The market for 3D secure payment authentication is expected to grow at a compound annual growth rate (CAGR) of 12.2% between 2023 and 2033, with a projected value of US$ 1.28 billion in 2023. It is anticipated that the market for 3D secure payment authentication would grow to US$ 4.06 billion by 2033. The foundation for the industry’s growth is the surge in online fraud, which includes identity theft and unauthorised card use.
Global e-commerce and mobile commerce sales are increasing as a result of the rise in smartphone sales and internet usage. The popularity of online shopping portals and the availability of online payment methods have led to a notable growth in online fraud. The use of 3D authentication technology is being driven by this factor.
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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.
Key Takeaways
- 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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Competitive Landscape
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.
Recent Developments
- Launch
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.
Key Segments
By Component:
- Access Control Server
- Merchant Plug-in
- Others
By Application:
- Banks
- Merchants & Payment Gateway
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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