The 3D secure authentication market in SAM is expected to grow from US$ 31.28 million in 2021 to US$ 60.96 million by 2028; it is estimated to grow at a CAGR of 10.0% from 2021 to 2028.
The rise in e-commerce has further bolstered the adoption of online payment portals.The e-commerce industry is continuously expanding due to the regular increase in the number of companies.
The e-commerce giants are continuously increasing their investments toward adopting new technologies in collaboration with banks to ensure transactions are made securely.The growth in m-commerce and e-commerce sales in the last few years has increased the cases of online fraud because of card-not-present (CNP) nature of online payments.
The consumers are procuring items more from online portals using their mobile devices, which is creating an urge to have a safe and reliable 3D secure authentication facility.This factor is propelling the demand for better online payment platforms.
Moreover, presence of companies offering 3D secure authentication facility to e-commerce merchants is another factor contributing to the market growth. For instance, GPayments Pty Ltd. provides ActiveAccess that gives a 3D secure e-commerce transaction and multi-factor user authentication. The ActiveAccess is capable of processing 3DS1 and 3DS2 transactions, which SAMns the user can easily support protocols during the transaction. Additionally, the emergence of enhanced version of 3D secure authentication technology is among the other factors expected to fuel the growth of the SAM 3D secure authentication market in the coming years.
Based on end user, the SAM 3D secure authentication market for the merchants & payment processors segment is expected to grow fastest during the forecast period.Merchants use 3D secure authentication solutions to mitigate the risk of online fraud.
For instance, GPayments is a 3D secure leader and 3D secure issuing company.The company caters to more than 100,000 merchants, 100 banks, and 33 countries.
The merchant utilizes authentication data captured as a part of 3D secure process to submit an authorization for the approval.However, 3D secure authentication technology is not completely adopted by merchants.
In the current scenario, all merchants have not fully transitioned from 3D Secure 1 to 3D Secure 2. Nevertheless, players like Marqeta support both 3D Secure 2 & 3D Secure 1 for Visa.
The COVID-19 pandemic has severely impacted SAM due to the wide spread of novel coronavirus.The region has highly populated countries, which leads to the greater risk of the spread.
Brazil has reported the highest number of COVID-19 cases in South America, followed by Ecuador, Chile, Peru, and Argentina.Most of the commercial operations in the region have been shut down to prevent the spread of the virus.
However, lockdowns imposed in cities have compelled most businesses and merchants to move online, which has positively boosted the adoption of online payment portals. The increase in the online payment has positively contributed to the growth of the SAM 3D secure authentication market.
The overall SAM 3D secure authentication market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the SAM 3D secure authentication market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the SAM 3D secure authentication market.GPayments Pvt.
Ltd.; Modirum; Netcetera; Ravelin Technology Ltd; and UL, LLC are among key players operating in the market.
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