The ePassport market is set to reach sustainable annual revenues of US$7 billion by the end of 2014, according to new research from Acuity Market Intelligence.
The US-based firm says the revenues represent a CAGR of 31.5% from 2009 to 2014. Acuity projects that Europe’s market dominance will diminish as overall market share drops from 49% to 20% during this period. At the same time, the Asian market will experience the most significant market share growth increasing from 25% to nearly 46% of annual market revenues with a CAGR of nearly 50%.
The strongest revenue growth will be in South America where the CAGR will reach 117%. Annual revenues will increase US$11 million in 2009 to nearly US$540 million in 2014 as South America’s market share expands from less than 1% to more than 8%.
Acuity says that market expansion in Africa drives a CAGR of 60%. The Middle East achieves a 57% CAGR, the Pacific region a CAGR of 44%, and North America and Europe experience more modest growth rates of 17% and 10% respectively.
The Global ePassport and eVisa Industry Report, published by Acuity, will be available in May 2010.