The Latin America, Middle East and Africa Payment Card Skimming Market would witness market growth of 13.9% CAGR during the forecast period (2023-2030).
The Brazil market dominated the LAMEA Payment Card Skimming Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $121.7 million by 2030. The Argentina market is showcasing witness a CAGR of 15.1% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 13.5% during (2023 - 2030).
The future of the market is heavily influenced by innovation, as industry participants, technology providers, and cybersecurity experts work together to create cutting-edge defenses against ever-evolving threats. For instance, biometric authentication technologies such as iris scanning, fingerprint recognition, and facial recognition are progressively included in payment systems to improve security and fortify identity verification procedures.
Utilizing distinct biological characteristics to verify users' identities, biometric authentication provides a more convenient and safe option to conventional authentication techniques like passwords and PINs. By deploying biometric authentication solutions, payment providers may reduce the danger of payment card skimming attacks and lower the risk of illegal access.
The expansion of AI technology can support businesses in Brazil in complying with regulatory requirements related to payment card security and data protection. As per the International Trade Administration (ITA), AI continued to mature in Brazil and exceeded US$1 billion in spending in 2023, representing a 33% increase year-over-year. Saudi Arabia wants to draw in international fintech players and bring in 230 Fintech companies by 2025, which will spur competition and innovation in the Kingdom’s financial services industry, according to the Annual Fintech Report released in 2022. Therefore, the expansion of AI technology and the increasing fintech industry in the region are propelling the market's growth.
Free Valuable Insights: The Worldwide Payment Card Skimming Market is Projected to reach USD 5.6 Billion by 2030, at a CAGR of 9.6%
Based on Organization Size, the market is segmented into Large Enterprise, and Small & Medium-Sized Enterprises. Based on Deployment Type, the market is segmented into On-Premises, and Cloud. Based on Application, the market is segmented into Identity Theft, ATMs, Payment Fraud, Money Laundering, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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