Document Verification Market worth USD 22,716.21 million by 2033

The Market Statsville Group (MSG) publishes the new report on the "Document Verification Market by Type (SMEs, Large Enterprise), by Application (Financial Services, Medical Insurance, Government Service, Other), By Region – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global document verification market size is expected to grow from USD 4,234.00 million in 2022 to USD 22,716.21 million by 2033, at a CAGR of 16.5% from 2023 to 2033.

The document verification market consists of sales of document verification services by entities (organizations, sole traders, and partnerships). The major factors such as the development of government initiatives, such as smart infrastructure, smart cities, digital identity-based driver’s license and increasing integration of various technologies industry across the world. Moreover, increased digitization ambitions, a surge in fraudulent activities and identity theft over the previous decade, and rising use cases of digital identities among verticals are all driving the document verification industry. Furthermore, initiatives by governments and businesses focusing on digitalization and the use of new technologies in identity verification systems, such as AI, machine learning, and automation, would present lucrative prospects for document verification suppliers. On the other hand, the dearth of skilled professionals and increasing cyber-attacks has hampered the market growth over the forecasting period.

Global Document Verification Market Segmentation

The overall document verification market has been segmented into type, application, and region.

• By Type (SMEs, Large Enterprise)
• By Application (Financial Services, Medical Insurance, Government Service, Other)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

SMEs segment is at the highest CAGR during the forecast period

SMEs segment is expected to grow at the highest CAGR during the forthcoming period. Document verification software offers SMEs a simple, low-cost, intuitive, and secure solution to meet their expanding demands. SMEs focus on deploying identity verification software to save resources, time, money, and assets due to limited resources, a shortage of IT staff, and budget restrictions.

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The Asia Pacific to account for the highest CAGR during the forecast period

Over the forecast period, the Asia Pacific market is expected to grow rapidly due to having grown technologically prepared by embracing new technology. Government attempts to address identity-related fraud and the reinforcement of eKYC to authenticate identities are driving development. Asia-Pacific is one of the fastest-growing areas in terms of GDP, resulting in company expansion and the emergence of new startups. It enhanced the demand for effective identity verification methods of preventing data breaches by requiring speedy, secure, and paperless digital transactions across these expanding organizations.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the document verification market. It also consists of the profiles of leading companies such as Onfido, Mitek, GBG Group, Shufti Pro, PRM Group, Jumio, Trulioo, Acuant, Equifax, Argos, Mati, Refinitiv, Company 13, Company 14 and Company 15. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

MSG has an entire repository of research reports on more than 1,000 niche industries, 3,000 high-growth potentials markets, 5,000 data sets, and more than 12,000 company profiles.

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