The global E-Visa market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The rise in need for advanced verification means, increase in the number of identity frauds, a supportive regulatory structure, the presence of advanced airport infrastructure, and growth in air traffic are the major factors estimated to drive the global e-visa market. E-passports and E-visas are used to verify the identity of a traveller through digital means, with the use of unique identification numbers, digital signatures, and others. Growth in international traveling is expected to positively affect the market growth. As per the reports of the Federal Ministry for Economic Affairs and Energy, total 1.4 billion people travelled to different countries in 2018. Out of these, 713 million international tourists travelled to Europe. The rise in penetration of the internet globally and the development of smart cities are expected to boost market growth. Moreover, increasing investment of government and non-government organizations for the IoT device market, is also expected to contribute to the market growth. E-visa is for shorter stay but is much easier to apply and less time-consuming.
COVID-19 had a significant negative impact on the market due to lockdown and ban on international travel. The financial impact on individuals has also affected the tourism market in a negative manner. However, market trends are going to change post-pandemic.
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On the basis of application, the market is segmented into leisure travel, business travel, foreign affair, educational travel, and others. The leisure travel segment holds the highest share in the market over the forecast period, owing to the presence of great package deals, and increasing people opting for international trips. However, educational travel is also growing as many students are opting for international study programs.
On the basis of the E-Visa services type, the market is segmented into visas in advance, visas on arrival, and electronic travel authorization (ETA). Out of these, the visas in advance segment is anticipated to hold the highest share in the market owing to the rise in the number of business trips, for which professionals prefer to have their visas prepared beforehand.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the growing economy, technological advancement, and rapid urbanization within the region. The presence of a large population of youth within the region also contributes the market growth, as this is a tech-savvy generation. Penetration of the internet in the countries, such as, India, and China, plays a major role in market growth. According to the data of India’s Ministry of Tourism, a total of 29,28,303 tourists arrived on e-visa from January to December 2019, as compared to 23,69,941 in 2018, registering a major annual growth. Further, increase in the number of outbound trips is another major factor driving the regional market growth. For instance, according to the report of China’s Tourism Academy, China's outbound tourism market grew to 149 million trips in 2018, witnessing a growth of 14.7% from 2017; Outbound spending by Chinese tourists exceeded USD 130 billion, registering an increase of more than 13% as compared to previous year.
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to rapid advancement in technology and the presence of top key players of the market within the region. Moreover, rising trends of IoT devices and increasing tourism within the region, is estimated to contribute to the market growth.
The global E-Visa market is further classified on the basis of region as follows:
Our in-depth analysis of the global E-Visa market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rise in international trips, presence of advanced airport infrastructure, and advancement in technology are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
High costs associated with initial deployment and replacement are estimated to hamper market growth.
The market in the Asia Pacific region will provide ample growth opportunities over the forecast period owing to the technological advancement, economic development and increasing craze of tourism in the region.
The major players dominating the global E-Visa market are Infineon Technologies AG, Oberthur Technologies, Canadian Bank Note Company Limited, Fortinet, Inc., 4G Identity Solutions, Iris Software, Inc., Cserve Technologies, and among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, E-Visa services type, and region.
With respect to application, leisure trips segment is estimated hold the highest market share owing to the rise in global disposable income, and increasing number of international trips.
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