Top 5 Industries in Which Verification of Documents is a Must
In the modern technology-driven world, document authentication solutions are becoming highly important to take businesses to new heights of success. Cyberattacks, document frauds, and identity theft are on the rise, mainly in the wake of the COVID-19 outbreak. Document verification services can help business experts fight fraud and safeguard sensitive data. The innovative solutions utilise advanced technologies e.g., machine learning and AI models, to process information quickly and accurately. Moreover, according to a survey, the world spending in the identity verification market is forecast to grow by more than $13 billion, increasing from 4.93 billion in 2017 to over 18 billion in 2027.
The following blog will cover the best 5 industrial use cases for the verifyed documents and how modern-day industries can leverage them to obtain desired results.
Market Potential of Verification of Documents Services
The market potential of record verification is broad because of the growing demand for safe & reliable document authentication services.
Various factors contribute to the industry's exponential growth, such as the growing need for safe onboarding procedures. This is also important to fight fraud and facilitate digitization and automation of procedures.
The banking and financial sector is a crucial user of document verification services. It will dominate the sector during the forecast period. The growing need for KYC & AML regulations and fraud prevention fuels the demand for record authentication services. Moreover, the healthcare, finance, HR and real estate sector can easily contribute to the success of the document verification market.
Fast digitization and automation of verification of documents solutions can also contribute to the market's success. The application of advanced technologies, such as AI and ML, in record authentication, contributes to the procedure's accuracy, speed and reliability. Additionally, using cloud-based solutions is advantageous in terms of low costs and scalability for businesses of all sizes.
Analysis By Region
The global identity verification market size is expected to reach $32.94 billion by 2030; North America holds a dominant position in the market. Applying innovative digital solutions in modern-day industries can help experts ensure compliance with the latest standards.
In the above context, the market potential for the verification of documents is considerable, and it will reach new heights of success during the forecast period. The growing demand for safe & reliable authentication solutions, the rising cases of ID theft, and rapid digitization are key growth factors behind the market. Finally, the banking and finance sector will prevail in the market, followed by other modern-day industries. The following section discusses the industrial applications of the innovative solutions in detail:
- Banking & Financial Services
The banking and finance industry is an important area where document authentication services are widely adopted. The verification of documents plays an important role in the following KYC and AML protocols. Having said that, banks and financial firms can quickly validate the identity of onboarding customers. Verification of documents can help professionals to fight fraud, combat money laundering & facilitate compliance with regulatory standards.
- Healthcare Industry
In the healthcare sector, verification of documents can quickly validate the identity of onboarding patients while fighting fraud. Healthcare service providers can use innovative services to validate insurance data and medical histories. This way, medical professionals can combat identity theft while enhancing patient safety and ensuring compliance with regulatory standards.
- Education Sector
The education industry is another area where record validation can easily facilitate professionals. Educational institutions can use document verification techniques to authenticate academic records, student transcripts and diplomas. This way, professionals can easily fight fraud, ensure the integrity of records and reduce fake degrees.
- Human Resources Department
In the HR sector, record authentication can easily facilitate experts to validate employee information and discourage bad actors. Employers can quickly implement verification services to authenticate the identities of job applicants, their employment histories and academic qualifications. This way, professionals can easily fight resume fraud while facilitating compliance with KYC & AML regulatory standards.
- Real Estate Industry
In the real estate sector, verification of documents can help professionals regarding property ownership and fight scams. Real estate managers can utilise document verification solutions to authenticate the identity of property owners, deeds and other property-related records. This facilitates experts to combat property scams while following the latest regulatory standards and ensuring the integrity of real estate transactions.
The application of verification of documents can help business experts in various ways. Having said that, record authentication solutions are essential to fight fraud and protect users’ sensitive information. Industries such as healthcare, finance, education, HR and real estate can quickly implement the innovative solution. By implementing document authentication services, industry experts can easily ensure compliance with KYC and AML regulations while attracting genuine customers worldwide.