June 19, 2020
As per the report titled ‘Passport Reader Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology Type; Application, available with Market Study Report LLC, global passport reader market was remunerated at USD 211.67 million in 2019 and is projected to accumulate USD 374.56 million by the year 2027, expanding with a CAGR of 7.7% throughout the forecast duration.
Increasing immigrant population, growing inclination towards e-passports, and burgeoning international air passenger traffic are projected to drive the global passport reader market. Moreover, advancements in technology like optical character recognition (OCR) is expected to accelerate the industry growth in the coming years.
The integration of innovative technologies with passport readers will further boost the industry growth. For instance, in 2018, Panasonic revealed the TOUGHPAD FZ-M1 Passport, an integrated mobile identification and access control solution which comes with an RFID reader, smart card reader, 2D bar code reader, and a machine readable zone. Apart from this, extensive use of passport readers at border control points, airport security points, travel agencies, car rental firms, and hotels will continue to proliferate the product demand in the ensuing years.
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COVID-19 impact on market dynamics:
The tourism industry is heavily reliant on aviation, with about 1.4 billion tourists crossing border each year and half of them availing air transportation. However, that number is expected to plummet with the rapid spread of the COVID-19 virus which has adversely affected both the tourism and aviation industry due to travel restrictions. As per the ICAO, the pandemic is estimated to record a reduction in air passenger traffic in the range 1,878 million to 3,227 million passengers globally in 2020. Also, according to the UNWTO, international tourism industry is projected to decline by USD 910 to 1,170 billion in 2020, as compared to USD 1.5 trillion amassed in 2019. Additionally, ACI estimates that global air passenger traffic will drop 50% in 2020. This declining trend of air passengers is impeding the global passport reader industry. However, relaxations on travel bans are likely to kickstart the industry in the near future.
Key players operating in global passport reader market include Veridos GmbH, Lintech Enterprises Limited, Shenzhen Rakinda Technology Co., Ltd., Regula, IER SAS, Thales Group, DESKO GmbH, Beijing Wintone Science & Technology Co., Ltd., ARH Inc., and Access Ltd.