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)
Publication Month: Jun 2021 | Report Code: TIPRE00021739 | No. of Pages: 135 | Category: Technology, Media and Telecommunications | Status: Published
The 3D secure authentication market was valued at US$ 557.9 million in 2020, it is expected to grow at a CAGR of 11.4% from 2021 to 2028.
Factors such as increase in e-commerce and m-commerce sales across the world pertaining to rise in the sales of smartphones and internet penetration is driving the growth of 3D Secure Authentication market. 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.
Impact of COVID-19 Pandemic on 3D Secure Market
Due to the COVID-19 outbreak and subsequent surge in e-commerce sales, the fraud trends have significantly increased. To curb this, payment service providers (PSPs), merchants, and banks are readily adopting 3D secure authentication framework, which, in turn is fueling the growth of the 3D secure authentication market. Besides, the emergence of COVID-19 pandemic has resulted into rise in digital transformation across banks, enabling the customers to make payments online. This factor is causing a fruitful result in online payment modes, and it will increase the penetration of authentication technology. The rising inclination toward digital solution in banking creates a great opportunity for the market to enhance and promote authentication technology at a higher rate.
Lucrative Regions 3D Secure Providers
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3D secure authentication Market Insights
Stupendous Growth in Asian Market
The Asian economy is witnessing an increase in adoption of 3D secure authentication technology, owing to high usage of online shopping portals. Countries such as China, India, Japan, and Singapore are adopting authentication technology within their territories. The rising demand for digital transformation in banks has led to an increase in use of 3D secure authentication in Asia. In the Asian market, introduction of real-time payments has resulted into drastic rise in payment fraud, with four in five APAC banks experiencing increase in losses, as per the results from Fico survey in January 2020. Moreover, regulatory changes and individuals aimed at facilitating adoption of open banking are also resulting into digital banking fraud. Factors mentioned above are predicted to generate lucrative growth opportunities for the adoption of 3D secure authentication technology.
Component Based Market Insights
Based on component, the market is segmented into solution and services. The solution segment led the 3D secure authentication market in 2020 and is expected to continue having a majority share in the market during the forecast period. In the current scenario, with continuous technological developments, online shopping is increasing, which is resulting into rise in online fraud. The ecosystem of online shopping is surrounded with fraud also; which is encouraging merchants, banks, and acquirers to invest money to offer fast, simple, and reliable online payment solutions with high level of security.
3D Secure Authentication Market, by End-User (2020 & 2028)
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End-User Based Market Insights
In terms of end user, the market is segmented into banks and merchant and payment processor. The merchant and payment processor segment led the end-user segment. Merchant are the other users of 3D secure authentication solutions to mitigate the risk of online fraud. In the current scenario, all merchants have not fully transitioned from 3D Secure 1 to 3D Secure 2. Nevertheless, players like Marqeta support both 3D Secure 2 & 3D Secure 1 for Visa.
Strategic Insights
The players operating in the 3D secure authentication market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In May 2021, Netcetera and Nok Nok Labs entered a partnership to offer delegated authentication solutions to merchants and payment providers for addressing PSD2-SCA and 3DS 2.x protocols compliance.
In January 2021, Omise, a payment service provider, executed the Netcetera 3-D Secure Server for secured online payment transactions in the APAC region, making Omise one of the first PSP customers to implement EMV 3DS 2.2 protocol.
In August 2019, mSIGNIA and Signifyd partnered to create a new generation of secure payment services for PSD2 strong consumer authentication (SCA) and guarantee more payments using an analytically enhanced, EMV 3DS compliant merchant environment.
By Component
- Solution
- Services
By End User
- Banks
- Merchants and Payment Processor
By Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- Netcetera
- GPayments Pvt. Ltd.
- ASEE Group
- AsiaPay Limited
- Modirum
- mSignia, Inc
- Ravelin Technology Ltd
- RS Software
- UL, LLC
- iZealiant Technologies Pvt. Ltd.
Frequently Asked Questions
The List of Companies - 3D Secure Authentication Market
- Netcetera
- Gpayment Pvt Ltd.
- ASEE GROUP
- Asiapay Limited
- Modirum,
- Msignia, Inc.
- Ravelin Technology Ltd
- RS Software
- UL LLC
- Izealiant Technologies Pvt. Ltd.
- 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
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