Transformative Growth Forecasted for Visitor Management System Market: Market Size to Reach US$ 5,94

Author : Rohit palan | Published On : 16 Apr 2024

The global visitor management system market is expected to reach a market value of US$ 1,393.9 million in 2023. This may push the market size to US$ 5,940.32 million in 2033. The overall market is expected to register a 15.6% CAGR.

Regulatory standards and security demands are growing, thereby anchoring the market outlook as fraud detection and other security measures are needed to protect companies. In addition to security threats, the increasing need for paperless administration, and the requirement for storing visitor data following regulatory requirements, the visitor management system market is expected to grow in the coming years.

A growth in organizations needs visitor management systems to track visitors’ actions, which is expected to drive the demand for visitor management systems. Technology and digital badges manage lobby security and safety. Visitors’ management systems are hard to deploy across multiple locations. Once installed, updating the solution at each site can be time-consuming. Therefore, licensing these solutions can also be challenging.

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“Automated visitor management systems offer enhanced security and a more professional appearance and meet compliance mandates for the collection and auditing of visitor data. Such factors are propelling the growth of the visitor management system market.” – says a lead analyst at Future Market Insights.

Key Takeaways from Market Study

  • The visitor management system market is expected to thrive at a CAGR of 15.6% over the forecast period.
  • It is estimated that the visitor management system market in North America may remain strong during the forecast period.
  • The visitor management system market in the United States is estimated to be valued at US$ 337.5 million in 2023.
  • China is predicted to record a CAGR of 16% and is estimated to be valued at US$ 134.5 million in 2023.
  • Visitor management software dominated the market in 2023, accounting for 53.5% of revenue; the segment’s market value is expected to reach US$ 734.4 million in 2023 with a 14.0% CAGR.

Competitive Landscape:

In order to deepen penetration across lucrative markets, some leading market players have adopted various expansion strategies. In addition, small-scale companies are merging and acquiring sizable companies to offer their products to a broader consumer base and to incorporate innovative products into their product portfolios. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening regional and global distribution networks.

Several prominent companies dominate this market, including HID Global, Greetly, piLOBI, The Receptionist, Ezy Signin, SwipedOn, Traction Guest, Envoy, Proxyclick, Vizitor, Inc., Teamgo Pty, ltd, Qbasis Pte Ltd, Veristream, and others.

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Recent Developments:

  • The enterprise visitor management solution offered by Envoy includes security, touchless sign-in, compliance, access control, and others.
  • Pitney Bowes introduced its new Cross-Border Services in July 2021 to small independent sellers and decent-sized online marketplaces. In this way, merchants of all sizes can grow their businesses and reach a wider audience around the world.
  • In June 2021, Honeywell announced the launch of Honeywell Sine Solution, enabling occupants to work more safely.
  • In November 2020, Traction Guest launched a return-to-work solution to assist businesses in safely bringing employees and visitors back on-site. In addition to streamlining employees’ and essential visitors’ return to physical work during a pandemic, the new solution mitigates compliance risks throughout the entire visit process.
  • The company has also entered into a partnership with Gemalto, which produces ID scanners capable of processing high volumes of visitors quickly and accurately.
  • In March 2020, HID Global launched its signature line of readers, HID Signo. The new readers simplify system deployment and management, meet the advanced security requirements of dynamic environments, and enable organizations to control access smarter and more remotely.

Visitor Management System Market Segmentation by Category

By Solution:

  • Visitor Management Software
  • Services

By Platform:

  • Web-based (Desktop App)
  • Mobile App

By End User:

  • Gated Communities
  • Corporate Offices
  • Healthcare Facilities
  • Hospitality
  • Academic Institutions
  • Real Estate Properties
  • Banks & Finances Institution

By Region:

  • North America
  • Latin America
  • Europe
  • The Middle East and Africa
  • East Asia