The Address Verification Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Address Verification Software Global Market Report 2024, The address verification software market size has grown strongly in recent years. It will grow from $1.59 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to customer experience enhancement, fraud prevention measures, efficiency in mail and shipping services, reduction in failed deliveries, integration in crm and erp systems.
The address verification software market size is expected to see strong growth in the next few years. It will grow to $2.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to remote work and virtual services, ai and machine learning integration, expansion in healthcare and finance, focus on data accuracy and quality, rapid urbanization and address changes.. Major trends in the forecast period include focus on user experience, industry-specific solutions, address verification for iot, blockchain for data security, geocoding and location intelligence.
The increasing travel and tourism industries are expected to propel the growth of the address verification software market going forward. Travel and tourism encompass the activities of individuals or groups traveling away from their usual residence for leisure, exploration, business, or other purposes. Address verification software is employed in the travel and tourism industries to enhance booking accuracy and streamline customer communications by ensuring precise address details for reservations and travel itineraries. For instance, in May 2023, according to the United Nations World Tourism Organization, a Spain-based specialized agency of the United Nations, an estimated 235 million tourists traveled internationally in the first three months of 2023, more than double the same period of 2022. Furthermore, in June 2022, according to the US Department of Commerce, a US-based administration, the number of international visitors to the United States increased to 22.1 million in 2021, up from 19.2 million in 2020. Therefore, the increasing travel and tourism industries are driving the growth of the address verification software market.
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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
Major companies operating in the address verification software market are focused on developing innovative technologies, such as application program interfaces (API), to gain a competitive edge in the market. An application programming interface (API) refers to a software element that acts as a bridge between two separate programs. For instance, in March 2021, the Universal Postal Union, a Switzerland-based agency of the United Nations that coordinates postal policies, launched a new address verification application program interface (API) created exclusively for the postal sector and its partners to ensure the accuracy of address data for reliable deliveries. The UPU’s S42 international postal address components and templates standard (ISO 19160-4), which was developed, served as the foundation for the API. In addition to comparing address components to the POST*CODE DataBase, it also performs checks against derivative databases, including postal addressing systems, the description of the standardized address format, and knowledge center data, including postcode length and structure.
The address verification software market report table of contents includes:
1. Executive Summary
2. Address Verification Software Market Characteristics
3. Address Verification Software Market Trends And Strategies
4. Address Verification Software Market – Macro Economic Scenario
5. Global Address Verification Software Market Size and Growth
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26. South America Address Verification Software Market
27. Brazil Address Verification Software Market
28. Middle East Address Verification Software Market
29. Africa Address Verification Software Market
30. Address Verification Software Market Competitive Landscape And Company Profiles
Top Major Players:
- Rakuten Inc
- Stripe Inc
- Experian PLC
- Pitney Bowes Inc
- GB Group PLC
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