Global E-visa Market Size will Reach $923.16 Million in 2023

Global E-visa Market Overview

According to Global Market Monitor, the global E-visa market size will reach $923.16 million in 2023 with a CAGR of 8.16% from 2023 to 2028.

An electronic visa is stored in a computer and is linked to the passport number so, no label, sticker, or stamp is placed in the passport before travel. The application is done over the Internet, and the receipt, which can be printed or stored on a mobile device, acts as a visa.

Market Segment

E-visas can be divided into immigrant visas and non-immigrant visas, with non-immigrant visas contributing to the larger market share. By application, the traveling segment led the market with a market share of 60.84% in 2022. North America, with its developed economy, has been the largest E-visa market with a market share of 36.09% in 2022.

Cooperation between Government and Enterprises

With the development of globalization, international activities and trade are becoming more and more frequent. Cooperation between the government and related enterprises is becoming more and more common. For example, the Arab Economic Unity Committee of the League of Arab States signed a cooperation agreement with IDEMIA, an international organization, which is one of the leading institutions in the field of advanced security systems and has operations in more than 180 countries. The organization specializes in security and digital identity systems. To support and implement some strategies and important projects of Arab countries, this partnership will help improve the competitiveness of Arab economies and enhance their ability to integrate into the global economy. The cooperation between the government and enterprises can promote the development of industries and regions by taking advantage of active industry policies. As governments have certain credibility, enterprises cooperating with the governments are more likely to gain consumers' trust, thus promoting the growth of the E-visa service demand.

Technological Factors: the arrival of the digital age

With the continuous expansion of the digital ecosystem, every industry is developing towards a digital world. The E-visa industry is no exception. The constant updating of biometric technology is an example. The process of handling E-visas is getting faster and easier, which reduces the cost of enterprises. Due to the increasing number of identity fraud activities, the demand for advanced authentication is also growing. Enterprises need to meet the demand of safer and more advanced technology, thus constantly updating and upgrading related science and technology and driving the development of the e-visa industry. Under the background of digital networks, consumers have higher service requirements for enterprises. To simplify government procedures, the demand for E-visa-related services has begun to increase. The development of digital has brought opportunities to the electronic visa industry.

Market Dynamics of E-visa Market
Drivers	The Middle East and Africa are potential markets for e-visas. Europe is a growing market for the e-visa industry.
Limitations	Information security risks Greatly influenced by national policies The unreliability of providing e-visa services
Opportunities	Cooperation between government and enterprises The arrival of the digital age