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%
NEW YORK, April 27, 2020 /PRNewswire/ -- The need to increase workplace efficiency by streamlining front desk tasks and the concern for data and physical security lead to the adoption of visitor management system market.
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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 increasing demand for the software-based security system to reduce paper-based administrative work.
Healthcare and life sciences industry vertical to grow at a higher CAGR during the forecast period
Based on industry verticals, the visitor management system market is divided into healthcare and life sciences, BFSI, telecom and IT, retail and consumer goods, travel and hospitality, manufacturing, government and defense, and others (media and entertainment, education, research, and real estate).Healthcare organizations experience a large volume of visitors, and traditional systems cannot store these rapid visitor check-ins.
To streamline the visitor check-in process there is a need for efficient visitor management system. It helps in preventing the security incidents caused by mismanagement of visitor identity screening that can cause psychological trauma to the patients.
Cloud deployment mode to hold a higher market share during the forecast period
Organizations have been gradually recognizing the importance of visitor management system and have started deploying them as per their needs.The popularity of cloud-based solutions is increasing day by day due to its hassle-free deployment.
The improved functionalities and integrated systems are accelerating the trend of cloud-based visitor management system. Cloud-based deployment enhances visitor experience and improves the image of organizations in visitor's mind, which is expected to drive the adoption of cloud-based deployment mode.
Visitor management system market in Asia Pacific to grow at the highest CAGR during the forecast period
This growth can be attributed to the focus of countries, such as China, Singapore, and Japan, on the adoption of new technologies and the need for further advancements to leverage these technologies.The increasing urbanization and industrialization in APAC are expected to drive the adoption of visitor management system software and services in the region.
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 healthcare and life sciences, government and defense, and BFSI are expected to rapidly adopt visitor management system software and services in the region.
The amendments in the Act on the Protection of Personal Information (APPI) and the Personal Data Protection Act (PDPA) have helped the market to grow significantly in the region.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the visitor management system market.
• By Company – Tier 1–22%, Tier 2–30%, and Tier 3–48%
• By Designation – C-Level–30%, Managers–45%, and Others–25%
• By Region – North America–15%, Europe–20%, and APAC–40%, RoW -25%
The visitor management system market comprises major solution providers such 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), and VersionX Innovations (Singapore). The study includes an in-depth competitive analysis of these key players in the visitor management system market with their company profiles, recent developments, and key market strategies.
Research coverage
The visitor management system market revenue is classified primarily into revenues from software and services.Services' revenue is associated with consulting, and deployment and integration.
The market is also segmented based on components, applications, deployment modes, industry verticals, organization size, and regions.
Key benefits of the report
The report would help the market leaders/new entrants in the market with the information on the closest approximations of the revenue numbers for the overall visitor management system market and the subsegments.The report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
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