The Latin America, Middle East and Africa Security Assurance Market would witness market growth of 15.0% CAGR during the forecast period (2022-2028).
Security assurance is the assurance of access control, security rights, and compliance as users engage with a system over time. The Common Criteria for Information Technology Security Evaluation is a standard for evaluating, asserting, and certifying the security assurance levels of software and hardware products. Security assurance is required not only for interactions among cloud users & cloud servers but also for cloud server-stored data.
Businesses need to step up the level of protection immediately due to the rise in the frequency and complexity of cyberattacks. Attacks on computer security are now a major concern. Moreover, the number of such attacks has increased due to the employment of antiquated technologies. As a result, managed network security solutions are deployed to protect an organization's sensitive data.
The need for security solutions is further heightened by the vulnerability of such data to assaults from malicious software and unauthorized external access. As a result, there is now a much greater demand to improve security, which will propel market expansion throughout the projection period. In addition, several businesses have made steps to protect the privacy of their data, which allows vendors to introduce several security services.
The LAMEA region's automotive industry is one of the key drivers of the UAE's economic growth. Moreover, as the country looks to the future, the industry is crucial to the economy and is currently one of the Gulf Cooperation Council's (GCC) automotive sectors. The UAE government's focus on the industry's development shows how it plans to use it to promote the development of the country's economy. Dubai is expected to become the region's main automotive hub as it enters a new growth phase, expanding through the export or re-export of automobiles to the Middle East. The security assurance market is estimated to have lucrative growth potential.
The Brazil market dominated the LAMEA Security Assurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $233.6 Million by 2028. The Argentina market is experiencing a CAGR of 15.6% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 14.7% during (2022 - 2028).
Based on Type, the market is segmented into Business Applications, System & Network Infrastructure, and Mobility Solutions. Based on Organization Size, the market is segmented into Large Size Organizations, and Small & Medium Sized Organizations. Based on Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail, Government, Manufacturing, 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 Security Assurance Market is Projected to reach USD 9.7 Billion by 2028, at a CAGR of 9.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Microsoft Corporation, Infosys Limited, IBM Corporation, Capgemini SE, Avaya, Inc. (Avaya Holdings Corp.), Spirent Communications plc, Tenable Holdings, Inc., Happiest Minds Technologies Limited and SAS Institute, Inc.
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