Identity Verification Software Market Review: Long-Term Opportunity Vs. Short-Term Challenges

Identity Verification Software Market Latest Edition Published with Forecast to 2030
The article cited AMA's Global Identity Verification Software Market Study explored significant growth with CAGR of 20.3%. According to the report, Stringent Regulations and Need for Compliance is one of the primary growth factors for the market. Increasing Number of Identity Related Frauds and Data Breaches is also expected to contribute significantly to the Identity Verification Software market. Overall, applications of Identity Verification Software, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. New players are beginning to enter the market and established companies have been changing their business models – a trend that will continue in the future.

AMA’s Analyst on the Global Identity Verification Software Market identified that the demand is rising in many different parts of the world due to "Technology Enhancement with Integration of Integration of AI and Ml Technologies". Furthermore, some recent industry insights like "In December 2021, Jumio, the leading provider of AI-powered end-to-end identity orchestration, eKYC and AML solutions, announced that the company is acquiring current strategic partner 4Stop, the leading data marketplace and orchestration hub for KYB, KYC, compliance and fraud prevention. The addition of 4Stop's data sources to the Jumio KYX Platform realizes Jumio's strategic vision of redefining the end-to-end identity industry." is constantly making the industry dynamic. One of the challenges that industry facing is "Aggregating Critical Enterprise Data Distributed Across Multiple Locations Within A Business"

The Enterprise Size , such as Large Enterprise, is boosting the Identity Verification Software market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.

The Industry Vertical, such as BFSI, is boosting the Identity Verification Software market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.

The Deployment, such as On-premise, is boosting the Identity Verification Software market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.

The Component, such as Solution [Intelligent Data (ID) Software, Identity Document Authentication, Facial Recognition Software, Vein Recognition Software, Iris Recognition Software, is boosting the Identity Verification Software market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.

The report provides an in-depth analysis and forecast about the industry covering the following key features:
o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies
o Analyses the Global Identity Verification Software market according to Type, Application, and regions
o Analyzes the top 10 players in terms of market reach, business strategy, and business focus
o Provides stakeholders’ insights and key drivers & trends of the market

Market Size Estimation
In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Identity Verification Software market and other related sub-markets covered in the study.

o Key & emerging players in the Identity Verification Software market have been observed through secondary research.
o The industry’s supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes.
o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation
The overall Identity Verification Software market size is calculated using market estimation process, the Identity Verification Software market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Identity Verification Software market size has been validated using both top-down and bottom-up approaches.

Praveen Kumar

Head & Director of Sales