Document Verification Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Demand, Forecast, Key Players

The new report published by The Business Research Company, titled ""Document Verification Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the document verification market size has grown exponentially in recent years. It will grow from $3.55 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The document verification market size is expected to see exponential growth in the next few years. It will grow to $8.64 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%.

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Rising Identity Theft And Fraud Propel Document Verification Market
The growing concerns about identity theft and fraud are expected to propel the growth of the document verification market going forward. Identity theft and fraud refer to the wrongful obtaining and use of another person's personal or financial information for economic gain. The widespread use of online services, social media, and e-commerce platforms results in the accumulation of vast amounts of personal information that becomes a valuable target for identity thieves. Document verification systems can streamline the verification process, reducing the need for time-consuming and error-prone manual checks. For instance, in February 2024, according to the Federal Trade Commission, a US-based independent agency of the United States government, there were 1.0 million reports of identity theft, constituting 19% of all fraud reports, up from 1.1 million in 2022. Additionally, fraud increased from 2.4 million reports in 2022 to 2.6 million in 2023, representing 48% of all reports. Therefore, the growing concerns about identity theft and fraud are driving the growth of the document verification market.

Tech-Driven Innovations Revolutionize Document Verification Market
Major companies operating in the document Verification market are focused on adopting technological advancements such as biometric verification using blockchain technology and optical character recognition (OCR) to enhance document verification processes' accuracy, efficiency, and security. For instance, in February 2022, Smile Identity, a Nigeria-based provider of identity verification solutions, launched document verification (E-DocV) in Africa, Europe, and North America, enabling seamless identity authentication across 100 countries with over 140 ID documents. This technology leverages OCR and SmartSelfie technology, offering fast and secure user onboarding. This solution enhances compliance, fraud prevention, and trust, fostering growth in trade and remittance corridors between Africa, Europe, and North America. This trend underscores the increasing reliance on sophisticated technological tools to streamline verification processes and enhance security measures in diverse industries.

The document verification market covered in this report is segmented -
1) By Type: Small And Medium-Sized Enterprises (SMEs), Large Enterprise, Personal Documents
2) By Technology: Optical Character Recognition (OCR), Face Recognition, Liveness Detection, Detecting Tampering With Documents
3) By Application: Financial Services, Medical Insurance, Government Service, Additional Uses

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Major companies operating in the document verification market are Thales Group, Experian Plc, Equifax, Idemia, Truework, Argos, PRM Group, GBG Group, Mitek Systems Inc., Jumio, Checkr, Accurate Background, Pre-employ.com, Ekata, Onfido, Trulioo, Acuant, Shufti Pro, Refinitiv, Authenteq, OPENonline, Sterling Check, The Work Number, ADP Screening And Selection Services Inc

Contents of the report:
1. Executive Summary
2. Document Verification Market Report Structure
3. Document Verification Market Trends And Strategies
4. Document Verification Market - Macro Economic Scenario
5. Document Verification Market Size And Growth
…..
27. Document Verification Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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