Press release
Key Trends Influencing the Growth of the Address Verification Software Market in 2025: Enhancing User Experience With The Impact of AI on Address Verification Software Solutions"
Address Verification Software Market
What Is the Expected CAGR for the Address Verification Software Market Through 2025?
The market for address verification software has seen significant growth in the recent past. It is set to expand from a size of $1.71 billion in 2024 to reach $1.84 billion in 2025, marking a compound annual growth rate (CAGR) of 7.6%. The notable growth seen in the previous period is due to factors such as improved customer experience, measures taken to prevent fraud, efficiencies in mail and delivery services, a decrease in unsuccessful deliveries, and the integration of CRM and ERP systems.
What's the Projected Size of the Global Address Verification Software Market by 2029?
Major expansion is predicted in the address verification software market over the coming years, with projections estimating it will reach $2.62 billion in 2029, reflecting a compound annual growth rate (CAGR) of 9.2%. This growth during the forecast period is linked to the rise of remote work and digital services, the integration of AI and machine learning, the widening scope in the healthcare and finance sectors, heightened focus on data precision and quality, swift urbanization and changes in addresses. Additional trends forecasted for this period include an emphasis on enhancing user experience, developing industry-specific solutions, the utilization of address verification in IoT, employing blockchain for enhanced data security, as well as the use of geocoding and location intelligence.
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Top Growth Drivers in the Address Verification Software Industry: What's Accelerating the Market?
The expansion of the travel and tourism sectors are anticipated to fuel the growth of the address verification software market. The activities performed by individuals or groups traveling for leisure, exploration, or business outside their normal habitat all fall within the realm of travel and tourism. The travel and tourism industries use address verification software to improve the precision of bookings and facilitate customer interaction by confirming accurate address information for bookings and travel plans. For example, in January 2024, the United Nations World Tourism Organization, a Spain-based firm advocating tourism, stated that in 2023, global tourism revenues hit USD 1.4 trillion, adding USD 3.3 trillion to the global economy, or 3% of the worldwide GDP. By the middle of 2024, the number of international tourists had grown by 11%, documenting 790 million travelers. Hence, the growing travel and tourism sectors are propelling the address verification software market's expansion. The increasing prevalence of e-commerce and online transactions is also predicted to drive the address verification software market's growth. Ensuring accurate delivery of products in e-commerce is critical. Address verification software confirms customer-provided addresses on the spot, reducing the likelihood of shipping mistakes. This lessens the risk of parcels being sent to incorrect addresses, leading to expensive returns and unhappy customers. For example, in August 2024, the United States Census Bureau, a US government agency, announced that U.S. retail e-commerce sales for the second quarter of 2024 had hit an estimated $282.3 billion, a 5.3% rise from the first quarter of 2023. Hence, the rising trend of e-commerce and online transactions is contributing to the growth of the address verification software market.
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What Trends Will Shape the Address Verification Software Market Through 2029 and Beyond?
Significant participants in the address verification software market are prioritizing innovations in artificial intelligence and machine learning to upgrade data precision and simplify the verification procedure, ultimately leading to improved customer experiences and a decrease in fraudulent activities. This distinctive verification program permits users to present a government-issued ID, which is cross-verified with reliable third-party databases to obtain a verified badge. For example, Uber Technologies, Inc., a US-based Transportation enterprise, introduced a novel rider verification program in September 2024 as a safety precaution for drivers nationwide, providing users the option to confirm their identity through third-party databases or by submitting government-issued IDs for additional security. This initiative is designed to boost safety measures for both drivers and riders by decreasing instances of fraud and facilitating safer ride-sharing experiences.
What Are the Main Segments in the Address Verification Software Market?
The address verification software market covered in this report is segmented -
1) By Product Type: Cloud Based, On-Premise
2) By Subscription Type: One Time License, Monthly, Quarterly, Yearly
3) By Device Used: Personal Computer, Laptops, Smartphones, Other Devices
4) By Application: Large Enterprises, Small And Medium Size Enterprises
Subsegments:
1) By Cloud-Based: Software As A Service (Saas), API-Based Solutions
2) By On-Premise: Standalone Software, Integrated Solutions
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Which Top Companies are Driving Growth in the Address Verification Software Market?
Major companies operating in the address verification software market report are Rakuten Inc., Stripe Inc., Experian PLC, Pitney Bowes Inc., GB Group PLC, SmartSoft Inc., Ekata Inc., Melissa Data Corporation, Simpler Postage Inc., BCC Software LLC, TrueNorth Credit Solutions LLC, DQE Software SAS, Strikeiron LLC, Datatech SmartSoft Software Inc., Data8 Limited, AccuZIP Inc., Acme Associates Pte. Ltd., Anchor Software LLC, Byteplant Technologies Private Limited, ComplyCube Ltd., DataMatch Software Inc., Global-Z International Inc., PostGrid Inc., SmartyStreets LLC, WinPure Ltd., Woosmap SAS, Prism Data Services Inc., Addressy Inc., Egon
Which Regions Will Dominate the Address Verification Software Market Through 2029?
North America was the largest region in the address verification software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the address verification software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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