3D Secure Payment Authentication Global Market Report 2023: Increasing Card Not Present Frauds Worldwide Fuels Demand
Sunday, April 16, 2023
DUBLIN , Feb. 24, 2023 /PRNewswire/ -- The "3D Secure Payment Authentication Market Share, Size, Trends, Industry Analysis Report, By Component (Access Control Server, Merchant Plug-in, and Others); By Application; By Region; Segment Forecast, 2023 - 2032" report has been added to ResearchAndMarkets.com's offering.
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The global 3D secure payment authentication market size is expected to reach USD 3.49 billion by 2032, according to a new study by the publisher. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing technological advancement in payment authentication technology, adoption of digital technologies for processing online payments, and a growing number of 3D secure payment authentication launches across the globe are key reasons behind the significant growth of the global market. The shift in consumer preferences towards online shopping with the emergence of several online channels and growing proliferation of smartphones, resulted in a high number of digital fraud activities. Thus, the demand for these types of solutions is gaining high traction for fraud prevention.
For instance, in November 2022, Network International launched its new 3D Secure authentication solution in collaboration with Mastercard. With this collaboration, authentication using Mastercard's Smart Interface will now be available for merchants in UAE and further using the N-Genius online payment gateway to effectively process eCommerce transactions.
The increase in digital economy and e-commerce across the globe are becoming increasingly important in order to cater to the current sustainable development goals, which is creating high growth opportunities and challenges as well. However, as payment systems are becoming more autonomous, the need and prevalence for automation and standardization among both interbank and intrabank networks between nations is growing at a rapid pace and is likely to contribute positively to the market growth over the next coming years.
With the integration and proliferation of PSD2 standard in 3D secure payment authentication technology, the necessitate forced requirement for Strong Customer Authentication and Two Factor Authentication across various hotels and restaurants to be precise the safer and more securer carrying out of online payments has gained significant traction. EMV 3D Secure is the latest version of the current authentication protocol and is generally used to authenticate online card transactions effectively while address to several SCA requirements.
Market Dynamics
Drivers and Opportunities
-- Increasing E-Commerce and Online Shopping Among Consumers
-- Increasing Card Not Present Frauds Across the Globe
Restraints and Challenges
-- High Cost Associated With the 3D Secure Payment Authentication
3D Secure Payment Authentication Market Report Highlights
-- The merchant plug-in segment accounted significant share in 2022 due to
rapid rise in the adoption of this solution across several businesses
and need for innovative ways of cards verification
-- Merchants & payment gateway segment is witnessing highest growth at a
CAGR owing to increasing proliferation of minimizing fraud and
chargebacks and upgradation to 3D secure 2.0.
-- North America dominated the industry with a holding of significant
revenue share on account of increased number of online card transactions
and increasing prevalence of CNP frauds in countries like US and Canada.
-- The global key market players include GPayments Pty. Ltd., American
Express Company, RSA Security LLC, Cardknox Development, Mastercard
Incorporated, and Visa Inc.
The publisher has segmented the 3D secure payment authentication market report based on component, application, and region:
3D Secure Payment Authentication, Component Outlook (Revenue - USD Billion, 2019 - 2032)
-- Access Control Server
-- Merchant Plug-in
-- Others
3D Secure Payment Authentication, Application Outlook (Revenue - USD Billion, 2019 - 2032)
-- Banks
-- Merchants & Payment Gateway
3D Secure Payment Authentication, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
-- North America
-- U.S
-- Canada
-- Europe
-- Germany
-- UK
-- France
-- Italy
-- Spain
-- Russia
-- Netherlands
-- Asia Pacific
-- China
-- India
-- Japan
-- South Korea
-- Indonesia
-- Malaysia
-- Latin America
-- Argentina
-- Brazil
-- Mexico
-- Middle East & Africa
-- UAE
-- Saudi Arabia
-- Israel
-- South Africa
Report Attribute Details
No. of Pages 119
Forecast Period 2023 -
2032
Estimated Market Value (USD) in 2023
$1.25 Billion
Forecasted Market Value (USD) by 2032
$3.49 Billion
Compound Annual Growth Rate 12.0 %
Regions Covered Global
Companies Mentioned
-- GPayments Pty Ltd.
-- Broadcom Inc
-- Mastercard Incorporated
-- Visa Inc.
-- Bluefin Payment Systems LLC
-- American Express Company
-- JCB Co. Ltd.
-- RSA Security LLC
-- Decta
-- Modirum
-- Marqeta Inc.
-- Cardknox Development
-- Discover Financial Services
-- ENTERSEKT
-- Fiserv Inc.
-- SIA S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/55nxlk-secure-payment?w=5
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