Middle East and Africa 3D Secure Authentication Market

Market Introduction

The countries in the MEA region are progressing steadily toward the adoption of advanced technologies to ease the lifestyle. The countries, especially the UAE, Saudi Arabia, Qatar, Israel, and South Africa, are investing significant amounts in adopting robust technologies. The population of these countries is also gaining awareness related to the benefits of advanced systems and solutions. Thus, huge investments in robust technologies and rise in awareness among the population are resulting in faster growth of digitalization across industries in the countries mentioned above. The 3D secure authentication is one of the prominent technologies demanded by banks and merchants. The rise in e-commerce platforms would help in catalyzing the 3D secure authentication market. The African retail sector is growing with key countries contributing majority share. These countries include South Africa, Egypt, Morocco, and Algeria. With an increase in the young population, coupled with speedy urbanization and growing consumer spending, the African countries offer lucrative opportunities for banks seeking to provide additional security to customers using online payment mode.   

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.      

Market Overview and Dynamics

The 3D secure authentication market in MEA is expected to grow from US$ 25.35 million in 2021 to US$ 54.88 million by 2028; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028. Government institutes are also playing a huge role in influencing the adoption of 3D secure authentication. For instance, CentralPay—an Electronic Money Institution regulated by the Bank of France—had stated that by 2020 end, the 3D Secure 2.0 protocol will be executed in Central Europe and Middle East & Africa. Also, the region has high urbanization and tech-savvy young population, which is positively driving the adoption of advanced and digital platforms. This aspect has given a boost to e-commerce for online shopping and has resulted into increase in online payments. With a rise in online payment portals in the MEA region, the demand for authentication technology is expected to grow to reduce digital frauds.          

Key Market Segments

The MEA 3D secure authentication market is segmented into component and end user. 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, and UAE.   

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the 3D secure authentication market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are GPayments Pvt. Ltd.; iZealiant Technologies Pvt. Ltd.; Modirum; Netcetera; Ravelin Technology Ltd; and UL, LLC.         

Reasons to buy report

• To understand the MEA 3D secure authentication market landscape and identify market segments that are most likely to guarantee a strong return.
• Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA 3D secure authentication market.
• Efficiently plan M&A and partnership deals in MEA 3D secure authentication market by identifying market segments with the most promising probable sales.
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA 3D secure authentication market.
• Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region.

MEA 3D Secure Authentication Market Segmentation

MEA 3D Secure Authentication Market - By Component

• Solution
• Services

MEA 3D Secure Authentication Market - By End User

• Banks
• Merchants & Payment Processor

MEA 3D Secure Authentication Market - By Country

• UAE
• Saudi Arabia
• South Africa
• Rest of MEA      

MEA 3D Secure Authentication Market - Company Profiles

• GPayments Pvt. Ltd.
• iZealiant Technologies Pvt. Ltd.
• Modirum
• Netcetera
• Ravelin Technology Ltd
• UL, LLC 

Middle East and Africa 3D Secure Authentication Market Strategic Insights

Middle East and Africa 3D Secure Authentication Market Segmentation Analysis

Middle East and Africa 3D Secure Authentication Market Report Highlights

Middle East and Africa 3D Secure Authentication Report Scope

Middle East and Africa 3D Secure Authentication Market Country and Regional Insights