Address Verification Software Market 2024 - By Industry Analysis, Competitive Landscape, Growth Factors, Revenue And Outlook By 2033

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..

Market Overview -
Address verification software is a technology that validates and corrects postal addresses entered by users, ensuring accuracy and completeness. It helps businesses enhance delivery efficiency and customer communication by ensuring reliable address data.

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Booming Travel And Tourism Industries Propel Growth In The Address Verification Software Market
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.

Competitive Landscape -
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

Advancements In Address Verification Software Market Through Application Programming Interfaces (APIS)
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.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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