A new report from US-based research firm Acuity Market Intelligence says the the global e-passport market is expected to reach annual revenues of US$7 billion by the end of 2014 as e-passports continue to grow in popularity worldwide.
Acuity projects Europe’s market shares to drop in the industry from 49 per cent to 20 per cent in the next four years, but says the Asian market will experience the most market share growth increasing from 25 per cent to almost 50 per cent of annual market revenues by 2014.
The strongest revenue growth will bi in South America where the compounded annual growth rate will reach 117 per cent, and revenues will increase to nearly $US540 million by 2014.
The Acuity research also shows market expansion in Africa, the Middle East, and regions in the Pacific.
As of October 2009, over 100 million e-passports had been issued globally. With over 70 million new e-passports being issued every year, it is estimated that over the next ten years electronic passports will replace most of the 750 million passports currently in use.