The Latin America, Middle East and Africa Tokenization Market would witness market growth of 24.6% CAGR during the forecast period (2020-2026). The concept of substituting crucial data with unique identification symbols that secure all the necessary information about the data while maintaining high security is termed tokenization.
Tokenization enables the reduction of the amount of data an enterprise requires, has gained traction among small & mid-sized businesses to enhance the security of credit card & e-commerce payments while reducing the complexity & cost of compliance with industry norms and government standards.
Among several end-user industries, the tokenization market has gained high popularity. Also, the technology has captured the attention of several companies in order to obtain better data security. Increasing government standards in terms of the utilization of personal information, rising adoption among payments gateways are some of the major aspects that fuel the growth of the tokenization market in the next few years.
Safeguarding payment gateways has witnessed constant & increasing demand. The customers are shifting to safer payment gateway alternatives due to the currency included in the process, & this is mainly due to the high adoption rate of payment gateways. There is a constant hike in the amount of data; governments across the world are planning to create data privacy & development laws to secure the citizens from any loss in data.
Based on Component, the market is segmented into Solution and Services. Based on Application, the market is segmented into Payment Security, User Authentication and Compliance Management. Based on Tokenization Technique, the market is segmented into API-Based and Gateway-Based. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Retail & eCommerce, Government, Healthcare, Telecom & IT, Energy & Utilities, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The Brazil market dominated the LAMEA Gateway-Based Tokenization Market by Country 2019, and would continue to be a dominant market till 2026. The Argentina market would witness a CAGR of 26.9% during (2020 - 2026). Additionally, The UAE market is experiencing a CAGR of 25.8% during (2020 - 2026).
The BFSI market dominated the South Africa Tokenization Market by End User 2019, thereby, achieving a market value of $17.2 million by 2026. The Retail & eCommerce market is showcasing a CAGR of 24.3% during (2020 - 2026). The Government market is estimated to grow at a CAGR of 27.7% during (2020 - 2026). Additionally, The Healthcare market is expected to witness a CAGR of 27.3% during (2020 - 2026).
Free Valuable Insights: Tokenization Market in LAMEA is expected to register a CAGR of 24.6% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fiserv, Inc., Mastercard, Inc., Visa, Inc., Micro Focus International PLC, OpenText Corporation (Liaison Technologies), American Express Company, MeaWallet (Invuo Technologies AB), CipherCloud, Inc., Futurex LP, and TokenEx, LLC.
By Component
By Application
By Tokenization Technique
By Deployment Type
By Enterprise Size
By End-User
By Country
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