Passport reader market expected to grow to $0.97 billion by 2032 due to increased travel demand.

From GlobeNewswire: 2024-12-19 08:00:00

The Passport Reader Market was valued at USD 0.37 Billion in 2023, expected to reach USD 0.97 Billion by 2032 with a CAGR of 11.4%. The market growth is driven by globalization, security concerns, and technological advancements, with key players like 3M, Gemalto, and HID Global leading the industry.

As global travel surges, the demand for efficient passport readers grows. In 2023, the Airport Security segment dominated the market, with the Border Control segment projected to grow at a CAGR of 12.57%. North America leads the market, while the Asia Pacific region is set to grow at a CAGR of 14.3%.

Recent developments include Cognitec Systems providing face recognition technology for Rio de Janeiro’s public transport system and HID Global launching the OMNIKEY SE Reader Core with NFC and Bluetooth technology for enhanced access control. The market is expected to expand further with advancements in biometric technology. The Passport Reader Market Analysis report provides insights into market dynamics, production volumes by region, fab capacity utilization, supply chain metrics, and more for 2023. The report also includes competitive landscape analysis, market segmentation by technology, type, application, and sector, regional analysis, company profiles, and use cases. Access the full report for growth outlook till 2032 at the provided link.

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