Report : Middle East and Africa 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)
Merchant & Payment Processor Segment is Expected to be Fastest Growing During Forecast Period For MEA Region
According to a new market research study on “MEA 3D Secure Authentication Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component and End-User” is expected to reach US$ 54.88 million by 2028 from 25.35 US$ million in 2021. The market is estimated to grow at a CAGR of 11.7% from 2021 to 2028. The report provides trends prevailing in the MEA 3D secure authentication market along with the drivers and restraints pertaining to the market growth. Frauds related with online payments increasing is the major factor driving the growth of the MEA 3D secure authentication market. However, risk of data leakage hinders the growth of MEA 3D secure authentication market.
The MEA 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 MEA 3D secure authentication market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA.
The COVID-19 pandemic has severely impacted MEA due to the wide spread of novel coronavirus. The region has highly populated countries, which leads to the greater risk of the spread. Saudi Arabia, the UAE, South Africa, Egypt, Morocco, and Kuwait are the main MEA countries that have witnessed the adverse effects of the pandemic. Most operations in the region have been suspended due to an increase in the number of COVID-19 confirmed cases in the region. However, the surge in e-commerce channels propels the adoption of online payments to avoid social interaction and contact among individuals. This factor is certainly fostering the adoption of 3D secure authentication technology in MEA.
GPayments Pvt. Ltd.; iZealiant Technologies Pvt. Ltd.; Modirum; Netcetera; Ravelin Technology Ltd; and UL, LLC are among the leading companies in the MEA 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, Through the collaboration between IPC and Gpayments, IPC is able to offer a variety of authentication channels, including multi-factor e Banking authentication, and provide 3-D Secure authentication services to its stakeholders.
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