Published Date: 24-Nov-2022
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According to a new report, published by KBV research, The Global Passport Reader Market size is expected to reach $426.5 Million by 2028, rising at a market growth of 10.7% CAGR during the forecast period.
The OCR segment is showcasing a CAGR of 11.2% during (2022 - 2028). The expansion of this market segment may be linked to the necessity of transforming digital photos and scanned material into customizable and searchable data. The OCR technology facilitates the recording of the passport holder's name, birth date, passport number, gender, and nationality.
The Swipe Readers segment acquired maximum revenue share in the Global Passport Reader Market by Type in 2021 thereby, achieving a market value of $202.2 Million by 2028. It is because a swipe reader contains a magnetic strip that stores information and may be withdrawn when a card is swiped past it. This expedites and facilitates passenger services at airport check-in counters.
The Border Control segment has shown the growth rate of 10.8% during (2022 - 2028). The increased usage of passport readers to detect manipulated or fraudulent travel papers is anticipated to fuel the segment's expansion. Other factors contributing to the expansion of this market segment include a growing awareness of security issues and the necessity to facilitate passengers' safe and rapid border crossing.
The Public segment is leading the Global Passport Reader Market by Sector in 2021 thereby, achieving a market value of $275.7 Million by 2028. Increasing deployment of passport readers at border control, airport check-in, and immigration checkpoints to verify the legitimacy of papers has contributed to the segment's rise. The implementation of self-service kiosks at airport check-in points to manage airline passenger flow and assist travelers in avoiding delays is driving the expansion of this category.
The North America market dominated the Global Passport Reader Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $145 Million by 2028. The Europe market is expected to witness a CAGR of 10.4% during (2022 - 2028). Additionally, The Asia Pacific market is expected to witness a CAGR of 11.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/passport-reader-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Spectrum Technologies, Inc. (BAE Systems PLC), OTT HydroMet GmbH (Danaher Corporation), Acclima, Inc., Delta-T Devices Ltd., METER Group, Inc., SDEC France, Smartcultiva Corporation, Trellis, Inc., Vegetronix, Inc., and Stevens Water Monitoring Systems, Inc.
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