Passport Reader Market Is More Details About Key Players
Key findings of study:
The aviation industry in APAC begun operating in 2021 after being temporarily halted in 2020. China is presently operating cargo flights to 102 destinations across 49 foreign countries. In April 2020, foreign and Chinese airlines operated ~1,574 scheduled cargo flights each week, i.e., 55.2% higher than the pre-COVID-19 pandemic. These airlines operated an average of 2,365 cargo flights every week, consistent with the schedule for the first two weeks of May 2020, i.e., 133.2 pc higher than the pre-COVID-19 period. The rapid recovery in air traffic is expected to boost the demand for passport readers, as the construction work on over a quarter of key airport infrastructure projects across the country has been restarted in late March 2021. Recovery in Asian air traffic and growing airport infrastructure projects will assist in boosting the passport reader market size.
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With respect to geography, the infrastructure investments in airports across the African territory are experiencing significant growth. Also, with the expected increase in the air passenger volume of 5.1% by 2035, as per IATA, airport development is surging across the continent. Such developments, coupled with ongoing and planned airport construction projects in developing economies of the Middle East, are expected to surge the deployment of passport readers in the MEA region. Further, the upcoming international events in the region, such as Dubai Expo 2020, Bahrain International Technology Exhibition, Arabian Travel Market, and The Middle East Event Show (MEES), are expected to boost the flow of international passengers. This, in turn, would demand the deployment of passport readers at airports, hotels, and other venue checkpoints.
Impact of COVID-19 Pandemic on Passport Reader Market
In the MEA, the pandemic significantly impacted the countries such as Turkey, Iran, Iraq, Israel, Saudi Arabia, and the UAE. The MEA aviation industry was traumatized by the emergence of the COVID-19 pandemic across the region. The continuously falling number of passengers at airports until airport operations ceased by the governing authorities led the airports to observe a downfall in revenue generation. The region has several airport construction and expansion projects in the pipeline that were expected to be completed by 2020 and 2021. Due to the temporary shutdown of construction activities, the adoption rate of technologies was slower than usual. This negatively impacted the passport reader market growth.
However, with the ease of lockdowns and restrictions in 2021, international travel resumed and boosted the demand for passport readers in the region. For instance, the Middle East saw international arrivals more than triple in January–September 2022, reaching 71% of 2019 levels.
The major players operating in the global passport reader market include Access Ltd; ARH Inc.; Beijing Wintone Science & Technology Co., Ltd.; DESKO GmbH; Thales Group; IER SAS; Regula; Shenzhen Rakinda Technology Co., Ltd.; Lintech Enterprises Limited; and Veridos GmbH.
The global passport reader market has been segmented into five major regions: North America, Europe, APAC, MEA, and SAM. North America holds the dominant share in the passport reader market, and APAC is expected to be the fastest-growing region in the global market. The growing number of passports issued by government officials is likely to augment the demand for international travel and increase the deployment of a larger number of passport reader systems across the countries such as the US, Canada, and Mexico. For instance, in 2022, the overall number of passports issued by the government of the US is estimated to be ~21.9 million compared to 15.5 million passports in 2021. This is leading to a rise in international travel from the US, further fueling the demand for passport verification. This, in turn, will drive the demand for passport readers across North America.
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