The Latin America, Middle East and Africa Decentralized Identity Market would witness market growth of 84.1% CAGR during the forecast period (2022-2028).
Identity and Access Management (IAM) stores user profiles in directories, with data acquired from a variety of sources. CIAM systems are comparable to IAM but may include extra capabilities like registration, self-service account administration, consent and preference management, and data access governance. Companies and their partners can deliver individualized service to their clients due to the user profiles that are developed. There are hazards associated with organizations collecting and possibly sharing personal data with third parties. Regulators have taken steps to protect customer data, and penalties have been connected with noncompliance. Just two examples are the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
The UAE government announced the deployment of Blockchain technology to deliver ratification services at the Ministry of Justice, as part of its efforts to implement the pillars of the UAE Strategy for Government Services. The UAE Cabinet, chairperson by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the UAE Strategy for Government Services with the goal of supplying innovative digital services customized to fulfil consumers' requirements, at any time. The initiative reflects the UAE government's directions to grow its many sectors in accordance with global digital changes, in a way that saves time, effort, and money while also promoting transparency and control of government service delivery.
Along with that, there are many companies entering the region to expand their consumer base and contribute to the digital economy of the region. Additionally, several initiatives and standards formed by governments to protect the personal information of the consumers would escalate the growth of the regional decentralized identity market over the forecast period.
The Brazil market dominated the LAMEA Decentralized Identity Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $142.4 million by 2028. The Argentina market is estimated to grow at a CAGR of 85.1% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 83.6% during (2022 - 2028).
Based on Identity Type, the market is segmented into Non- biometrics and Biometrics. Based on Vertical, the market is segmented into BFSI, Telecom & IT, Real Estate, Retail & Ecommerce, Government & Public Sector, Healthcare & Life Sciences, Media & Entertainment, Transport & Logistics, Travel & Hospitality, and Others. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on End user, the market is segmented into Enterprises and Individual. 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 Decentralized Identity Market is Predict to reach $8.9 Billion by 2028, at a CAGR of 78.5%
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, Ping Identity Holding Corp. (Vista Equity Partners), Avast Software s.r.o., Wipro Limited, Persistent Systems Limited, Civic Technologies, Inc., Nuggets Ltd., R3 LLC, and Validated ID, SL.
By Identity Type
By Vertical
By Organization size
By End user
By Country
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