The Latin America, Middle East and Africa Digital Identity Solutions Market would witness Market growth of 21.4% CAGR during the forecast period (2022-2028).
For the last several years, technology has advanced at a rapid pace, and smartphone users throughout the world have driven up demand for the device. The world is becoming much more interconnected than it has ever been before. As a result, authentication-based password systems are no longer the safest form of security because they are vulnerable to hacking. Instead of the commercially used passwords, security based on digital identities, such as biometric technology and multi-factor authentication, is a far better and more secure method of authentication. The facial and fingerprint verification systems are already available on smartphones, and the demand for this technology is expected to increase. Consumers are also ready to adopt authentication systems as they're more secure as only one person can unlock them. It also appears that authentication would become even more significant in the coming years as a result of the demand produced by online purchasing when customers exchange information of bank accounts on e-commerce websites.
Government initiatives in Arab countries to build electronic or digital IDs are expected to boost Market expansion in the Middle East and Africa. The official identity management strategy of the government of South Africa is one of the major factor that is increasing the penetration of digital identity solutions across the region.. In addition, As per the World Bank, people in Sub Saharan are often representatives of the most marginalized communities. Women are substantially less likely than men to have formal identification documents. According to the ID4D-Findex survey, one in every two women in under-developed economies lacks a national ID or another form of identification.
According to some reports, almost half of the adult population in several Sub-Saharan African countries lacks documentation, preventing them from opening a bank account. Rural farmers, low-income minorities, immigrants, and refugees make up the majority of this population. For a variety of reasons, even geriatric as well as the young population in these areas can lack adequate documents.
The Brazil Market dominated the LAMEA Digital Identity Solutions Market by Country 2021, and would continue to be a dominant Market till 2028; thereby, achieving a Market value of $1,206.3 million by 2028. The Argentina Market is poised to grow at a CAGR of 22% during (2022 - 2028). Additionally, The UAE Market would exhibit a CAGR of 21.1% during (2022 - 2028).
Based on Component, the Market is segmented into Solution (Without Services), (Biometrics and Non-Biometrics) and Services. Based on Authentication Type, the Market is segmented into Single-factor Authentication and Multi-factor Authentication. Based on Organization size, the Market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Deployment Mode, the Market is segmented into On-premise and Cloud. Based on Vertical, the Market is segmented into BFSI, IT, ITeS & Telecom, Government & Defense, Healthcare, Energy & Utilities, Retail & eCommerce, 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 Global Digital Identity Solutions Market is Predict to reach $65 Billion by 2028, at a CAGR of 16.6%
The Market research report covers the analysis of key stake holders of the Market . Key companies profiled in the report include TELUS International, Inc., Samsung SDS Co., Ltd., GB Group PLC, NEC Corporation, Thales Group S.A., OneSpan, Inc., ForgeRock, Inc., ImageWare Systems, Inc., IDEMIA SAS, and Jumio Corporation
By Component
By Authentication Type
By Organization size
By Deployment Mode
By Vertical
By Country
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