The global Visitor Management System Market size to grow from USD 1.1 billion in 2021 to USD 2.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.7% during the forecast period. Various factors such as increased awareness regarding the growing security threats, the need for a paperless administration, increasing need to store the gathered visitor data as per regulatory compliances are driving the growth of visitor management system market.
The services segment to account for higher CAGR during the forecast period
Based on components, the visitor management system market is segmented into software and services. The services segment has been further divided into professional and managed services. Professional services are further segmented into consulting services, deployment and integration services, and support and maintenance. The services segment is growing at a higher rate. Application-based services and the increasing trend toward data management consulting and risk management help the services segment to gain faster growth.
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The security management segment to hold the largest market size during the forecast period
Based on application, the visitor management system market has been segmented into historical visitor tracking, compliance management and fraud detection, security management, parking management, meeting room management, and contact tracing. Security management segment to hold the largest market size during the forecast period. The surge in demand for software-based security systems is expected to drive the adoption of visitor management systems.
According to Proxyclick, a visitor management system comprises software, tools, and applications that monitor and record information about visitors of a business or public building. The software also documents and gathers information about a visitor’s whereabouts in the facility.
Visitor management systems make the visitor sign-in process more efficient, accurate, and consistent; they also provide the ability to store visitor information in a database. The visitor management software increases building security and protects facilities and employees. The software can be installed on an existing personal computer placed at the reception or can be deployed on a self-service kiosk. Visitor management software can be integrated with identity management software and can be scaled as per business sizes and needs.
Some of the key players operating in the visitor management system market include Honeywell (US), Pitney Bowes (US), SmartSpace Software (UK), Envoy (US), Proxyclick (Belgium), AlertEnterprise (US), Genetec (Canada), MRI Software (US), Jolly Technologies (US), Parabit Systems (US), HID Global (US), Veristream (US), Vuetura (US), Asiatact (Singapore), iLobby (Canada), Qminder (UK), Greetly (US), Splan (US), InVentry (England), Traction Guest (Canada), Veris (India), Carson Living (US), VersionX (India), Vizmo (India), Heptagon (India), piLOBI (UAE), Visitly (US), Visitorz.io (India), Wellcome.me (Australia). These visitor management system vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global visitor management system market.
Honeywell serves various industries, including aerospace, buildings and cities, chemicals and materials, industrial and manufacturing, retail, safety, sporting goods, and supply chain. The company globally manages its business operations through four segments: Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The venture portfolio of Honeywell includes Element Analytics, FogHorn Systems, Iotium, Theatro, Bigfinite, and Zapata. Honeywell has its global presence across APAC, Europe, MEA, North America, and Latin America in 70 countries at 970 locations.
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Pitney Bowes is a global technology company that provides commerce solutions to power billions of transactions. The company serves globally, including 90% of fortune 500 companies and delivers solutions in the areas of e-commerce fulfillment, shipping, and returns; cross-border e-commerce; office mailing and shipping; presort services; and financing. Its business segments include commerce services and sending technology solutions. In the visitor management system market, Pitney Bowes offers visitor management solutions under business automation and the LobbyTrac solution that enables contact tracing and is GDPR compliant.
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