What is Address Verification Software Market?
The address verification software aims to verify, correct, and standardize residential and company addresses as well as other physical identification data. Businesses use address verification tools to validate mailing lists, customer addresses, and other data based on correct mailing addresses. Sales and marketing teams typically find the greatest use of address validation solutions because the software can validate address information captured by lead generation software. E-commerce channels also benefit from the address verification software by confirming that customers' shipping addresses are valid. With verified physical addresses, mailing, shipping, and customer location data is more reliable. The address verification software is tangentially related to data quality software solutions from a functional point of view, but differs in its different use cases, focuses on physical location data, and relies on the relevant acquisition of location data to verify the accuracy. As a result, address verification software differs from data quality solutions. In order to qualify for inclusion in the "address verification" category, a product must automatically check incoming and existing addresses against an authoritative database, standardize address data to a universal format, delete crooked data by fuzzy matching or other correction processes, or update and integrate with Industry solutions or address databases.
The market study is being classified by Type (Cloud Based and On-Premise), by Application (SMEs and Large Enterprises) and major geographies with country level break-up.
GB Group Plc (United Kingdom), AccuZIP, Inc. (United States), SmartSoft DQ (United States), Prism Data Services Ltd. (Canada), WinPure (United Kingdom), Anchor Software, LLC (United States), Acme Data, Inc. (United States), BCC Software (United States), ClickToAddress (United Kingdom), Egon Zehnder (United States), LexisNexis (United States), TrueNCOA (United States), Melissa Data (United States) and SmartyStreets (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Experian PLC (Ireland) and TaxJar (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Address Verification Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Address Verification Software market by Type, Application and Region.
On the basis of geography, the market of Address Verification Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Demand among Consumers for Technologically Advanced Security
- Rising Implementation of Instant Mobile Verification across Media & Entertainment, IT & Telecommunication, and Other Sectors
- Rising Penetration of Smartphones and Tablets
Market Trend
- Growing Usage of Automatic Identification and Data Capture (AIDC) Technology in Retail Industry and E-Commerce
- The Increasing Trend of Internet of Things (IoT), Cloud Adoption, and Bring Your Own Device (BYOD)
- Growing Adoption of Cloud-Based Services Such As Artificial Intelligence (AI) and Machine Learning (ML) For Identity Verification Software
Restraints
- Growing Intricacy of Malware Threats
Opportunities
- Increasing Adoption of Address Verification Software by the Governments of Developed and Developing Countries to Identify the Customer Information for Government-Issued ID Cards, Driving Licenses, Or Passports
- Growing Terrorist Attacks and Rising Adoption of Address Verification Software in Defense and Government Applications
Challenges
- Presence of Major as Well as Emerging Players are Increasing the Competition
Key Target Audience
Providers of Address Verification Software, End-Users, Potential Investors, Market Research Firms and Others