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Booming Travel And Tourism Industries Propel Growth In The Address Verification Software Market: Critical Driver Shaping the Global Address Verification Software Market in 2025
Address Verification Software
Address Verification Software Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of address verification software has seen robust growth in the past few years. It is projected to increase from $1.71 billion in 2024 to $1.83 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.7%. The surge during the historic period can be linked to improved customer experiences, fraud prevention efforts, enhancements in mail and shipping services, decline in unsuccessful deliveries, and seamless integration into CRM and ERP systems.
Address Verification Software Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for substantial growth in the address verification software market over the coming years, with forecasts anticipating a surge to $2.6 billion by 2029, maintaining a compound annual growth rate (CAGR) of 9.3%. This predicted growth during the forecast timeframe is due to a variety of reasons including the rise in remote operations and virtual services, the integration of AI and machine-learning capabilities, healthcare and finance sector expansion, a heightened emphasis on data accuracy and quality, fast-paced urbanisation, and frequent address alterations. Key trends expected to dominate this period entail enhancing user experiences, offering industry-specific solutions, incorporating address verification in IoT, utilizing blockchain for data protection, and prioritizing geocoding and location intelligence.
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What Are the Drivers Transforming the Address Verification Software Market?
The growth of the address verification software market is anticipated to be fueled by the expanding travel and tourism sectors. These sectors encompass the actions of individuals or groups who are traveling for leisure, exploration, business, or other reasons outside of their regular living environment. Address verification software is used in these industries to boost booking precision and simplify customer communication by verifying exact address data for bookings and travel schedules. For example, according to the United Nations World Tourism Organization in January 2024, a company based in Spain that advocates for tourism revealed that global tourism revenues hit USD 1.4 trillion in 2023, adding USD 3.3 trillion to the global economy, or 3% of the world's GDP. By the middle of 2024, the number of international tourists grew by 11%, documenting 790 million travelers. Hence, the burgeoning travel and tourism sectors are pushing forward the growth of the address verification software market.
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What Long-Term Trends Will Define the Future of the Address Verification Software Market?
Leading companies in the address verification software market are devoting more attention to improvements in artificial intelligence and machine learning in order to increase data precision and simplify the verification process. This benefits customers by improving their overall experiences and minimizes deceptive actions. The specialized verification scheme allows users to provide a government-issued ID which is then verified against reputable third-party databases to attain a verified status. For example, Uber Technologies, Inc., an American transport company, initiated a new passenger verification program in September 2024 as a protective step for drivers across the country. The program lets users validate their identity through third-party databases or by supplying government-issued IDs, offering enhanced security. The aim of this initiative is to amplify safety for both drivers and passengers, curtail possibilities of fraud, and promise safer ride-sharing encounters.
Which Segments in the Address Verification Software Market Offer the Most Profit Potential?
The address verification softwaremarket 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 Firms Dominate the Address Verification Software Market by Market Share and Revenue in 2025?
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 Offer the Highest Growth Potential in the Address Verification Software Market?
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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