The report “Visitor Management System Market by Component (Software and Services), Application (Security Management, Historical Visitor Tracking, and Parking Management), Deployment Mode, Organization Size, Industry Vertical, and Region – Global Forecast to 2025” The global visitor management system market size is expected to grow from USD 848 million in 2020 to USD 1,640 million in 2025, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period.
The key factors driving the visitor management system market include the increase in the security breaches and the adoption of data protection regulations, including GDPR, ITAR. The different applications of visitor management system market include historical visitor tracking, compliance management and fraud detection, security management, parking management, and meeting room management.
Security management segment to hold the largest market size during the forecast period
Security is a key concern for the enterprises as the threat to enterprise data can lead to loss of integrity, availability, and confidentiality of data. It also ensures end-to-end security of data and protection of data from data intrusion by an unauthorized entity. Compliance management and fraud detection to have the highest CAGR during the forecast period. The need to ensure compliance with regulatory requirements and automate the compliance and fraud management are driving the growth of compliance management and fraud detection in visitor management system market.
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BFSI industry vertical to hold the largest market size during the forecast period
The BFSI industry vertical has been a competitive industry vertical that focuses on visitor data for making efficient business decisions. Using visitor management system solutions in the banking industry vertical is important as there arises a need to take security measures that would help in reducing and preventing potential threats, and tracking and identifying actual clients. Installing visitor management system software in the BFSI industry vertical decreases the cost of managing multiple systems and identities throughout organizations.
North America to hold the largest market size during the forecast period
North America is expected to account for the largest market size in the visitor management system market by region during the forecast period. The region houses several key vendors, such as Honeywell, AlertEnterprise, Spaln, Veristream, and Traction Guest. APAC is expected to grow at the highest CAGR during the forecast period with increasing adoption of new technologies. APAC constitutes major economies, such as China, Singapore, and Japan, which are expected to register high growth in the visitor management system market. Verticals such as manufacturing, healthcare and life sciences, and government and defense are expected to rapidly adopt visitor management system software and services in the region.
The visitor management system market comprises major solution providers, such as Honeywell (US), AlertEnterprise (US), SmartSpace Software plc (Bedfordshire), Genetec (Canada), Envoy (US), iLobby (Canada), Jolly Technologies (US), Vuetura Corporation (US), Asiatact (Singapore), Splan (US), Digicred Technologies (India), Veristream (US), Traction Guest (Canada), Proxyclick (Belgium), InVentry (Yorkshire), WhosOnLocation (New Zealand), Qminder (UK), Parabit System (US), Sine (Australia), and VersionX Innovations (Singapore). The study includes the in-depth competitive analysis of the key players in the visitor management system market with their company profiles, recent developments, and key market strategies.
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