DUBLIN--(BUSINESS WIRE)--The "3D Secure Authentication Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component (Solution and Services) and End-User (Banks and Merchant and Payment Processor)" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to reach US $1,303.5 million by 2028, registering a CAGR of 11.4% from 2021 to 2028.
Factors such as increase in e-commerce and m-commerce sales across the world is increasing pertaining to boom in the sales of smartphones and internet penetration. With growth in online shopping portals and availability of online payment methods, there is a significant rise in online frauds. This factor is driving the adoption of 3D authentication technology. Moreover, emergence of 3D secure 2.0 and high prospects in Asian economies are further projected to provide plenty of growth opportunities to the 3D secure authentication technology providers.
In 2020, North America led the global 3D secure authentication market with a substantial revenue share, followed by Europe and APAC. North America has seen significant technological advances, which has resulted in highly competitive markets. Governments in the region are focusing on enhancing and securing online payment process. Also, the governments in various countries of North America, including the US, have increased the overall investment in research & development (R&D). In North America, the US is the leading market as it occupies 85% of the market share in the North America 3D secure authentication market. The need for better security in e-commerce transactions has grown in the US in the recent years. As merchants across the US began adopting EMV technology at point-of-sale (POS) terminals, committing card fraud in person became more difficult. In response to this, criminals started migrating to online domain.
North America is known for having the highest rate of advanced technology adoption due to favorable government policies that foster innovation and enhance internet infrastructure. As a result, every factor affecting the region's industrial performance obstructs its economic development. In 2020, the US has become the world's worst affected country as a result of the COVID-19 outbreak, causing governments to impose a number of limitations on businesses in the country in an attempt to contain the disease's spread. However, the closure of businesses and public activities has not created a direct impact on the market, as during the pandemic, the adoption of e-commerce channel has been boosted significantly, leading to increase in online payment modes.
The 3D secure authentication market is segmented based on component, end user, and geography. Geographically, the market is segmented into five major regions-North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South & Central America (SCAM). North America held the largest share of the market in 2020, followed by Europe and APAC. Further, the market in Asia Pacific is projected to witness the highest growth rate during the forecast period. Based on component, the 3D secure authentication market is bifurcated into solution, services. The solutions segment represented a larger share of the overall market in 2020. The 3D secure authentication market is witnessing a large presence of players offering 3D secure authentication solutions.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global 3D secure authentication market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global 3D secure authentication market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Growth in E-Commerce Platforms Globally
- Increase in Online Frauds Associated with Payments
Restraints
- Risk of Data Breach
Opportunities
- Stupendous Growth in Asian Market
Future Trends
- Impact Analysis of Drivers and Restraints
Companies Mentioned
- Netcetera
- Gpayment Pvt Ltd.
- ASEE GROUP
- Asiapay Limited
- Modirum,
- Msignia, Inc.
- Ravelin Technology Ltd
- RS Software
- UL LLC
- Izealiant Technologies Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/uuwo26
