Middle East and Africa 3D Secure Authentication Market
No. of Pages: 80 | Report Code: TIPRE00024103 | Category: Technology, Media and Telecommunications
No. of Pages: 80 | Report Code: TIPRE00024103 | Category: Technology, Media and Telecommunications
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.
Strategic insights for the Middle East and Africa 3D Secure Authentication provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 25.35 Million |
| Market Size by 2028 | US$ 54.88 Million |
| Global CAGR (2021 - 2028) | 11.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa 3D Secure Authentication refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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.
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.
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.
The Middle East and Africa 3D Secure Authentication Market is valued at US$ 25.35 Million in 2021, it is projected to reach US$ 54.88 Million by 2028.
As per our report Middle East and Africa 3D Secure Authentication Market, the market size is valued at US$ 25.35 Million in 2021, projecting it to reach US$ 54.88 Million by 2028. This translates to a CAGR of approximately 11.7% during the forecast period.
The Middle East and Africa 3D Secure Authentication Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East and Africa 3D Secure Authentication Market report:
The Middle East and Africa 3D Secure Authentication Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa 3D Secure Authentication Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa 3D Secure Authentication Market value chain can benefit from the information contained in a comprehensive market report.
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