The market for visitor management systems was estimated to be worth USD 1.3 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 12% to reach USD 4.2 billion by 2032
Increasing awareness about the rising security threats is projected to magnify growth in the global Visitor Management System Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global Visitor Management System chip market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global Visitor Management System market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global Visitor Management System market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global Visitor Management System market.
Visitor Management System for Services segment to Sustain the Highest Revenues, Followed by Software
The demand for visitor management software will grow substantially over the forecast period with the emergence of numerous solutions offered by leading enterprises to businesses to help them run smoothly. For example, in March 2021, IntelliCentrics, introduced a patient-centric solution, BioBytes Visitor, to let patients gain control over their visitors when receiving care while complying with their safety and Covid-19 policies with visitors. On ther hand, the services segment is anticipated to grow at the significant CAGR over the forecast period.
Contact Tracing Visitor Management System application Segment to be the Most Lucrative
Rising demand to manage and monitor visitor data is expected to boost the need for Visitor Management System solution in healthcare, and retail sector. Moreover, the growing adoption of advanced technologies such as VMS software, and other tracing solutions is anticipated to bolster the market growth. Compliance Management & Fraud Detection segment is anticipated to account for largest revenue share. The contact tracing segment is estimated to lucrative growth opportunity for market growth.
APAC to Sweep the Largest Revenue Streams Followed by North America
APAC is the largest contributor to this market, followed by Europe and then North America. In Asia, the presence of nations like China and India, with their massive subscriber bases and constantly shifting regulatory and competitive landscapes, has raised demand for Visitor Management System systems. North America, on the other hand, is confronted with the challenges of a deregulated telecom sector.
Further, contact tracing is one of the fastest growing segment in application which in turn is favoring rampant expansion of the global Visitor Management System market across regions such as North America and Asia Pacific. Consumer preferences for enhanced customer service with real-time billing experience is expected to gain traction in the global Visitor Management System market.
Growing need for paperless administration, and increasing need to store visitor’s data is expected to offer new opportunities in the global Visitor Management System market
The growing requirement to track visitor actions in various companies is expected to drive demand for visitor management systems. Visitor management software has various advantages, including improved traceability, the potential to replace paper records with a live application, and the capacity to streamline visitor registration, reporting, and tracking. Various factors are driving the expansion of the visitor management system market, including increased awareness of expanding security concerns, the demand for a paperless administration, and the growing necessity to store obtained visitor data in accordance with legal compliances.
Despite a minor growth dip owing to Covid-19 implications, the global Visitor Management System market is expected to recoup growth and register a CAGR over the forecast period.
Because it shares all of the functionality of software hosted at an organisation, cloud-based visitor management system use has surged during the COVID-19 pandemic. Logs may be seen from anywhere via the internet because it is hosted in the cloud. Cloud-based visitor management software also provides offsite storage in the event of a disaster and malware prevention. A cloud-based visitor management system reduces the upfront costs of purchasing as well as the costs of maintenance and upgrades. The COVID-19 outbreak has had a profound influence on countries, organisations, and the medical profession. Following the breakout of COVID-19, businesses have been rapidly implementing collaborative applications in order to grow at a rapid rate. Due to the COVID-19 pandemic, 2020 has been a year of considerable change for the security and technological worlds. The majority of businesses have moved to the cloud. Managing and monitoring third-party visitors become a priority for enterprises all around the world in 2020. Because of the COVID-19 pandemic, all businesses must reassess their previously implemented security practises for all personnel entering and exiting each site, not only visitors.
Automated visitor management systems provide increased security, a more professional image, and compliance mandates for visitor data gathering and auditing. The market for visitor management systems is growing as a result of these causes. In addition, an automated visitor management solution improves the professionalism and efficiency of check-in, ensures quick and easy access to visitor data analysis/reporting, boosts the accuracy of visitor data, and simplifies search and obtain visitor information instantaneously. Visitors management systems will be in high demand across enterprises all around the world as a result of these causes.
Digital visitor management solutions have become a necessity for global organizations. It has now become the line of defense for all organizations. Investing in digital security systems such as AI and VR which, will now become a priority for businesses to protect their daily operations and ensure employee safety. As security protocols tighten across enterprises, the demand for AI-based visitor control systems is growing. The requirement to scan visitor IDs and take photos has been a driving force behind the implementation of visitor control systems. To enable smart and automatic guest management, AI features are designed using deep learning algorithms and a very intuitive UI. AI-powered high-definition infrared cameras assist in detecting and verifying the presence of PPE on a visitor's face. Digital document signature, host meeting booking, customised check-in process, and other features are included in these solutions.
The major players of the global Visitor Management System market are Honeywell, Pitney Bowes, Envoy, Proxyclick, SmartSpace Software Plc, AlertEnterprise, iLobby, Qminder, InVentry, Genetec, Jolly Technologies, MRI Software, Parabit Systems, Veristream, Alcatraz, Legrand, and Splan.
The Visitor Management System market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global Visitor Management System Market: a Snapshot
- In February 2021, Alcatraz ha announced to provide three factor authentication using biometrics like facial authentication to enhance their VMS capabilties.
- In January 2021, Legrand introduced smart video doorbell which is designed with high definition camera to support doorstep across the world.
Visitor Management System Market Scope
|Revenue forecast in 2032
|USD 4.2 billion
|CAGR of 12 % during 2022-2032
|Component, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Honeywell, Pitney Bowes, Envoy, Proxyclick, SmartSpace Software Plc, AlertEnterprise, iLobby, Qminder, InVentry, Genetec, Jolly Technologies, MRI Software, Parabit Systems, Veristream, Alcatraz, Legrand, and Splan.
Key Segments of the Global Visitor Management System Market
Component Overview, (USD Billion)
Application Overview, (USD Billion)
- Compliance Management & Fraud Detection
- Contact Tracing
- Monitoring & Emergency Management
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa