What Has Been the Progress and Growth of the Visitor Management System Market in Recent Years?
The visitor management system market has seen considerable growth due to a variety of factors.
• The market size for the visitor management system has expanded swiftly in the past few years. This market is projected to increase from $1.87 billion in 2024 to $2.18 billion in 2025, marking a compound annual growth rate (CAGR) of 16.6%.
The remarkable growth in the previous period can be attributed to factors such as increased security needs, regulatory compliance obligations, evolving business methodologies, industry-specific adoption trends, and the growing need for efficiency and cost savings.
What Can Be Expected from the Visitor Management System Market Size?
The visitor management system market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the visitor management system is forecasted to witness a significant surge in the next few years, growing to a staggering $4.04 billion by 2029 with a compound annual growth rate (CAGR) of 16.6%.
The expansion in the predicted time span is due to breakthroughs in artificial intelligence (AI) and machine learning (ML), incorporation with internet of things (IoT) devices, heightened focus on touchless solutions in light of the COVID-19 pandemic, increasing need for data analytics and actionable insights, and the widening scope of remote and hybrid work patterns. Key market trends expected in this period include the ongoing transition towards cloud-based visitor management solutions, rising adoption of mobile-based visitor management applications, addition of health screening and contact tracing capabilities, concentration on sustainability and eco-friendly visitor management methodologies, and the growth of AI-driven customization and automation in visitor experiences.
What Are the Critical Driver Fuelling The Visitor Management System Market's Growth?
The boost in the adoption of AI and IoT is projected to stimulate the expansion of the visitor management system market. IoT includes a network of interconnected devices that communicate and share information, facilitating their ability to work in harmony. The concept of AI involves developing computer systems skilled in performing tasks that typically require human intelligence. The amplified demand for connectivity and real-time data analysis is spurring the adoption of AI and IoT across different sectors. The incorporation of IoT into visitor management systems enhances communication and connectivity among various devices and sensors. Strategic placement of smart sensors at entrances permits real-time monitoring of visitor movements, occupancy rates, and other pertinent information, thereby enhancing the visitor management process's overall accuracy and efficiency. For instance, the GSM Association, a non-profit industry organization based in the UK, predicts that global IoT connections will escalate to 23.3 billion by 2025, a rise from the 15.1 billion connections in 2021. Furthermore, according to International Business Machines Corporation (IBM), a technology firm based in the US, the use of AI in businesses worldwide registered at 35% in 2022, marking a 4% increase from 2021. Hence, the enhanced adoption of AI and IoT is fuelling the visitor management system market's growth.
How Is The Visitor Management System Market segmented?
The visitor management system market covered in this report is segmented –
1) By Offering: Software, Services
2) By Enterprise Size: Large enterprise, Small And Medium-Sized Enterprises (SMEs)
3) By Application: Security Management, Historical Visitor Tracking, Compliance Management And Fraud Detection, Parking Management, Meeting Room Management, Contact Tracing, Other Applications
4) By End User: Banking, Financial Services, And Insurance (BFSI), Information Technology And Telecommunication, Defense And Aerospace, Government, Education, Retail, Other End-Users
Subsegments:
1) By Software: Cloud-Based, On-Premise
2) By Services: Consulting, Integration And Implementation, Support And Maintenance
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How Are Emerging Trends Reshaping The Dynamics Of The Visitor Management System Market?
Leading companies in the visitor management system market, such as NCheck Visitor Management System (VMS), are creating innovative solutions to remain competitive. NCheck VMS operates by automatically identifying and authenticating people based on distinctive physical or behavioral traits, including fingerprints, facial features, iris patterns, voice, or gait. This is usually utilized for security, access control, and identification applications. Biometric identification implementation boosts the security and efficiency of visitor management systems. For example, Neurotechnology, a software firm based in Lithuania, released NCheck VMS in November 2022. This system offers comprehensive integration of biometric identification from live video streams, thereby providing enhanced security and efficiency for managing appointments and access across several settings, such as public and private structures, healthcare facilities, campuses, among others. NCheck VMS features a touchless check-in procedure and extensive options, such as multiple biometric modalities and presentation attack detection support. This satisfies the needs of contemporary visitor management, offering both safety and convenience.
Who Are the Key Players In The Visitor Management System Market?
Major companies operating in the visitor management system market are:
• Honeywell International Inc.
• Pitney Bowes Inc.
• MRI Software LLC
• Verkada Inc.
• Parabit Systems Inc.
• Raptor Technologies LLC
• SmartSpace Software PLC
• Modern Receptionist
• Qminder Inc.
• Tactic
• piLOBI
• Eptura Ltd.
• AlertEnterprise Inc.
• Proxyclick NV
• OfficeSpace Software Inc.
• iLobby Inc.
• SwipedOn
• Veristream LLC
• Veris
• Mantra SoftechIndia Pvt. Ltd.
• Building Intelligence Inc.
• Carson Living Inc.
• ALICE Receptionist
What Is The Most Dominant Region In The Visitor Management System Market?
North America was the largest region in the visitor management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the visitor management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
