Passport Reader Market Will Emerge Globally and Grow with 7.7% of CAGR by 2027

According to our latest market study on “Global Passport Reader Market to 2027 – Analysis and Forecast 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 Other Applications); Sector (Public and Private); and Geography,” the market was valued at US$ 211.67 million in 2019 and is projected to reach US$ 374.56 million by 2027; it is expected to grow at a CAGR of 7.7% from 2020 to 2027. The report highlights key factors driving the market growth, and prominent players and their developments in the market.

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 across the world, signifying an increase of 6% from 2017. Also, it was worth ~US$ 1.7 trillion, i.e., ~2% of the total world GDP. 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. For instance, in 2019, Panasonic Corporation installed additional automated facial recognition gates at multiple airports in Japan. These included 203 units across the country, of which 123 were deployed for foreign nationals.

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The Passport Reader Market Research Report helps out market players to improve their business plans and ensure long-term success. The extensive research study provides in-depth information on Global Innovations, New Business Techniques, SWOT Analysis with Key Players, Capital Investment, Technology Innovation, and Future Trends Outlook.

Competitive Landscape: Passport Reader Market: Access Ltd, ARH Inc., Beijing Wintone Science & Technology Co., Ltd., DESKO GmbH, Thales Group, IER SAS, Regula Forensics Inc., Shenzhen Rakinda Technology Co., Ltd., Lintech Enterprises Limited, and Veridos GmbH.

The market research study covers historical data of previous years along with a forecast of upcoming years based on revenue (USD million). The Passport Reader Market reports also cover market dynamics, market overview, segmentation, market drivers, and restraints together with the impact they have on the Passport Reader demand over the forecast period. Moreover, the report also delivers the study of opportunities available in the Passport Reader market globally. The Passport Reader market report study and forecasts is based on a worldwide and regional level.

APAC is expected to witness the highest CAGR over the forecast period. The major demand in the region is anticipated to be generated by countries such as China and India. The region also comprises a strong presence of passport reader manufacturers engaged in the development of advanced products, including combo readers and self-service kiosks. A few of the key manufacturers in this region are Sinosecu Technology Co., Ltd, RTscan Technology Limited, and Shenzhen HCC Technology Co., Ltd. Furthermore, the increasing number of international business travelers due to rising industrialization in the region is propelling the growth of the passport reader market

The report assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the Passport Reader industry. Growth of the overall Passport Reader market has also been forecasted for the period 2019-2027, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

The report segments the global passport reader market as follows:

By Technology
• RFID
• Barcode
• OCR

By Type
• Swipe Readers
• Self-Service Kiosks
• Compact Full-Page Readers
• Portable Readers

By Application
• Airport Security
• Border Control
• Other Applications

By Sector
• Public
• Private

The reports cover key developments in the Passport Reader Market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players.

Promising Regions & Countries Mentioned in The Passport Reader Market Report:
• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Highlights of the report:
• A complete backdrop analysis, which includes an assessment of the parent market
• Important changes in market dynamics
• Market segmentation up to the second or third level
• Historical, current, and projected size of the market from the standpoint of both value and volume
• Reporting and evaluation of recent industry developments
• Market shares and strategies of key players
• Emerging niche segments and regional markets
• An objective assessment of the trajectory of the market
• Recommendations to companies for strengthening their foothold in the market

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