The Latin America, Middle East and Africa Passwordless Authentication Market would witness market growth of 21.3% CAGR during the forecast period (2022-2028).
Businesses frequently attempt to maintain a balance between user experience and labor access security while also maintaining supply chain control, which is essential for B2B financial infrastructure. Passwordless technology alters the underlying security architecture by moving verification to the device rather than providing credentials through an online connection. Many companies are incorporating technological advancements to promote frictionless and secure interactions within their companies to remedy their security concerns.
Various sectors and application instances are utilizing passwordless authentication. To verify personnel and safeguard access to internal resources, for instance, businesses are distributing physical security keys. Passwordless authentication has also facilitated secure payment transactions for individuals who can do secured online shopping just by using their fingerprints.
The banking industry is adopting passwordless authentication increasingly as an additional security feature for their clients' accounts because most consumers reuse passwords for both work and personal accounts. This has further propelled the adoption of passwordless authentication among other sectors as well. Therefore, in the coming years, this market is bound to grow exponentially.
The growing infrastructure and construction in UAE have propelled the use of biometrics in the region, as most of the workers involved are immigrants. Most of their money transactions are done through banks and now mobiles. UAE already possesses the largest biometric database in the world, which has hundreds of millions of resident fingerprints, hand/palm, and facial photos. The LAMEA region significantly impacts the industry and, therefore, advances the development of the passwordless authentication market in the coming years.
The Brazil market dominated the LAMEA Passwordless Authentication Market by Country in 2021; thereby, achieving a market value of $666.5 million by 2028. The Argentina market is showcasing a CAGR of 22% during (2022 - 2028). Additionally, The UAE market would register a CAGR of 21% during (2022 - 2028).
Based on Product Type, the market is segmented into Fingerprint Authentication, Palm Recognition, Iris Recognition, Face Recognition, Voice Recognition, Smart Card, and Others. Based on Component, the market is segmented into Hardware, Software, and Services. Based on Authentication Type, the market is segmented into Single-factor and Multi-factor. Based on Portability, the market is segmented into Fixed and Mobile. Based on End User, the market is segmented into Government, BFSI, IT & Telecom, Retail, Transportation & Logistics, Healthcare, Aerospace & Defense, 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 Global Passwordless Authentication Market is Predict to reach $37.1 Billion by 2028, at a CAGR of 18%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Assa Abloy AB, Dermalog Identification Systems Gmbh, East Shore Technology, LLC, Fujitsu Limited, M2SYS Technology, Inc., Microsoft Corporation, NEC Corporation, Okta, Inc. and Thales Group S.A.
By Product Type
By Component
By Authentication Type
By Portability
By End User
By Country
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