Report : Asia Pacific 3D Secure Authentication Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Services) and End User (Banks and Merchant & Payment Processor)
Services Segment is Expected to be Fastest Growing During Forecast Period For APAC Region
According to a new market research study on “APAC 3D Secure Authentication Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component and End-User” is expected to reach US$ 245.18 million by 2028 from 103.06 US$ million in 2021. The market is estimated to grow at a CAGR of 13.2% from 2021 to 2028. The report provides trends prevailing in the APAC 3D secure authentication market along with the drivers and restraints pertaining to the market growth. Updated version of 3D secure authentication technology to appear shortly is the major factor driving the growth of the APAC 3D secure authentication market. However, data breach problems hinder the growth of APAC 3D secure authentication market.
The APAC 3D secure authentication market is segmented into component, end user and country. Based on component, the 3D secure authentication is segmented into solution and services. The solution segment dominated the 3D secure authentication market growth in 2020. With growing online frauds while making online payments, the penetration of 3D secure authentication solution will rise. Based on end-user, the 3D secure authentication is segmented into banks, merchants & payment processor. As merchants banks are the prominent end user of 3D secure authentication technology, the merchant & payment processor dominated the market growth in 2020. Based on country, the APAC 3D secure authentication market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC.
The COVID-19 pandemic has severely impacted APAC due to wide disease spread; countries in this region are among the highly populated, which leads to the greater risk infection spread. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation. India is the worst-hit country by the pandemic in this region. In Asian economy, the e-commerce and m-commerce sales has been increased drastically in the wake of COVID-19 pandemic. Countries such as Singapore, India, and China have observed a positive trend in the penetration of e-commerce channels. Rise in e-commerce orders due to COVID-19 cases, the online payments has increased drastically which eventually contributed heavily towards more use of authentication technology.
AsiaPay Limited; GPayments Pvt. Ltd.; iZealiant Technologies Pvt. Ltd.; Modirum; Netcetera; Ravelin Technology Ltd; RS Software; and UL, LLC are among the leading companies in the APAC 3D secure authentication market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Mastercard has partnered with Netcetera to help merchants prepare for EMV® 3DS 2.x requirements and the Mastercard Identity Check program which runs on the Netcetera 3DS Access Control Server (ACS) that is certified to the latest 3DS 2.2 standards.
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