The Latin America, Middle East and Africa Multi-Factor Authentication Market would witness market growth of 17.6% CAGR during the forecast period (2023-2030).
Biometric authentication procedures are gaining prominence. They offer a seamless and highly secure way to verify an individual's identity. As biometric sensors become more prevalent on devices, users can expect a more convenient and frictionless authentication experience. Context-aware authentication considers various factors, like a user's location, appliance, and behavior patterns, to determine the appropriate level of authentication required. This approach enables a dynamic response to the changing security landscape and user interactions.
Blockchain technology is being explored to secure digital identities and give users more control over their personal information. Decentralized identity solutions can reduce reliance on centralized identity providers and enhance user privacy. With its ubiquity and built-in security features, the mobile device continues to play a central role in MFA. Mobile apps and push notifications are becoming increasingly popular for delivering authentication codes and enhancing user convenience. ML and AI are incorporated into these solutions to detect and respond to real-time anomalies. This bold approach to security helps identify and thwart potential threats more effectively.
As cybersecurity threats become more sophisticated, organizations and individuals in the LAMEA region increasingly know the need for robust security measures. Various countries in the LAMEA region have introduced data protection and cybersecurity regulations, which often require using MFA to safeguard personal and sensitive data. For example, South Africa has the Protection of Personal Information (POPI) Act, and the UAE has data protection laws. The aspects mentioned above will expand the market growth in this region.
The Brazil market dominated the LAMEA Multi-Factor Authentication Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $869.3 million by 2030. The Argentina market is showcasing a CAGR of 18.2% during (2023 - 2030). Additionally, The UAE market would be registering a CAGR of 17.3% during (2023 - 2030).
Based on Component, the market is segmented into Software, Hardware, and Services. Based on Authentication Type, the market is segmented into Password-Based Authentication, and Passwordless Authentication. Based on Model Type, the market is segmented into Two-Factor Authentication, Three-Factor Authentication, Four-Factor Authentication, and Five-Factor Authentication. Based on Vertical, the market is segmented into BFSI, Government, Travel & Immigration, Military & Defense, Commercial Security, IT, Telecommunication, Healthcare, Media & Entertainment, 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 stakeholders of the market. Key companies profiled in the report include Microsoft Corporation, Thales Group S.A., CyberArk Software Ltd., Broadcom, Inc., Micro Focus International PLC, HID Global Corporation, Cisco Systems, Inc., Oracle Corporation, RSA Security LLC, and Salesforce, Inc.
Biometric authentication procedures are gaining prominence. They offer a seamless and highly secure way to verify an individual's identity. As biometric sensors become more prevalent on devices, users can expect a more convenient and frictionless authentication experience. Context-aware authentication considers various factors, like a user's location, appliance, and behavior patterns, to determine the appropriate level of authentication required. This approach enables a dynamic response to the changing security landscape and user interactions.
Blockchain technology is being explored to secure digital identities and give users more control over their personal information. Decentralized identity solutions can reduce reliance on centralized identity providers and enhance user privacy. With its ubiquity and built-in security features, the mobile device continues to play a central role in MFA. Mobile apps and push notifications are becoming increasingly popular for delivering authentication codes and enhancing user convenience. ML and AI are incorporated into these solutions to detect and respond to real-time anomalies. This bold approach to security helps identify and thwart potential threats more effectively.
As cybersecurity threats become more sophisticated, organizations and individuals in the LAMEA region increasingly know the need for robust security measures. Various countries in the LAMEA region have introduced data protection and cybersecurity regulations, which often require using MFA to safeguard personal and sensitive data. For example, South Africa has the Protection of Personal Information (POPI) Act, and the UAE has data protection laws. The aspects mentioned above will expand the market growth in this region.
The Brazil market dominated the LAMEA Multi-Factor Authentication Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $869.3 million by 2030. The Argentina market is showcasing a CAGR of 18.2% during (2023 - 2030). Additionally, The UAE market would be registering a CAGR of 17.3% during (2023 - 2030).
Based on Component, the market is segmented into Software, Hardware, and Services. Based on Authentication Type, the market is segmented into Password-Based Authentication, and Passwordless Authentication. Based on Model Type, the market is segmented into Two-Factor Authentication, Three-Factor Authentication, Four-Factor Authentication, and Five-Factor Authentication. Based on Vertical, the market is segmented into BFSI, Government, Travel & Immigration, Military & Defense, Commercial Security, IT, Telecommunication, Healthcare, Media & Entertainment, 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 stakeholders of the market. Key companies profiled in the report include Microsoft Corporation, Thales Group S.A., CyberArk Software Ltd., Broadcom, Inc., Micro Focus International PLC, HID Global Corporation, Cisco Systems, Inc., Oracle Corporation, RSA Security LLC, and Salesforce, Inc.
Scope of the Study
Market Segments Covered in the Report:
By Component- Software
- Hardware
- Services
- Password-Based Authentication
- Passwordless Authentication
- Two-Factor Authentication
- Three-Factor Authentication
- Four-Factor Authentication
- Five-Factor Authentication
- BFSI
- Government
- Travel & Immigration
- Military & Defense
- Commercial Security
- IT
- Telecommunication
- Healthcare
- Media & Entertainment
- Others
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- Thales Group S.A.
- CyberArk Software Ltd.
- Broadcom, Inc.
- Micro Focus International PLC
- HID Global Corporation
- Cisco Systems, Inc.
- Oracle Corporation
- RSA Security LLC
- Salesforce, Inc.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. LAMEA Multi-Factor Authentication Market by Component
Chapter 6. LAMEA Multi-Factor Authentication Market by Authentication Type
Chapter 7. LAMEA Multi-Factor Authentication Market by Model Type
Chapter 8. LAMEA Multi-Factor Authentication Market by Vertical
Chapter 9. LAMEA Multi-Factor Authentication Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- Microsoft Corporation
- Thales Group S.A.
- CyberArk Software Ltd.
- Broadcom, Inc.
- Micro Focus International PLC
- HID Global Corporation
- Cisco Systems, Inc.
- Oracle Corporation
- RSA Security LLC
- Salesforce, Inc.
Methodology
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