LAMEA Face-swiping Payment Market Size, Share & Industry Trends Analysis Report By Type (Payment Equipment (POS Equipment and Kiosk) and Payment System), By Application (Retail, Restaurant, Travel, and Others), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Latin America, Middle East and Africa Face-swiping Payment Market would witness market growth of 21.5% CAGR during the forecast period (2022-2028).
The "facial recognition system" incorporates several professional technologies, including artificial intelligence, machine recognition, machine learning, model theory, expert system, and video image processing, among others. Simultaneously, it must incorporate both the theory and practice of intermediate value processing. The most recent application of feature recognition and the realization of its basic technology demonstrate the transition from weak to strong artificial intelligence.
Facial payment is the result of the maturation of face recognition technology, which is a result of technological advancement. Technology is also a tool that has a big influence on economic lives. Face-washing payment gadgets will make people's daily lives more convenient, in the same way, that mobile phones have made people's lives more convenient. During the age of the power revolution, Edison invented the light bulb, which illuminated the world and made it no longer dark.
The increased adoption of these terminals by small and medium-sized firms in the restaurant, retail, and entertainment industries has propelled the market boom in South America. As small and medium-sized firms in South American nations such as Brazil and Argentina boost their investments in digital transformation, the need for software is growing. In addition, banks in South America provide these terminals and digital payment software solutions to their customers to improve the consumer experience and create value for retailers.
The Brazil market dominated the LAMEA Face-swiping Payment Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $203.9 million by 2028. The Argentina market is experiencing a CAGR of 22.1% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 21.1% during (2022 - 2028).
Based on Type, the market is segmented into Payment Equipment (POS Equipment and Kiosk) and Payment System. Based on Application, the market is segmented into Retail, Restaurant, Travel, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ant Group (Alipay) (Alibaba Holding), NEC Corporation, Mastercard, Inc., PopID, Inc. (Cali Group), PayByFace B.V., VisionLabs (Mobile TeleSystems OJSC), SnapPay, Inc., CloudWalk Technology Co. Ltd., and PAX Global Technology Limited.
Scope of the Study
Market Segments Covered in the Report:
- Payment Equipment
- POS Equipment
- Payment System
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Ant Group (Alipay) (Alibaba Holding)
- NEC Corporation
- Mastercard, Inc.
- PopID, Inc. (Cali Group)
- PayByFace B.V.
- VisionLabs (Mobile TeleSystems OJSC)
- SnapPay, Inc.
- CloudWalk Technology Co. Ltd.
- PAX Global Technology Limited
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