The Latin America, Middle East and Africa Blockchain Identity Management Market would witness market growth of 87.9% CAGR during the forecast period (2023-2030).
The Bring Your Own Device (BYOD) policy, enabling employees to access corporate data utilizing personal devices such as laptops, is becoming increasingly common in all sectors of the economy. Several BYOD solutions have been developed as a result of the growing popularity of the BYOD policy by organizations, including VMware Inc. (VMware), QlikTech International AB (QlikTech), and Parallels International GmbH (Parallels International). The system maintains security when employees access company information using their own devices, like cell phones. The market is expanding as more businesses integrate digitalization-based operations.
The growing demand for digitization is a major driver of the market. Healthcare, manufacturing, consumer goods, and retail are just a few of the industries adopting digitalization more broadly. Due to the utilization of IT resources, this industry is more vulnerable to cyberattacks. As a result, there is an increase in demand for blockchain identity management systems that help avoid invasions. Due to technological advancements like chatbot integration in customer care apps and the growing acceptance of the bring your own device (BYOD) policy, there is a higher requirement for proactive cyberattack security.
Online gamers in the Middle East are beginning to get acquainted with NFTs and gaming tokens. As a result, this is becoming an increasingly alluring prospect for global gaming businesses in a mature gaming industry. Government assistance for video games and esports in the area is also likely to contribute significantly to the predicted increase. Governments in the Middle East and North Africa strongly support the video game industry, with Saudi Arabia and the UAE introducing policies to promote local game development, new studios, and offices for international game companies, as well as hosting significant esports competitions to encourage sector growth. Thus, in the future, the LAMEA region will see a significant growth in demand for blockchain gaming which would further offer growth prospects to the regional market.
The Brazil market dominated the LAMEA Blockchain Identity Management Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,432.2 million by 2030. The Argentina market is experiencing a CAGR of 88.9% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 87.4% during (2023 - 2030).
Based on Offering, the market is segmented into Software, and Services. Based on Provider Type, the market is segmented into Application Provider, Middleware Provider, and Infrastructure Provider. Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises. Based on Network, the market is segmented into Permissioned, and Permissionless. Based on Vertical, the market is segmented into BFSI, Government, Healthcare, Automotive & Transportation, Telecom & IT, Retail & Ecommerce, Real Estate & Construction, Media & Entertainment, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Blockchain Identity Management Market is Projected to reach USD 77.3 Billion by 2030, at a CAGR of 79.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Oracle Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), NEC Corporation, Bitfury Group limited, TRM Labs, Inc., Hu-manity.co, Peer Ledger, Inc., and Procivis AG.
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