The Latin America, Middle East and Africa Advanced Authentication in Financial Services Market would witness market growth of 17.3% CAGR during the forecast period (2022-2028).
In recent years, the cost of implementing advanced authentication techniques has considerably decreased. As a result, financial organizations can now employ these techniques without incurring large fees because trustworthy and affordable authentication options are available. Financial institutions that use advanced authentication techniques can give their clients a safe and convenient user experience and a competitive edge. In addition, increased client loyalty and retention may result from this. Social engineering is a term that refers to a very broad range of tactics employed by hackers to deceive victims into exposing their login information recently.
Platforms for social networking frequently provide the right environment for hackers to impersonate potential victims and approach them for information. Some social engineering strategies don't require attackers to speak to the victims directly. The two most deadly types of cyberattacks, phishing and brute force attacks, are controllable through advanced authentication. Also, adopting this authentication technique does not require employees to submit their passwords, even if they get phishing texts or emails. This market will therefore experience exponential growth during the next few years.
The UAE's expanding infrastructure and construction accelerated the region's use of biometrics. Most of their financial transactions now take place through mobile devices and banks. The biometrics industry is equally well-developed in the Saudi Arabian region. Its increase results from multiple government programs, increasing IT industry, expanding establishment of enterprises and trades, and evolving governmental reforms. The LAMEA region substantially impacts the sector and, as a result, will help the market for advanced authentication in financial services grow over the next years.
The Brazil market dominated the LAMEA Advanced Authentication in Financial Services Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $228.3 Million by 2028. The Argentina market is experiencing a CAGR of 17.9% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 17% during (2022 - 2028).
Based on Type, the market is segmented into Multi-factor Authentication and Single-factor Authentication. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on Authentication Method, the market is segmented into Biometrics, Smart Cards, Mobile Smart Credentials 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 Advanced Authentication in Financial Services Market is Projected to reach USD 11.3 Billion by 2028, at a CAGR of 14.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Broadcom, Inc. (CA Technologies, Inc.), Dell Technologies, Inc., Mastercard, Inc., Thales Group S.A., NEC Corporation, ValidSoft Group, SecurEnvoy Limited (Shearwater Group PLC), Ping Identity Holding Corp. (Thoma Bravo, L.P.), Absolute Software Corporation and Fujitsu Limited.
By Type
By Enterprise Size
By Authentication Method
By Country
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