The document verification market size has grown exponentially in recent years. It will grow from $3.55 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth witnessed during the historical period can be attributed to several key factors, including the escalation of regulatory compliance requirements across diverse industries, the proliferation of online transactions and digital document processing, an upsurge in fraudulent activities and identity theft cases, the expansion of e-commerce and online banking sectors, a heightened demand for secure and dependable verification processes, the adoption of remote work and digital onboarding practices, as well as the imperative need for efficient KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.
The document verification market size is expected to see exponential growth in the next few years. It will grow to $8.64 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to continuation of stringent regulatory frameworks and compliance standards, increasing emphasis on data privacy and security measures, expansion of digital identity verification solutions, growth of the gig economy and freelance workforce, demand for seamless and user-friendly verification experiences. Major trends in the forecast period include integration of biometric authentication methods, growth in adoption of ai-powered verification, development of blockchain technology, collaboration between providers and regulatory bodies, expansion of services for online transactions, adoption of machine learning algorithms, integration with existing systems.
The escalating concerns surrounding identity theft and fraudulent activities are poised to catalyze the expansion of the document verification market in the foreseeable future. Identity theft and fraud, characterized by the unauthorized acquisition and exploitation of personal or financial data for illicit gain, have become prevalent due to the widespread adoption of online services, social media, and e-commerce platforms. The abundance of personal information amassed in digital realms presents lucrative targets for identity thieves. Document verification systems emerge as crucial tools in combatting such threats by streamlining verification processes, reducing reliance on laborious and error-prone manual checks. For instance, as of February 2024, the Federal Trade Commission reported a surge in identity theft reports to 1 million, constituting 19% of all fraud reports, up from 1.1 million in 2022. Additionally, fraud reports increased from 2.4 million in 2022 to 2.6 million in 2023, accounting for 48% of all reports. This surge underscores the imperative for robust document verification solutions to mitigate identity-related risks.
Key players in the document verification arena are actively embracing technological advancements to bolster the accuracy, efficiency, and security of verification processes. Biometric verification leveraging blockchain technology and optical character recognition (OCR) are among the innovative approaches adopted. For instance, Smile Identity, a Nigeria-based provider of identity verification solutions, introduced document verification (E-DocV) in February 2022 across Africa, Europe, and North America. This solution harnesses OCR and SmartSelfie technology to facilitate rapid and secure user onboarding, covering over 140 ID documents across 100 countries. The implementation of such advanced technologies enhances compliance, fraud prevention, and trust, thereby fostering growth in trade and remittance corridors across regions.
In November 2021, GB Group, a UK-based provider of identity data intelligence services, completed the acquisition of Acuant Inc. for $736 million. This acquisition empowers GB Group to deliver end-to-end solutions tailored to meet evolving partner and customer needs, solidifying its position as a leading player in the industry. Acuant Inc., based in the US, specializes in providing identity verification, document authentication, and fraud prevention technology services. This strategic integration underscores the industry's trajectory towards comprehensive solutions that address the multifaceted challenges posed by identity verification and fraud prevention.
Major companies operating in the document verification market are Thales Group, Experian Plc, Equifax, Idemia, Truework, Argos, PRM Group, GBG Group, Mitek Systems Inc., Jumio, Checkr, Accurate Background, Pre-employ.com, Ekata, Onfido, Trulioo, Acuant, Shufti Pro, Refinitiv, Authenteq, OPENonline, Sterling Check, The Work Number, ADP Screening And Selection Services Inc.
North America was the largest region in the document verification market in 2023. The regions covered in the document verification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the document verification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Document verification entails the meticulous process of validating the authenticity and precision of official documents. This procedure involves scrutinizing key elements such as signatures, seals, and information against trusted sources, ensuring reliability and mitigating the risks associated with fraud or misrepresentation. Employed to uphold integrity in transactions and decision-making processes, document verification plays a crucial role in maintaining trust and security.
The primary categories of document verification encompass small and medium-sized enterprises (SMEs), large enterprises, and personal documents. Personal documents serve to authenticate an individual's identity and may include items such as driver's licenses, ID cards, passports, and other officially issued documents containing sensitive information such as financial data or confidential material. Various technologies are utilized in this process, including optical character recognition (OCR), face recognition, liveness detection, and mechanisms for detecting tampering with documents. These technologies find application across diverse sectors such as financial services, medical insurance, government services, and beyond.
The document verification market research report is one of a series of new reports that provides document verification market statistics, including document verification industry global market size, regional shares, competitors with a document verification market share, detailed document verification market segments, market trends, and opportunities, and any further data you may need to thrive in the document verification industry. This document verification 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 document verification market includes revenues earned by entities by services such as identity verification, document authentication, fraud detection, digital signature verification, and related services such as know your customer (KYC) compliance, anti-money laundering (AML) screening, and document validation. 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.
This product will be delivered within 3-5 business days.
The document verification market size is expected to see exponential growth in the next few years. It will grow to $8.64 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to continuation of stringent regulatory frameworks and compliance standards, increasing emphasis on data privacy and security measures, expansion of digital identity verification solutions, growth of the gig economy and freelance workforce, demand for seamless and user-friendly verification experiences. Major trends in the forecast period include integration of biometric authentication methods, growth in adoption of ai-powered verification, development of blockchain technology, collaboration between providers and regulatory bodies, expansion of services for online transactions, adoption of machine learning algorithms, integration with existing systems.
The escalating concerns surrounding identity theft and fraudulent activities are poised to catalyze the expansion of the document verification market in the foreseeable future. Identity theft and fraud, characterized by the unauthorized acquisition and exploitation of personal or financial data for illicit gain, have become prevalent due to the widespread adoption of online services, social media, and e-commerce platforms. The abundance of personal information amassed in digital realms presents lucrative targets for identity thieves. Document verification systems emerge as crucial tools in combatting such threats by streamlining verification processes, reducing reliance on laborious and error-prone manual checks. For instance, as of February 2024, the Federal Trade Commission reported a surge in identity theft reports to 1 million, constituting 19% of all fraud reports, up from 1.1 million in 2022. Additionally, fraud reports increased from 2.4 million in 2022 to 2.6 million in 2023, accounting for 48% of all reports. This surge underscores the imperative for robust document verification solutions to mitigate identity-related risks.
Key players in the document verification arena are actively embracing technological advancements to bolster the accuracy, efficiency, and security of verification processes. Biometric verification leveraging blockchain technology and optical character recognition (OCR) are among the innovative approaches adopted. For instance, Smile Identity, a Nigeria-based provider of identity verification solutions, introduced document verification (E-DocV) in February 2022 across Africa, Europe, and North America. This solution harnesses OCR and SmartSelfie technology to facilitate rapid and secure user onboarding, covering over 140 ID documents across 100 countries. The implementation of such advanced technologies enhances compliance, fraud prevention, and trust, thereby fostering growth in trade and remittance corridors across regions.
In November 2021, GB Group, a UK-based provider of identity data intelligence services, completed the acquisition of Acuant Inc. for $736 million. This acquisition empowers GB Group to deliver end-to-end solutions tailored to meet evolving partner and customer needs, solidifying its position as a leading player in the industry. Acuant Inc., based in the US, specializes in providing identity verification, document authentication, and fraud prevention technology services. This strategic integration underscores the industry's trajectory towards comprehensive solutions that address the multifaceted challenges posed by identity verification and fraud prevention.
Major companies operating in the document verification market are Thales Group, Experian Plc, Equifax, Idemia, Truework, Argos, PRM Group, GBG Group, Mitek Systems Inc., Jumio, Checkr, Accurate Background, Pre-employ.com, Ekata, Onfido, Trulioo, Acuant, Shufti Pro, Refinitiv, Authenteq, OPENonline, Sterling Check, The Work Number, ADP Screening And Selection Services Inc.
North America was the largest region in the document verification market in 2023. The regions covered in the document verification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the document verification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Document verification entails the meticulous process of validating the authenticity and precision of official documents. This procedure involves scrutinizing key elements such as signatures, seals, and information against trusted sources, ensuring reliability and mitigating the risks associated with fraud or misrepresentation. Employed to uphold integrity in transactions and decision-making processes, document verification plays a crucial role in maintaining trust and security.
The primary categories of document verification encompass small and medium-sized enterprises (SMEs), large enterprises, and personal documents. Personal documents serve to authenticate an individual's identity and may include items such as driver's licenses, ID cards, passports, and other officially issued documents containing sensitive information such as financial data or confidential material. Various technologies are utilized in this process, including optical character recognition (OCR), face recognition, liveness detection, and mechanisms for detecting tampering with documents. These technologies find application across diverse sectors such as financial services, medical insurance, government services, and beyond.
The document verification market research report is one of a series of new reports that provides document verification market statistics, including document verification industry global market size, regional shares, competitors with a document verification market share, detailed document verification market segments, market trends, and opportunities, and any further data you may need to thrive in the document verification industry. This document verification 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 document verification market includes revenues earned by entities by services such as identity verification, document authentication, fraud detection, digital signature verification, and related services such as know your customer (KYC) compliance, anti-money laundering (AML) screening, and document validation. 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Document Verification Market Characteristics3. Document Verification Market Trends and Strategies32. Global Document Verification Market Competitive Benchmarking33. Global Document Verification Market Competitive Dashboard34. Key Mergers and Acquisitions in the Document Verification Market
4. Document Verification Market - Macro Economic Scenario
5. Global Document Verification Market Size and Growth
6. Document Verification Market Segmentation
7. Document Verification Market Regional and Country Analysis
8. Asia-Pacific Document Verification Market
9. China Document Verification Market
10. India Document Verification Market
11. Japan Document Verification Market
12. Australia Document Verification Market
13. Indonesia Document Verification Market
14. South Korea Document Verification Market
15. Western Europe Document Verification Market
16. UK Document Verification Market
17. Germany Document Verification Market
18. France Document Verification Market
19. Italy Document Verification Market
20. Spain Document Verification Market
21. Eastern Europe Document Verification Market
22. Russia Document Verification Market
23. North America Document Verification Market
24. USA Document Verification Market
25. Canada Document Verification Market
26. South America Document Verification Market
27. Brazil Document Verification Market
28. Middle East Document Verification Market
29. Africa Document Verification Market
30. Document Verification Market Competitive Landscape and Company Profiles
31. Document Verification Market Other Major and Innovative Companies
35. Document Verification Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Document Verification Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on document verification 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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- Benchmark performance against key competitors.
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Description
Where is the largest and fastest growing market for document verification? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The document verification market global report 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.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: Small and Medium-Sized Enterprises (SMEs); Large Enterprise; Personal Documents2) by Technology: Optical Character Recognition (OCR); Face Recognition; Liveness Detection; Detecting Tampering With Documents.
3) by Application: Financial Services; Medical Insurance; Government Service; Additional Uses
Key Companies Mentioned: Thales Group; Experian Plc; Equifax; Idemia; Truework
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 Segmentation: 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.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Thales Group
- Experian Plc
- Equifax
- Idemia
- Truework
- Argos
- PRM Group
- GBG Group
- Mitek Systems Inc
- Jumio
- Checkr
- Accurate Background
- Pre-employ.com
- Ekata
- Onfido
- Trulioo
- Acuant
- Shufti Pro
- Refinitiv
- Authenteq
- OPENonline
- Sterling Check
- The Work Number
- ADP Screening And Selection Services Inc
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | May 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 4.24 Billion |
Forecasted Market Value ( USD | $ 8.64 Billion |
Compound Annual Growth Rate | 19.5% |
Regions Covered | Global |