A new report has revealed that the 3D secure payment authentication market is expected to reach $3.49 billion by 2032.
As outlined in the report from ResearchAndMarkets, the increasing technological advancement in authentication technology, adoption of digital technologies for processing online payments and a growing number of 3D secure payment authentication launches across the globe are key reasons behind the significant growth of the global market.
The shift in consumer preferences towards online shopping with the emergence of several online channels and growing proliferation of smartphones, has also resulted in a high number of digital fraud activities. Thus, the demand for these types of solutions is gaining high traction for fraud prevention.
The report says that as payment systems are becoming more autonomous, the need and prevalence for automation and standardization among both interbank and intrabank networks between nations is growing at a rapid pace and is likely to contribute positively to the market growth over the next coming years.
According to the report, North America dominates the industry with a holding of significant revenue share on account of increased number of online card transactions and increasing prevalence of card not present (CNP) frauds in countries like US and Canada.
The global key market players listed in the report include GPayments, American Express Company, RSA Security, Cardknox Development, Mastercard and Visa.
