E-Visa Market Size to Grow at a CAGR of 9.3% with USD value USD 4.03 Billion by 2032
Research Reports
Oct 03, 2023
Market Overview:
The size of the e-Visa market was estimated at USD 1.68 billion in 2022. The E-Visa market is anticipated to expand from USD 1.82 billion in 2023 to USD 4.03 billion by 2032, with a predicted CAGR of 9.3% over the forecast period (2023-2032). The primary factors influencing market growth include smart processes that reduce paperwork and help operators, as well as flexibility and scalability that can adapt to changing needs.
Any traveller wishing to enter a country must apply in advance for a visa. It takes a long time to process and approve a visa application. Processing visa applications has always required a significant amount of paperwork, which presents difficulties for ordinary people around the world. The length of time needed to process an application is the main obstacle to receiving or applying for a visa. In order to apply for a visa, a traveller must complete all required paperwork and mail or give it in person to the embassy or consulate of the nation they wish to visit. The entire process takes between two weeks and two months.
Key Companies in the E-Visa market include:
- Mühlbauer Group
- 4G Identity Solutions Private Limited
- VFS Global Group
- SecuriPort LLC
- Scicom (MSC) Berhad
- Gemalto NV
- Canadian Bank Note Company, Limited
- C Serve Corporate Services
- BLS International
- Swiss Authentis S.A
- Mi-Tech
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Scope of the Report –
|
Report Metrics |
Details |
|
Market Size by 2032 |
USD 4.03 Billion |
|
CAGR during 2023-2032 |
9.3% |
|
Base Year |
2022 |
|
Forecast |
2023-2032 |
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E-visa solutions assist in overcoming such difficulties because they significantly shorten the time it takes to process visas. E-visa provides a simple method for handling and processing visa applications. By using any computer, smartphone, or tablet to access the web portal, a traveller can easily apply for a visa and receive an accepted e-visa in two to three days.
Travellers have the option to apply for visas up to one day before departure thanks to the system’s secure application platform. There are a variety of reasons why someone might need to travel without much notice. In these situations, the E-visa procedure is essential and aids travellers in approving the visa within the allotted period. This period of time is a significant improvement over the present, erratic process, which may require travellers to wait two months for a visa. These advantages encourage governments in various nations to accept and approve applications for e-visas, which expands the market.
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Segmentation:
By component, the e-visa market has been categorized as software and services.
By platform, the e-visa market has been categorized as desktop, smartphones, and tablets.
By application, the e-visa market has been categorized as traveling, students/educational visa, government/foreign, and others.
North America, Europe, Asia-Pacific, the Middle East & Africa, and South America are the regions into which the study divides the market. The largest market share in the world is held by North America. Nationals of certain nations, primarily those from the EU, are granted an Electronic Travel Authorization (ETA) document by North American nations like the US and Canada for visits of less than 90 days. Mexico, on the other hand, has a complete E-visa system set up for citizens of all nations. The United States, Canada, and Mexico are the individual nations that make up North America.
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