Global Visitor Management System Market (2021-2027) by Component, Application, Organization Size, Deployment, Vertical, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Global Visitor Management System Market (2021-2027) by Component, Application, Organization Size, Deployment, Vertical, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Introduction

The Global Visitor Management Systems Market is estimated to be USD 980 Mn in 2021 and is expected to reach USD 1,997.36 Mn by 2027, growing at a CAGR of 12.6%.

Key factors such as the rising security breaches at various customer touchpoints have demanded a need for systemic regulatory compliance to address these security-related issues. Additionally, there has been a growing adoption of software-based security solutions in developing Visitor Management Systems (VMS). These solutions are likely to prevent unwanted visitors by tracking them through VMS's various surveillance mechanisms. This has fuelled the demand for a visitor management system market across multiple industry sectors. Besides, the preference for paper-less administration activities is likely to drive the growth of this market further.The issues related to data vulnerability and considerably slow amounts of customer adoption rates in deployment attributed to the hindrances in solution deployment and low awareness are likely to restrain the market growth.

Market Dynamics

Drivers

• Rising Security Breaches
• Rising Regulatory Compliance with the Adoption of Data Protection Regulations such as GDPR, And ITAR etc.
• Increasing Adoption of Software-Based Security Solutions
• Increasing Adoption of Paper-Less Administrative Activities

Restraints

• Slow Progress in Customer Adaptation
• High Data Vulnerability Issues

Opportunities

• Increase in Investments from Governments in Smart Infrastructure
• Mounting Use of AI, IoT, and Big Data to Get a Better Visitor Management System
• Favorable Government Support with Regulatory Compliance
• Growing Need to Access Visitor Records across Various Touch Points

Challenges

• Low Awareness about the Visitor Management Systems

Segmentation

Covered

By Component, Software segment holds the maximum market share. The visitor management system market helps to enhance physical security by controlling unwanted visitors and comply with the stated data norms. Organizations are increasingly adopting visitor management systems to fulfill regulatory compliance, including financial reporting. Besides, these solutions can be adopted across various industry verticals such as airports, commercial buildings, and hospitality & healthcare sectors, which has further boosted the growth of the segment.

By Application, the market can be classified as historical visitor tracking, compliance management & fraud detection, security management, parking management, and meeting room management. Amongst all, Compliance Management And Fraud Detection hold the highest market share. This segment's growth is due to the rise in frauds and crimes in various sectors such as BFSI, Telecom, and IT. The visitor management software helps in providing compliance assistance via video surveillance facilities, electronic protection, biometric recognition, and database control.

By Organization Size, the market can be classified as large enterprises and small and medium-sized enterprises (SME). Amongst the two, The Large Enterprises hold the highest market share. Since large organizations are more prone to potential threats due to large scale operations, demand for these solutions in large scale organizations is high. Also, since the visitor management system consists of a robust software solution, it is comparatively expensive for SMEs in terms of the operational activity they perform.

By Deployment, the market is classified as on-premise and cloud-based. Amongst the two, the Cloud-Based segment holds the highest market share. It is mainly due to the growing number of smartphone users as well as the increasing need to access visitor records across various touchpoints. Also, cloud-based solutions effectively provide biometric visitor management and tracking solution over mobile apps. This has further added to the growth of the segment.

By Vertical, the BFSI industry vertical holds the largest market share in the forecast period. Banks and other financial institutions are potential fraud areas and require a high level of security measures to reduce and prevent potential threats by identifying actual clients and tracking them. Installing a visitor management system decreases the cost of managing multiple systems and provides better efficiency in terms of security.

By Geography, North America is anticipated to lead the market during the forecasted period. The factors attributed to the growth of the region are the rapid pace of technological developments along with a developed industrial infrastructure for the deployment of these solutions. Moreover, the Government is also adopting these practices for monitoring visitor behavior and identification of potential threats. This has been further contributing to the growth of the market.

The Global Visitor Management System Market is segmented further based on Component, Application, Organization Size, Deployment, Vertical, and Geography.

Global Visitor Management System Market, By Component

• Introduction
• Software
• Services
• Managed Services
• Professional Services
• Consulting
• Deployment and integration

Global Visitor Management System Market, By Application

• Introduction
• Historical Visitor Tracking
• Compliance Management And Fraud Detection
• Security Management
• Parking Management
• Meeting Room Management

Global Visitor Management System Market, By Organization Size

• Introduction
• Large Enterprises
• Small and Medium-Sized Enterprises

Global Visitor Management System Market, By Deployment

• Introduction
• On-Premises
• Cloud-Based

Global Visitor Management System Market, By Vertical

• Introduction
• Healthcare and Life Sciences
• BFSI
• Telecom and Information Technology
• Retail and Consumer Goods
• Manufacturing
• Travel and Hospitality
• Government and Defence
• Others (logistics, media, and entertainment)

Global Visitor Management System Market, By Geography

• Introduction
• North America
• South America
• Europe
• Asia Pacific
• Rest of the World

Company Profiles

Some of the companies covered in this report are Envoy, Veristream, Proxyclick, Traction Guest, Greetly, Tyco, ATT Systems, Visito, Honeywell Access Control, Quantum Automation, Chubb Fire & Security Ltd, etc.

IGR Competitive Quadrant

The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

The report offers a comprehensive evaluation of the Global Visitor Management System Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also contains the competitive analysis using IGR Positioning Quadrants, Infogence’s Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market