New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "3D Secure Payment Global Market Report 2023" - https://www.reportlinker.com/p06464201/?utm_source=GNW
p.A., Worldline SA, Elavon Inc., and Adyen.
The global 3D secure payment market is expected to grow from $1.12 billion in 2022 to $1.26 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The 3D secure payment market is expected to reach $2.02 billion in 2027 at a CAGR of 12.4%.
The 3D secure payment market includes revenues earned by entities by providing services such as authentication, risk management, and liability shift.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
3D Secure payment refers to a security protocol in which an extra layer of security for online credit card and debit card transactions. Customers have to go through an additional verification process with the card issuer while purchasing.
North America was the largest region in the 3D secure payment market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in 3D secure payment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of 3D secure payments include on premise and cloud-based.Cloud-based describes resources, services, or applications that are made on demand by cloud computing providers and made available to clients over the Internet.
They consist of various components including merchant plug-in, access control server, and other components for use in applications such as banks and merchants and payment gateway.
Consumer preferences towards online shopping are expected to propel the growth of the 3D secure payment market going forward.Online shopping refers to a type of electronic commerce in which a customer uses a web browser to browse the internet for products and services before making a purchase.
Factors such as customers’ access to more information, opportunities to compare items and pricing, a wider variety of products, convenience, and the ability to quickly locate desired products are helping consumers’ preferences towards online shopping, where 3D Secure payment is an additional layer of cardholder authentication and provides security for online payment. For Instance, in November 2022, according to Tidio Ltd., a Poland-based payment platform for small and medium businesses, in the US, digital buyers are expected to reach 285 million in 2025 as compared to 268 million in 2022. Therefore, consumer preferences towards online shopping are driving the growth of the 3D secure payment market.
Product innovation is a key trend gaining popularity in the 3D Secure Payment market. Major market players are concentrating their efforts on creating innovative technologies and products such as 3-D Secure 2 (3DS2), frictionless authentication, 3D Secure 2.0 (3DS2), and biometric payments to strengthen their position in the market. For Instance, in August 2022, Zuora Inc., a US-based enterprise software company, integrated 3D Secure 2.0 (3DS2), which is a widely recommended solution for strong customer authentication (SCA) under PSD2. Using the integrated iFrame of Payment Pages 2.0, the Stripe v2 gateway supports 3DS2. 3-D Secure 2.0 helps mobile apps and linked devices, and 3-D Secure 2.0 aids in securing and accelerating digital payment security and transactions.
In November 2022, Bluefin Payment Systems LLC, a US-based payment and data security company acquisition of TECS Payment Systems for an undisclosed amount.With this acquisition, Bluefin would be able to provide its clients with omnichannel payments and smart POS capabilities that will be incorporated into the business’s current payment and data security suite.
TECS Payment Systems is a US-based provider of omnichannel payment solutions, including 3D secure payments.
The countries covered in the 3D secure payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The 3D secure payment market research report is one of a series of new reports that provides 3D secure payment optical components market statistics, including 3D secure payment optical components industry global market size, regional shares, competitors with a 3D secure payment optical components market share, detailed 3D secure payment optical components market segments, market trends and opportunities, and any further data you may need to thrive in the 3D secure payment optical components industry. This 3D secure payment optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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