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The visitor management system market size is estimated to grow at a CAGR of 16.91% between 2022 and 2027. The market size is forecast to increase by USD 1,560.36 million. The growth of the market depends on several factors, including the increasing focus on security across organizations, the increasing demand for contactless solutions, and the growing focus on improving visitor experience. A visitor management system is a device that is used for monitoring the movements of visitors around a company's facilities. A visitor management system helps provide high-level security to employees on the company's property and collects data to have more control over visitor mobility in various industry verticals and organizations.
This visitor management system market report extensively covers market segmentation by end-user (BFSI, healthcare and life sciences, government and defense, retail and consumer goods, and others), component (software and services), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing focus on security across organizations is driving the market growth. To ensure the security of premises, assets, and personnel, organizations are increasingly demanding robust visitor management solutions. They enhance access control and monitoring capabilities by allowing verification of visitor identities through watchlists or databases and enforcing restrictions. They can help prevent unauthorized access, intrusions, and security breaches which are of vital importance in certain industries like finance, healthcare, government, and critical infrastructure.
Additionally, organizations also gain valuable insights and analytics about visitor traffic, patterns, and behavior which can be analyzed for the identification of potential security risks. This helps in the optimization of resource allocation, reduces vulnerability and risks, and helps direct data-driven decisions. Hence such factors will boost the growth of the market during the forecast period.
The growing adoption of cloud-based visitor management solutions is a key trend in the market. The scalability of cloud-based visitor management systems helps organizations meet their needs, regardless of whether it involves a single location or multiple sites. It also allows ease of business expansion and eliminates the requirement for any further hardware investments. Even if visitor volumes fluctuate or business expansion occurs, organizations can quickly adjust and scale the capacity of their visitor management systems.
Moreover, they also offer greater flexibility and accessibility with authorized users able to access the visitor management system remotely. This allows for ease of real-time monitoring, data management, and system administration. This results in the smooth performance of activities including generating visitor records and reports, or system updates. Moreover, they are cost-effective and work on a subscription basis, further increasing their appeal, which will boost market growth during the forecast period.
Privacy and data security concerns associated with visitor management solutions are challenging market growth. Due to visitor management systems collecting and storing personal data, problems like data breaches, identity theft, and misuse of personal information can occur. They can harm the reputation of organizations using these systems and even result in legal and financial consequences. Organizations must ensure adherence to data protection regulations, like the General Data Protection Regulation (GDPR) in the European Union regarding the collection, processing, and storage of personal data.
Moreover, organizations must ensure that third-party integrators also adhere to security standards and regulations regarding data sharing. This is vital to prevent data leaks and vulnerabilities and ensure privacy associated with visitor management solutions is ensured. Hence, secure data transmission protocols, such as HTTPS (Hypertext Transfer Protocol Secure), should be utilized to safeguard data in transit. Such factors pose a challenge to the growth of the market during the forecast period.
The market share growth by the BFSI segment will be significant during the forecast period. Numerous institutions like banks, financial institutions, and insurance companies are increasingly deploying visitor management services to help regulate visitor access, maintain a secure environment, and monitor customer visits. This is vital in ensuring efficient security measures in banks for identification, the purpose of the visit, and check-in/check-out times.
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The BFSI segment showed a gradual increase in the market share of USD 209.22 million in 2017 and continued to grow by 2021. Moreover, institutions like investment firms, credit unions, and insurance companies handle sensitive financial and personal data. Visitor management systems help to streamline the visitor registration and identification process and limit the access of unauthorized personnel to confidential information. Additionally, the adherence to regulatory requirements like KYC (Know Your Customer) by banks will also result in the growth of this segment of the market during the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Within North America, the US and Canada are the largest revenue contributors due to their advanced technological infrastructure, strong security measures, high digitalization, and numerous market vendors. Besides this, the presence of numerous corporate offices, government institutions, and healthcare organizations which all mandate efficient visitor management boosts the demand for visitor management systems. Increasing security concerns and regulatory requirements are urging organizations in the regions to ensure proper visitor identification, tracking of visitor movement, and maintaining accurate visitor records. Moreover, they help provide a better customer and user experience and ensure a seamless check-in process and reduced wait times which will further market growth during the forecast period.
The COVID-19 outbreak had a positive impact on the regional market due to a greater emphasis on health and safety measures in different companies. Organizations had to conduct screening protocols, health-related questionnaires, and temperature checks to limit the spread of COVID-19. Visitor management systems helped in the automation and streamlining of these processes through contactless check-ins and contactless visitor management solutions. Additionally, after the resumption of operations, there was increased demand from end-user industries like BFSI which will propel regional market growth during the forecast period.
The Visitor Management System Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Visitor Management System Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AlertEnterpise Inc. - The company offers visitor management system solutions such as automatic vetting and validation services, automatic compliance, and DNA and VIP list integration.
Condeco Group Ltd. - The company offers a visitor management system under the brand ProxyClick.
Envoy Inc. - The company offers visitor management system solutions such as streamlining approvals and denials, scale operations, and workplace safety.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The visitor management system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Visitor Management System Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.91% |
Market growth 2023-2027 |
USD 1,560.36 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
16.15 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 30% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AlertEnterpise Inc., Asiatact S Pte Ltd., Building Intelligence Inc., Condeco Group Ltd., Envoy Inc., Genetec Inc., Greetly Inc., HID Global Corp., iLobby, InVentry Ltd, Jolly Technologies Inc., MRI Software LLC, Parabit Systems Inc., Pitney Bowes Inc., Qminder Ltd., Smartice Pvt. Ltd., SmartSpace Software PLC, Splan Inc., Vuetura Corp., and Honeywell International Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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