Northbrook, IL -- (SBWIRE) -- 08/13/2021 -- According to a new market research report "Visitor Management System Market with COVID-19 Impact Analysis by Component (Software & Services), Application (Compliance Management & Fraud Detection, Contact Tracing), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the 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.

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327- Tables
48- Figures
274- Pages

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There has been a significant impact of the COVID-19 outbreak on countries, organizations, and the medical community. Companies have been adopting collaborative applications to grow at a rapid pace after the outbreak of COVID-19. 2020 has been a year of significant change for the security and technology world due to the COVID-19 pandemic. Most organizations have gone remote. Throughout 2020, effectively managing and monitoring third-party guests became a priority for businesses worldwide. The COVID-19 pandemic meant that all organizations now need to rethink the secure processes they had previously put in place for all personnel entering and exiting each facility, not just their visitors. 2021 has brought new and exciting opportunities for the security and digital visitor management industry with further enhanced features and solutions, particularly with the strengthened protection of digital workplace solutions. Digital visitor management solutions have become a necessity for global organizations. It has now become the line of defense for all organizations. Investing in digital security systems will now become a priority for businesses to protect their daily operations and ensure employee safety.

There has been a significant impact of the COVID-19 outbreak on countries, organizations, and the medical community. Companies have been adopting collaborative applications to grow at a rapid pace after the outbreak of COVID-19. 2020 has been a year of significant change for the security and technology world due to the COVID-19 pandemic. Most organizations have gone remote. Throughout 2020, effectively managing and monitoring third-party guests became a priority for businesses worldwide. The COVID-19 pandemic meant that all organizations now need to rethink the secure processes they had previously put in place for all personnel entering and exiting each facility, not just their visitors. 2021 has brought new and exciting opportunities for the security and digital visitor management industry with further enhanced features and solutions, particularly with the strengthened protection of digital workplace solutions. Digital visitor management solutions have become a necessity for global organizations. It has now become the line of defense for all organizations. Investing in digital security systems will now become a priority for businesses to protect their daily operations and ensure employee safety.

A visitor management system can be configured in the following ways to protect employees from COVID-19 and promote health and safety measures:

Screening the visitors with questions related to their recent travel to specific countries that can be completed as a part of the invitation process before the visitor arrives at the facility
Visitor experience can be configured with questions related to recent travel prior to collecting personal information
Alert the officials if symptoms of COVID-19 are found and take preventive actions
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.

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.

Cloud segment to account for higher CAGR during the forecast period

The visitor management system market has been segmented into on-premises and cloud. The popularity of cloud-based solutions has increased as it is quick and cost-effective. The cloud-based segment is expected to grow during the forecast period because of increased digital transition among sectors and the high penetration of smart and hand-held devices.

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The large enterprises segment to hold a larger market size during the forecast period

Based on organization size, the visitor management system has been segmented into large enterprises and SMEs. These organizations have started adopting visitor management system solutions as they are concerned about the trouble caused by fake guests and blacklisted people. An unwanted intruder can cause a huge loss for organizations. Hence, it becomes necessary for organizations to adopt visitor management solutions to safeguard themselves from unexpected situations. The growing need to get maximum control over visitors accessing the facilities is expected to drive the growth of visitor management systems for large enterprises.

BFSI segment to have the largest market size during the forecast period

The visitor management system market by vertical has been categorized into healthcare and life sciences, BFSI, telecom & IT, retail and consumer goods, manufacturing, travel and hospitality, government & public sector, transportation and logistics, energy & utilities, and others (media and entertainment, education, research, and real estate). The BFSI industry vertical is the most vulnerable to security breaches. Security and safety are the major concerns for customers, even if it is a small retail store or a big corporate banking or financial institute. There arises a need to take security measures that would help in reducing and preventing potential threats and tracking and identifying actual clients. The need to bring mobility and create a centralized visitor control system is driving the adoption of visitor management systems in the BFSI vertical

APAC to hold higher CAGR during the forecast period

APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The commercialization of AI and IoT technologies and the need for further advancements to leverage these technologies are expected to drive the adoption of visitor management software and services in the region. APAC constitutes major economies, such as China, India, and Japan, which are expected to register high growth in the market. The Personal Data Protection Act (PDPA), which sets the data protection policy in Singapore, has included a data breach notification rule that needs organizations to utilize and secure their personal data properly. This could become a key challenge for organizations, and these kinds of policies lead to the adoption of visitor management software and services in the region.

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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's (England), Traction Guest (Canada), Veris (India), Carson Living (US), VersionX (India), Vizmo (India), Heptagon (India), piLOB

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