The global E-Visa market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. With the increasing prevalence of cyber-attacks, the rising demand for multi-modal biometrics is estimated to contribute to the market growth. The multi-modal biometrics utilizes several biometric identifiers such as face and iris recognition, and fingerprint. As a result, they are offering improved security layer. The higher adoption of biometrics technology in e-visa will also assist in enhancing the security at the airport terminals, which is expected to drive the market growth. Increasing urbanization and growing airport infrastructure also is expected to boost the market growth.
The global E-Visa market is segmented on the basis of product into immigrant visa, and non-immigrant visa. Among these, the immigrant visa segment is estimated to hold the major share during the forecast period owing to the increasing number of immigrants in various parts of the world. On the basis of application, the market is segmented into leisure travel, business travel, foreign affair, educational travel, other. Rising number of traveling agencies providing great package deals for travelers, and increasing number of people opting for international trips is estimated to boost the segment growth.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period on the back of technological advancement, economic development and increasing craze of tourism. Owing to rising employment and increase in disposable income, more people are opting for international trips, which is anticipated to drive the market growth. The market in North America is evaluated to occupy the largest share in 2021, in terms of revenue, owing to rapid advancement in technology and the presence of top key players of the market within the region. Rise in tech-savvy generation within the region also contributes the market growth. Economic advancement and increasing tourism are also projected to play a major role in the market growth.
Rising Adoption of E-Visa to Drive Market Growth
An increasing focus of government towards tourism, rising infrastructure of airports and rapid advancement in technologies are foreseen to drive the market growth. However, high costs associated with initial deployment and replacement is likely to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global E-Visa market which includes company profiling of Entrust Corporation, Infineon Technologies AG, Oberthur Technologies, Canadian Bank Note Company Limited, Fortinet, Inc., Bundesdruckerei GmbH, 4G Identity Solutions, Iris Software, Inc., Eastcompeace Technology Co., Ltd, and Cserve Technologies. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global E-Visa market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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