3D Secure Authentication Market Worth US$ 1,303.5 Million by 2028 - COVID-19 Impact and Global Analysis by The Insight Partners

According to our latest market study on "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)" 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.

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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.

3D Secure Authentication Market: Competitive Landscape and Key Developments

Company Profiles
• Netcetera
• GPayments Pvt. Ltd.
• ASEE Group
• AsiaPay Limited
• Modirum
• mSignia, Inc
• Ravelin Technology Ltd
• RS Software
• UL, LLC
• iZealiant Technologies Pvt. Ltd.

Impact of COVID-19 Pandemic on 3D Secure Authentication Market

The COVID-19 pandemic has negatively impacted various industries due to lockdowns, travel bans, the shutdown of manufacturing units, and supply shortages. The food and beverage industry faced operational difficulties caused by disruption of supply chains, labor shortage, and shortage in raw material supply. Moreover, the prices of 3D Secure Authentication got significantly dropped as there was a decline in demand from various industries, such as food and beverage and personal care. This factor also affected the profitability of the market players and the farmers engaged in cultivating 3D Secure Authentication. Thus, the COVID-19 pandemic substantially affected the global 3D Secure Authentication market's growth. However, as the governments of various countries introduced relaxation in the restrictions and rising vaccination rates, the food and beverage industry is recovering from its losses. The demand for 3D Secure Authentication is projected to grow over the forecast period. 

Market Insights

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.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.