Market Scenario:
The global E-Visa Market is growing rapidly, mainly due to the need for smart techniques that can eliminate paperwork and support operators. Moreover, the demand for flexibility and scalability fosters market growth, meeting the changing needs across countries. The growing number of immigrants and the increasing adoption of e-visa solutions for rising authentication needs positively impact market growth.
E-visa solutions simplify and streamline the entire visa process lifecycle, which guarantees minimum to no contact between individuals to secure an essential travel document and reduces turnaround timelines. Therefore, eVisa solutions are considered viable for governments and travelers. Increasing deep cultural, linguistic, and people-to-people ties between countries boost the e-visa market size.
Various countries across the globe are increasingly seeking e-visa facilities to sort the issues of security, inbound tourism, investments, bilateral relations etc. This, as a result, drives the e-visa market. According to Market Research Future (MRFR), the global e-visa market valuation is poised to reach 2,551.6 million by 2025, growing at an 11.4% CAGR during the assessment period (2019-2025).
Visa facilitator agencies are increasingly deploying e-visa portals. For instance, on Feb 25, 2020, VFS Global (Visa Facilitation Services Global), an outsourcing and technology services company that serves governments and diplomatic missions worldwide, announced the launch of the first official and exclusive electronic Visa on Arrival (eVOA) digital solution for the convenience and comfort of travelers to Vietnam.
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Competitive Outlook:
Highly competitive, the e-visa market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies, such as mergers & acquisitions, collaboration, expansion, and product/technology launch.
They make substantial R&D investments to drive research and development of new technologies and cost-effective portfolios. Considerable investments go into expansion plans to increase global reach and to gain diverse expertise.
Players leading the e-visa market include 4G Identity Solutions Private Limited (India), Mühlbauer Group (Germany), VFS Global Group (UAE), Gemalto NV (Netherlands), SCICOM (Malaysia), CBN (Canada), C Serve Corporate Services (Mozambique), Securiport LLC (US), BLS International (India), MITECH (Oman), and Swiss Authentic SA (Switzerland), among others.
Segmentation:
The report is segmented into components, platform, application, and region. The component segment is sub-segmented into software and service. The platform segment is sub-segmented into desktops, smartphones, and tablets.
The application segment is sub-segmented into traveling, students/educational visas, government/foreign affairs, and others. The sub-segment traveling is further bifurcated into leisure travel and business travel. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis:
North America dominates the global e-visa market, with the rise in e-passport usages and international travels. Besides, increasing deployments of these e-visa systems, including travel authorization (ESTA) in the US, electronic travel authorization (ETA) in Canada, and the universal e-visa in Mexico, have ushered in the growth of the e-visa market in this region. The North American e-visa market is projected to retain its dominance throughout the estimated period.
The Asia Pacific region stands second in the global e-visa market. The region accounts for over a 1/4th of the world’s tourism revenues. In order to promote travel and tourism, APAC countries have added e-visa support, which helps the market growth in the region. The increased adoption of e-visa by the governments to improve security and visa verification drives the market growth. Malaysia is estimated to have the largest market share in the APAC e-visa market during the forecast period.
The European e-visa market is growing rapidly, mainly due to the growing adoption of next-generation identification technologies across the public, government, and private sectors. Furthermore, increasing implementation to identify individual visa authenticity provides an impetus to the growth of the regional market. The dynamic growth in e-visa components and the internet of things (IoT) in the region help increase the market share.
Industry News:
Apr 16, 2021 ---- The Ministry of Home Affairs (MHA) in India announced its plans to restore e-visa facilities for foreigners from 156 countries who intend to visit India for the purposes of business, conferences, and for medical reasons, including in the case of medical attendants.
Though the restrictions were announced in 2020 for 171 countries, only for 156 countries, have been restored, excluding China, UK, Canada, Hong Kong, Indonesia, Iran, Malaysia, and Saudi Arabia from this list.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued…
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