The Latin America, Middle East and Africa Embedded Security Market would witness market growth of 9.7% CAGR during the forecast period (2022-2028).
An IoT device manufacturer can simply address consumers' security-related concerns by installing an embedded security solution. Customers would have more belief in the manufacturer's cybersecurity procedures as a result of this clarity and openness, which is becoming an increasingly crucial part of the purchase decision process. Because IoT devices are generally unregulated in terms of cybersecurity, several device manufacturers do not place a high priority on security. Embedding security in IoT devices allows manufacturers to set themselves apart from less secure competitors.
Additionally, several industries, like the military and government, have stringent security requirements for devices that are allowed to access their networks and process data. IoT manufacturers can be able to meet these rigorous security requirements and participate in these markets by deploying embedded security in their devices. Because of the various methods IoT devices are installed and used, it can be challenging to efficiently monitor and control them. These devices could benefit from a standardized, embedded software security solution that gives them access to a cloud-based platform for easier security administration.
Governments all over the world are responding to new challenges and opportunities, and digital transformation is playing a major role in that. Several governments in this region are using innovative ICT technologies and capabilities to drive their digital transformation due to competition, cost and budget concerns, altering public needs, and other changes. Digitally developed countries across the region have recognized the value of Digital Transformation and have made significant progress in delivering great customer outcomes. GCC countries are transforming into Digital Government models by building on worldwide best practices and leveraging opportunities. Smart Cities, Smart Tourism, Next Generation Care, Classroom of the Future, Smart Government, and Future of Mobility are six high-impact themes pertinent to the public sector in the UAE, KSA, Qatar, and Kuwait. Moreover, government initiatives emphasize the significance of digital in accelerating economic diversification, promoting sustainability, and increasing public satisfaction levels through applying exponential technologies across these themes.
The Brazil market dominated the LAMEA Embedded Security Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $161.8 million by 2028. The Argentina market is estimated to grow at a CAGR of 10.3% during (2022 - 2028). Additionally, The UAE market would experience a CAGR of 9.4% during (2022 - 2028).
Based on Application, the market is segmented into Payment Processing & Card, Smart Identity Cards, Industrial, Smartphones, Wearables, Automotive, and Others. Based on Offering, the market is segmented into Software, Hardware, and Services. Based on Security Type, the market is segmented into Payment, Authentication & Access Management, and Content Protection. 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 Embedded Security Market is Predict to reach $9.3 Billion by 2028, at a CAGR of 6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Renesas Electronics Corporation, STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Texas Instruments, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Thales Group S.A., IDEMIA SAS (Advent International, Inc.), Qualcomm, Inc., and Microchip Technology, Inc.
By Application
By Offering
By Security Type
By Country
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