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Global Optical Character Recognition (OCR) Passport Reader Market – Industry Trends and Forecast to 2029

Semiconductors and Electronics

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Global Optical Character Recognition (OCR) Passport Reader Market – Industry Trends and Forecast to 2029

  • Semiconductors and Electronics
  • Upcoming Report
  • Oct 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Optical Character Recognition (OCR) Passport Reader Market – Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 502.30 Million
Diagram Market Size (Forecast Year) USD 1008.23 Million
Diagram CAGR %

Global Optical Character Recognition (OCR) Passport Reader Market, By Type (Compact Full Page Reader, Swipe Readers, Self-Service Kiosk), Application (Airport Security, Border Control), Sector (Public, Private) - Industry Trends and Forecast to 2029.

Optical Character Recognition (OCR) Passport Reader Market

Optical Character Recognition (OCR) Passport Reader Market Analysis and Size

The rising number of groups and individuals traveling from country to country for recreational purposes is the vital factor driving the growth of the optical character recognition (OCR) passport reader market over the forecasted period from 2022-2029. Moreover, the increased number of immigrants seeking to enter developed countries and extensive technological advancements and development in biometrics are also certain factors driving the market's growth over the forecasted period. The modernization and technological advances across the globe will further create significant growth opportunities for the optical character recognition (OCR) passport reader market over the forecasted period.

Global optical character recognition (OCR) passport reader market was valued at USD 502.30 million in 2021 and is expected to reach USD 1008.23 million by 2029, registering a CAGR of 9.10% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Optical Character Recognition (OCR) Passport Reader Market Scope and Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (Compact Full Page Reader, Swipe Readers, Self-Service Kiosk), Application (Airport Security, Border Control), Sector (Public, Private)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Thales (France), Lintech Enterprises Limited. (Australia), ACCESS CO., LTD. (Japan), Adaptive Recognition Inc. (Hungary), Regula. (Latvia), DESKO GmbH (Germany), Bejing Wintone Science & technology Co. Ltd. (China), IER (France), 3M (U.S.), Veridos GmbH (Germany), Shenzhen Rakinda Technology Co., Ltd. (China)

Market Opportunities

  • Increased number of immigrants seeking to enter developed countries
  • Extensive technological advancements and development in the field of biometrics
  • Rising number of groups and individuals travelling from country to country

Market Definition

A passport reader is a security device used at airports to check authenticity of passports and can provide the access control. The variations in the market include compact full page reader, swipe readers and self-service kiosk. The optical character recognition (OCR) passport reader enables the user to covert handwritten, typed and scanned texts into machine-readable or data form.

Global Optical Character Recognition (OCR) Passport Reader Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Increased number of immigrants across the globe

Increased number of immigrants seeking to enter developed countries along with the rising number of groups and individuals travelling from country to country are the primary factors driving the growth of the market during the forecasted period. Additionally, the use in the immigration rates due to the official work, tours and in search of jobs and others which leads to high adoptions of security devices across the globe is the important factor for growth of the market. All these factors are expected to drive the optical character recognition (OCR) passport reader market’s growth over the forecasted period.

  • Technological advancements and development in biometrics

The innovations made in the last few years in pattern-based biometric recognition and 3-D face recognition technology has made it possible for the biometric technology to meet the needs of public and private organizations looking for enhanced identity and access management solutions. The high adoptions of security devices due to rising immigration rates across the globe has resulted in the high growth rates of the optical character recognition (OCR) passport reader market over the forecasted period. All these factors are driving the optical character recognition (OCR) passport reader market over the forecasted period.

Opportunities

  • Growing penetration and advantages

The growing penetration of optical character recognition (OCR) passport reader in various applications such as airport security, border control and others are estimated to generate lucrative opportunities for the market, which will further expand the optical character recognition (OCR) passport reader market's growth rate in the future. Additionally, the technological advancements in public and private sectors such as finger-vein recognition, 3-D face recognition using structured lighting, sensor interoperability and others will also offer numerous growth opportunities within the optical character recognition (OCR) passport reader market during the forecasted period.

Restraints/Challenges

  • Increased cost of implementation

The increased cost of implementation and the arising technical issues are the main factors projected to create challenges for the optical character recognition (OCR) passport reader market over the forecast period.

This optical character recognition (OCR) passport reader market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the optical character recognition (OCR) passport reader market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Optical Character Recognition (OCR) Passport Reader Market Scope

The optical character recognition (OCR) passport reader market is segmented on the basis of type, application and sector. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

Application

  • Airport Security
  • Border Control

Sector

  • Public
  • Private

Optical Character Recognition (OCR) Passport Reader Market Regional Analysis/Insights

The optical character recognition (OCR) passport reader market is analyzed and market size insights and trends are provided by type, application and sector as referenced above.

The countries covered in the optical character recognition (OCR) passport reader market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the optical character recognition (OCR) passport reader market during the forecast period because of the growing number of air passengers, the rising usage of e-passport at hotels, immigration point, airport terminals and others, and the prevalence of improved airport infrastructure within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rising demand of optical character recognition (OCR) passport reader devices and the growing number of immigrants within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Optical Character Recognition (OCR) Passport Reader Market Share Analysis

The optical character recognition (OCR) passport reader market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to optical character recognition (OCR) passport reader market.

Some of the major players operating in the optical character recognition (OCR) passport reader market are

  • Thales (France)
  • Lintech Enterprises Limited. (Australia)
  • ACCESS CO., LTD. (Japan)
  • Adaptive Recognition Inc. (Hungary)
  • Regula. (Latvia)
  • DESKO GmbH (Germany)
  • Bejing Wintone Science & technology Co. Ltd. (China)
  • IER (France)
  • 3M (U.S.)
  • Veridos GmbH (Germany)
  • Shenzhen Rakinda Technology Co., Ltd. (China)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The optical character recognition (OCR) passport reader market size will be worth USD 1008.23 million by 2029.
The growth rate of the optical character recognition (OCR) passport reader market is 9.10%.
Major companies in the optical character recognition (OCR) passport reader market are Thales (France), Lintech Enterprises Limited. (Australia), ACCESS CO., LTD. (Japan), Adaptive Recognition Inc. (Hungary), Regula. (Latvia), DESKO GmbH (Germany), Bejing Wintone Science & technology Co. Ltd. (China), IER (France), 3M (U.S.), Veridos GmbH (Germany), Shenzhen Rakinda Technology Co., Ltd. (China).
Increased number of immigrants across the globe & Technological advancements and development in biometrics are the growth drivers of the optical character recognition (OCR) passport reader market.
Type, application and sector are the factors on which the optical character recognition (OCR) passport reader market research is based.
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