3D secure authentication Market Worth US$ 1,303.46 Million by 2028 - COVID-19 Impact and Global Analysis by The Insight Partners

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Aug 11, 2021, 07:30 ET

NEW YORK, Aug. 11, 2021 /PRNewswire/ -- According to new research study on "3D Secure Authentication Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, End-user, and Geography," the market is projected to reach US$ 1,303.46 million by 2028 from US$ 613.35 million in 2020; it is expected to grow at a CAGR of 11.4% during 2021–2028.

Stupendous Growth in Asian Market to Provide Growth Opportunities for 3D Secure Authentication Market

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The e-commerce industry is continuously expanding due to increase in the number of online sellers as well as selling platforms. The e-commerce giants are continuously investing in the adoption of new technologies, in collaboration with banks, to ensure secure transactions. Moreover, with the surge in online transactions, the cases of online fraud, due to the card-not-present (CNP) transactions, have also increased in the last few years. The continuously growing tendency of buying products online using their mobile devices is creating an urge to have a safe and reliable 3D secure authentication facility, which is propelling the demand for better online payment platforms. There are many companies offering 3D secure authentication facility to e-commerce merchants. For instance, GPayments Pty Ltd. provides ActiveAccess that enables a 3D secure e-commerce transaction and multifactor authentication. The ActiveAccess is capable of processing 3DS1 and 3DS2 transactions, which means the user can easily support protocols in the course of transaction.

North America led the global 3D secure authentication market in 2020. The US, Canada, and Mexico are the major economies in the region. Technological advancements have led to a highly competitive 3D Secure Authentication Market in these countries. With the rise in demand for card-based transactions, several companies in the region are engaged in developing authentication technologies for both merchants and banks. Innovations in online banking processes through digital technologies improve customer's personal banking experience, while commercial banking is pressurized to catch up. Growing demand for advanced technologies for faster, safer, and smoother transactions is resulting in high demand for 3D secure authentication solutions in North America.

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Rapid Growth of Asian Market place to Propel 3D secure authentication Market Growth in Coming Years

Countries such as China, India, Japan, and Singapore are among the key adopters of authentication technologies in Asia. The emphasis on digitalization of banking procedures has led to increase in use of 3D secure authentication solutions in the continent. As per the Fico survey results published in January 2020, the introduction of real-time payments has resulted into drastic rise in payment fraud in Asia, with four in five APAC banks experiencing increase in losses. Nearly a quarter has forecasted that fraud cases will increase significantly in coming year. Moreover, regulatory changes and individuals aimed at facilitating adoption of open banking are also resulting in increased digital banking fraud cases. Factors mentioned above are generating lucrative growth opportunities for the adoption of 3D secure authentication technology in Asian countries. Furthermore, in the wake of COVID-19 pandemic, e-commerce retailers throughout Asia have witnessed tremendous sales growth. In countries such as Singapore, Shopee- and e-commerce platforms reported a 74.1% surge in their gross merchandise values, which reached US$ 6.2 billion in Q1 2020; the total number of orders increased to 429.8 million in this quarter, with a 111.2% year-on-year increase. Moreover, India also witnessed rise in e-commerce sales. The Indian e-commerce market is projected to reach US$ 200 billion by 2026 from US$ 38.5 billion in 2017. Factors such as rising smartphone and internet penetration have led to an increase in online buying and payments. Further, in November 2020, Infibeam Avenues inked an agreement with Bank of Muscat, the second-largest bank in Oman, to process bank's online card transactions of different payment networks through the CCAvenue Payment Gateway Service. Such strategic initiatives for making online payments secure are projected to provide ample of growth opportunities to 3D secure authentication technology providers.

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3D secure authentication market: End User Overview

Based on end user, the 3D secure authentication market is segmented into Banks, Merchants and Payment Processors. The merchant and payment processor segment held the largest market share in 2020. GPayments is a 3D secure leader in Australia & Japan, and 3D secure issuing company in East Europe. The company caters to more than 100,000 merchants, 100 banks, and 33 countries worldwide. The merchant utilizes authentication data captured as a part of 3D secure process to submit an authorization for the approval. However, the 3D secure authentication technology is not completely adopted by merchants. Currently, all merchants have not fully transitioned from 3D Secure 1 to 3D Secure 2. Nevertheless, players such as Marqeta support both 3D Secure 2 and 3D Secure 1 for Visa.

3D secure authentication Market: Competitive Landscape and Key Developments

Netcetera; GPayment Pvt Ltd.; ASEE GROUP; Asiapay Limited; Modirum- Client; Msignia, Inc.; Ravelin Technology Ltd; RS Software; UL LLC; and Izealiant Technologies Pvt. Ltd. are among the key market players with significant market share that are profiled in this 3D secure authentication market study.

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In 2021, Gpayments announced the development of a new solution to address usability issues associated with Verified by Visa, MasterCard SecureCode, and JCB J/Secure authenticated purchases.

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