The global Visitor Management System Market 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. Major growth factors for the market include the increased need for tracking and recording all the information of concerned visitors and employees to prevent unauthorized access and movement in the premises.
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.
The visitor management system market comprises leading solution providers, such as include Honeywell (US), AlertEnterprise (US), SmartSpace Software plc (Bedfordshire), Genetec (Canada), Envoy (US), iLobby (Canada), Jolly Technologies (US), Vuetura (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), VersionX Innovations (Singapore). The study includes an in-depth competitive analysis of the key players in the visitor management system market with their company profiles, recent developments, and key market strategies. The players in the market have embraced various strategies to expand presence and their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most adopted strategies by the major players from 2018 to 2020, which helped them innovate on their offerings and broaden their customer base.
Genetec (Canada) is among one of the leaders in the visitor management system market. It adopts various approaches for growth strategies and continues to expand its operations through constant product launches and business expansions in various regions to expand its cloud offerings, technology acquisitions, collaborations, and partnerships. For instance, in September 2019, Genetec expanded its business in the UK by establishing its headquarters in London that would help Genetec sustain its year-on-year growth in the UK .
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SmartSpace Software Plc (Bedfordshire) is another established player in the visitor management system market. The company offers visitor management and meeting room management solution that helps in reserving meeting space and scheduling meetings. The company has adopted various organic and inorganic strategies to strengthen its product portfolio. For instance, in July 2019, SmartSpace Software acquired SwipedOn that enabled SwipedOn to launch its first localised platform in the Netherlands and release its add-on module named Deliveries.
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