing US$ 18.83 million. It is projected to garner US$ 23.12 million by 2028 to expand at 3.5% CAGR during 2022–2028.
Based on country, the South America passport reader market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 66.3% market share in 2022. It was assessed at US$ 13.08 million in 2022 and is likely to hit US$ 15.89 million by 2028, exhibiting a CAGR of 3.3% during the forecast period.
Key players dominating the South America passport reader market are Adaptive Recognition Hungary, Inc.; Thales Group; Access Ltd; Shenzhen Rakinda Technologies Co., Ltd.; Regula; Veridos GMBH; and Lintech Enterprises Limited among others.
- In Dec 2020, Adaptive Recognition Hungary, Inc. launched a new passport reader, Osmond.
- In April 2019, Regula released a new version of Document Reader SDK for mobile platforms.
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