Global Address Verification Software Market Size, Share, & COVID-19 Impact Analysis, By By Deployment (Cloud and On-Premise), By Enterprise Type (SMEs and Large Enterprise), By Industry (IT & Telecom, Real Estate, Marketing & Advertising, Financial Services, and Others), and Regional Forecast, 2024-2032

Address verification software is a technology that helps businesses verify the accuracy and completeness of address data by comparing it to trusted reference data sources. The software validates user-entered address information in real-time or batch mode to ensure the data is accurate, complete, and standardized.

The rise of e-commerce drives the global address verification software market. It has increased the need for accurate address data for order processing and logistics. Address verification software helps e-commerce businesses avoid expensive mistakes such as incorrect or incomplete addresses that can lead to failed deliveries, returned goods, and customer dissatisfaction. 

Customer experience is becoming a significant focus in every industry. Address verification software helps businesses deliver a better customer experience by ensuring that customer addresses are accurate, complete, and standardized. Mobile devices have become the preferred mode of internet access, and mobile-friendly address verification software has become increasingly important for e-commerce businesses and other organizations that rely on accurate address data. 

Impact of COVID-19 on the Address Verification Software Market

With lockdowns and social distancing measures in place, there was a significant surge in online shopping and digital services. Address verification software plays a crucial role in ensuring the accuracy of delivery addresses, reducing delivery failures, and improving customer satisfaction in the e-commerce industry.

Further, the pandemic accelerated the adoption of remote work and digital transformation in various industries. This software became essential for businesses to maintain efficient for business to maintain efficient operations whiles their workforce was dispreaded. Companies needed reliable address verification to support customer service, logistics, and other essential processes.

Segmentation

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by the Key Players


• Impact of COVID-19 on the Global Address Verification Software  Market


• Consolidated SWOT Analysis of Key Players

Analysis By Deployment

Cloud is expected to dominate the market. Cloud-based software offers scalability to meet varying business needs. Companies can easily adjust the resources allocated to address verification based on their requirements, whether small or large businesses. This flexibility allows businesses to scale up or down as needed, optimizing cost and performance. Additionally, cloud-based software can provide real-time address validation and correction. With data stored and processed in the cloud, businesses can access up-to-date address databases and ensure real-time verification, improving customer experience and efficient logistics.

Regional Analysis

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The global address verification software market is distributed into five regions: North America, South America, Europe, the Middle East & Africa, and Asia-Pacific.

North dominates the market owing to the rapid expansion of the e-commerce sector in the U.S. and Canada. With increasing online transactions and deliveries, businesses require accurate and reliable solutions to ensure successful order fulfillment and minimize delivery errors. The growing adoption of cloud-based solutions in North America also influenced the market. Cloud-based software offers cost-effectiveness and real-time access to the latest address databases, making them attractive to businesses of all sizes.

Asia Pacific is expected to hold the highest CAGR throughout the forecast period. Rapid urbanization and the ongoing digital transformation in the region have created a need for reliable address verification software to support various industries, including logistics, retail, finance, and healthcare. As more people move to cities and engage in digital transactions, the importance of accurate address data has grown significantly in Asia Pacific countries.

The distribution of the global address verification software market by region of origin is as follows:

• North America – 37%


• South America – 6%


• Europe – 28%


• Middle East and Africa – 5%


• Asia Pacific – 24%

Key Players Covered

The key players in this market include Experian, Pitney Bowes, AccuZIP, AFD, BCC Software, SmartSoft DQ, Anchor Computer Software, TrueNCOA, Melissa, Taxamong, Prism Data Services,  and others.

Key Industry Developments:

• June 2023 - Smarty partnered with Sapiens, a software solutions provider for the insurance industry, to help insurance companies take their complex location data to an easy level. The partnership will enable fast and accurate access to location data through geocoding and address verification without the hassle and additional costs associated with on-site installation. 


• March 2021: The Universal Postal Union launched a new API (Address Verification Application Program Interface) specifically designed for the postal industry and its stakeholders to ensure the quality of address data for reliable delivery. This is a simple out-of-the-box solution for retrieving address data at the point of address entry and comparing the address data to UPU's global POST*CODE database.