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DUBAI, United Arab Emirates, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The 3d secure payment authentication market is anticipated to reach US$ 1.28 billion in 2023 and is likely to record a CAGR of 12.2% between 2023 and 2033. The 3D secure payment authentication market is expected to reach US$ 4.06 billion in 2033. The rise in online fraud, including identity theft and illegal card use, is the ground for the sector's expansion.
Due to the growth in smartphone sales and internet usage, e-commerce and mobile commerce sales are rising globally. Online fraud has significantly increased as a result of the rise in popularity of online shopping portals and the accessibility of online payment options. This aspect is fueling the adoption of 3D authentication technology.
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Emerging Hotel Industry Adoption of Payment Secure Platforms is Sparking Market Growth
Fast adopters of new technologies, such as computerized table service and app-based ordering, include hotels and restaurants. Customers can now order and pay using a variety of mobile platforms that offer a wide range of payment options.
Diverse hotels, resorts, and tourist attractions allow purchases and transactions online for services like booking rooms and other items. Online fraud can happen during a reservation transaction. Therefore, this boosts the adoption of 3D secure payment authentication along with 3D secure payment authentication market trends.
North America Outlook
The 3D secure payment authentication market in North America is extremely competitive due to significant technological advancements. The government's overall investment in research and development has increased drastically, including in the United States. The demand for increased security in online transactions has recently increased in the United States.
As retailers all over the United States started implementing EMV technology at Point-Of-Sale (POS) terminals, card fraud in person became more and more challenging. This caused criminal activity to start moving online.
With a 3D secure payment authentication market share of 38.85% of the total sales, the component category's merchant plug-in segment led the market. The component category's access control server segment in the 3D secure payment authentication market is predicted to increase strongly. The bank's segment gained a huge revenue share of more than 59.70% in application category revenue in 2023. The application category's merchants & payment gateway section are predicted to increase at the maximum rate throughout the projection period. In 2023, North America dominated the market and contributed to more than 28.90% of total sales. Over the forecast period, the Asia Pacific 3D secure payment authentication market is anticipated to experience swift growth.
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In order to increase their visibility and solidify their market share, 3D secure authentication solutions providers are using development strategies in practice. To increase their 3D secure payment authentication market share, providers of 3D secure authentication have implemented significant expansion initiatives, such as product acquisitions, collaborations, and launches, as well as creating regional and international distribution networks.
Everlink Payment Services Inc. declared in January 2022 that it had finished the 3D secure certification process. The VISA Consumer Authentication Service (VCAS) introduced a 3D Secure Payment Authentication Service for both Mastercard and Visa card products as a consequence of certification. Using the 3D Secure Payment Authentication Service, the company hopes to lower CNP transaction fraud.
Uber Technologies, Inc. stated in May 2019 that it had chosen the payments platform Adyen to use its 3D secure payment authentication solution. Uber Technologies, Inc. chose this option to give its consumers a simple and satisfying payment experience.
Access Control Server Merchant Plug-in Others
Banks Merchants & Payment Gateway
North America Europe Asia Pacific Latin America The Middle East and Africa
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Table of Content
1. Executive Summary | 3D Secure Payment Authentication Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenari o
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter's Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
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