|By Business Wire||
|January 6, 2014 02:24 PM EST||
Research and Markets (http://www.researchandmarkets.com/research/3rngft/global_epassport) has announced the addition of the "Global e-passport Market 2012-2016" report to their offering.
The analysts forecast the Global e-passport market to grow at a CAGR of 32.5 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing need to comply with government regulations. The Global e-passport market has also been witnessing the increasing use of e-passport as a standard travel document. However, the high implementation costs of e-passports could pose a challenge to the growth of this market.
The key vendors dominating this space include Gemalto N.V., Giesecke and Devrient GB Ltd., Morpho B.V., and Oberthur Technologies.
Commenting on the report, an analyst from the team said: Nations are increasingly implementing the e-passport system as a standard travel document. A major reason for this is that it is mandatory for ICAO member countries and EU countries to implement the e-passport. Another reason for this is the enhanced security provided by the e-passport due to the smart card technology being used. It provides protection against identity fraud, effective border control, and faster immigration inspection. This is having a positive impact on the demand for e-passports as travel documents.
According to the report, one of the major drivers in this market is the increase in regulatory issues. The ICAO has made it mandatory for its member countries to implement e-passports by 2015 for safer cross-border travel. This has resulted in a large number of companies in the APAC region and South America implementing the e-passport system for travel.
Further, the report states that one of the major challenges in this market is the high cost incurred for the implementation of e-passports. Implementation of e-passport requires the use of a smart card and biometric technologies to save important information in the smart chip, which incurs high cost.
For more information visit http://www.researchandmarkets.com/research/3rngft/global_epassport
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