Address Verification Software Global Market Report 2024

Description

Address verification software is a technology designed to validate and correct postal addresses entered by users, ensuring accuracy and completeness. Its primary purpose is to help businesses improve delivery efficiency and enhance customer communication by ensuring the reliability of address data.

The main types of products included in address verification software are cloud-based and on-premise. Cloud-based products are deployed using one or more cloud-based hosting models. Various subscription options, including one-time licenses, monthly, quarterly, and yearly, are available for use on personal computers, laptops, smartphones, and other devices. These applications are employed by both large enterprises and small and medium-sized enterprises.

The address verification software market research report is one of a series of new reports from The Business Research Company that provides address verification software market statistics, including address verification software industry global market size, regional shares, competitors with a address verification software market share, detailed address verification software market segments, market trends and opportunities, and any further data you may need to thrive in the address verification software industry. This address verification software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 observed during the historical period can be attributed to the enhancement of customer experience, the implementation of fraud prevention measures, increased efficiency in mail and shipping services, a reduction in failed deliveries, and the integration into 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 anticipated growth in the forecast period can be attributed to the rise of remote work and virtual services, the integration of AI and machine learning, expansion in healthcare and finance sectors, a heightened focus on data accuracy and quality, and the rapid urbanization contributing to address changes. Major trends expected during the forecast period include an increased focus on user experience, the development of industry-specific solutions, address verification for IoT, the adoption of blockchain for data security, and the utilization of geocoding and location intelligence.

The anticipated growth of the address verification software market is driven by the expanding travel and tourism industries. Travel and tourism, involving individuals or groups journeying away from their usual residence for various purposes, benefit from address verification software. This software enhances booking accuracy and facilitates streamlined customer communications by ensuring precise address details for reservations and travel itineraries. Notably, the United Nations World Tourism Organization reported a significant surge in international tourist travel in the first three months of 2023, reaching 235 million, more than double the corresponding period in 2022. Similarly, the US Department of Commerce recorded an increase in international visitors to the United States, rising to 22.1 million in 2021 from 19.2 million in 2020. Consequently, the burgeoning travel and tourism industries contribute to the growth of the address verification software market.

The address verification software market is further bolstered by the escalating trend of e-commerce and online transactions. In e-commerce, where accurate product delivery is paramount, address verification software plays a crucial role in preventing shipping errors. By validating customer-provided addresses in real time, this software reduces the risk of packages being sent to incorrect addresses, minimizing costly returns and enhancing customer satisfaction. The International Trade Administration reported that 82% of UK citizens made at least one online purchase in 2021, making the UK a leader in online purchases. Additionally, consumer e-commerce constitutes 30% of the UK retail industry, surpassing 20% in 2020, with annual revenue exceeding $120 billion. This trend drives the growth of the address verification software market by aligning with the increasing prevalence of e-commerce and online transactions.

The growth of the address verification software market faces a potential hindrance due to the high cost of the software. The surge in identity-related frauds and data breaches has led to heightened compliance management focus, necessitating the validation of address data precision and comprehensiveness. This increased demand for address verification software has resulted in higher pricing. For instance, PostGrid, a Canada-based company providing address verification through application programming interface (API) and automated platforms, offers subscription-based options starting at $170 per month per user for the address verification function in Smart Address 5. Consequently, the high cost of the software poses a challenge to the growth of the address verification software market.

Major companies in the address verification software market are strategically investing in innovative technologies, notably application program interfaces (API), to gain a competitive edge. APIs, acting as bridges between separate programs, are instrumental in the development of address verification solutions. The Universal Postal Union introduced a new address verification API exclusively for the postal sector, leveraging the S42 international postal address components and templates standard.

In April 2021, Stripe Inc., an Ireland-based financial services and software-as-a-service company, acquired TaxJar, further enhancing its capabilities in the area of tax compliance. TaxJar, a US-based software company, specializes in address verification software. These strategic initiatives underscore the commitment of major players to innovative technologies, contributing to the growth of the address verification software market.

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

North America was the largest region in the address verification software market in 2023. 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

The countries covered in the address verification software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The address verification software market includes revenues earned by entities by providing data quality control, geographic maps, API integration, and real-time verification. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Address Verification Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on address verification software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for address verification software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The address verification software market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

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
Companies Mentioned: Rakuten Inc.; Stripe Inc.; Experian PLC; Pitney Bowes Inc.; GB Group PLC
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r13470

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

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Address Verification Software Market Size and Growth

5.1. Global Address Verification Software Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Address Verification Software Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Address Verification Software Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Address Verification Software Market Segmentation

6.1. Global Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Cloud Based
On-Premise
6.2. Global Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
One Time License
Monthly
Quarterly
Yearly
6.3. Global Address Verification Software Market, Segmentation By Device Used, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
PC (Personal Computer)
Laptops
Smartphones
Other Devices
6.4. Global Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Large Enterprises
Small And Medium Size Enterprises

7. Address Verification Software Market Regional And Country Analysis

7.1. Global Address Verification Software Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Address Verification Software Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Address Verification Software Market

8.1. Asia-Pacific Address Verification Software Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Address Verification Software Market

9.1. China Address Verification Software Market Overview
9.2. China Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Address Verification Software Market

10.1. India Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Address Verification Software Market

11.1. Japan Address Verification Software Market Overview
11.2. Japan Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Address Verification Software Market

12.1. Australia Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Address Verification Software Market

13.1. Indonesia Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Address Verification Software Market

14.1. South Korea Address Verification Software Market Overview
14.2. South Korea Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Address Verification Software Market

15.1. Western Europe Address Verification Software Market Overview
15.2. Western Europe Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Address Verification Software Market

16.1. UK Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Address Verification Software Market

17.1. Germany Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Address Verification Software Market

18.5. France Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.6. France Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.7. France Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Address Verification Software Market

19.9. Italy Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Address Verification Software Market

20.13. Spain Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Address Verification Software Market

21.1. Eastern Europe Address Verification Software Market Overview
21.2. Eastern Europe Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Address Verification Software Market

22.1. Russia Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Address Verification Software Market

23.1. North America Address Verification Software Market Overview
23.2. North America Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Address Verification Software Market

24.1. USA Address Verification Software Market Overview
24.2. USA Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Address Verification Software Market

25.1. Canada Address Verification Software Market Overview
25.2. Canada Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Address Verification Software Market

26.1. South America Address Verification Software Market Overview
26.2. South America Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Address Verification Software Market

27.1. Brazil Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Address Verification Software Market

28.1. Middle East Address Verification Software Market Overview
28.2. Middle East Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Address Verification Software Market

29.1. Africa Address Verification Software Market Overview
29.2. Africa Address Verification Software Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Address Verification Software Market, Segmentation By Subscription Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Address Verification Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Address Verification Software Market Competitive Landscape And Company Profiles

30.1. Address Verification Software Market Competitive Landscape
30.2. Address Verification Software Market Company Profiles
- 30.2.1. Rakuten Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Stripe Inc.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Experian PLC
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Pitney Bowes Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. GB Group PLC
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Address Verification Software Market Other Major And Innovative Companies

31.1. SmartSoft Inc.
31.2. Ekata Inc.
31.3. Melissa Data Corporation
31.4. Simpler Postage Inc.
31.5. BCC Software LLC
31.6. TrueNorth Credit Solutions LLC
31.7. DQE Software SAS
31.8. Strikeiron LLC
31.9. Datatech SmartSoft Software Inc.
31.10. Data8 Limited
31.11. AccuZIP Inc.
31.12. Acme Associates Pte. Ltd.
31.13. Anchor Software LLC
31.14. Byteplant Technologies Private Limited
31.15. ComplyCube Ltd.

32. Global Address Verification Software Market Competitive Benchmarking

33. Global Address Verification Software Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Address Verification Software Market

35. Address Verification Software Market Future Outlook and Potential Analysis

35.1 Address Verification Software Market In 2028 - Countries Offering Most New Opportunities
35.2 Address Verification Software Market In 2028 - Segments Offering Most New Opportunities
35.3 Address Verification Software Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer