Visitor Management System Market Size
Visitor Management System Market size was valued at USD 1.4 billion in 2022 and is estimated to register a CAGR of over 12% between 2023 and 2032. Rising concerns over fraud and unauthorized access have become key factors driving the market size. Businesses and institutions are adopting VMS solutions to bolster security measures by verifying visitor identities, conducting background checks, and integrating access control systems. The technology's ability to detect and prevent fraudulent entries safeguards sensitive information & assets while addressing compliance requirements, making it an essential component of modern security infrastructure.
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A significant factor propelling the visitor management system market is the growing emphasis on security and risk mitigation. Organizations across various sectors are increasingly concerned about safeguarding their premises, data, and personnel. VMS solutions offer an efficient means to manage & monitor visitor access, enhancing the overall security measures. As threats and security breaches continue to evolve, the need for robust visitor management systems remains paramount, compelling businesses to invest in these solutions to maintain a safe & controlled environment.
Visitor Management System Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2022 |
| Visitor Management System Market Size in 2022 |
USD 1.4 Billion |
| Forecast Period |
2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR |
12% |
| 2032 Value Projection |
USD 4.3 Billion |
| Historical Data for |
2018 - 2022 |
| No. of Pages |
300 |
| Tables, Charts & Figures |
407 |
| Segments covered |
Component, Application, Deployment Model, Enterprise Size, End User |
| Growth Drivers |
- Rising security concerns in various industries
- Continuous advancements in technology
- Increasing focus of businesses on expansion
- High penetration of cloud computing services
- Growing popularity of visitor management system in financial institutes
|
| Pitfalls & Challenges |
- High initial setup costs
- Complexities in integration, monitoring and management
|
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The high initial setup costs associated with visitor management systems can act as a significant hindrance to visitor management system market growth. Many organizations, especially small- & medium-sized enterprises, may be deterred by the substantial investment required for visitor management system hardware, software, and integration with the existing systems. This financial barrier can slow down adoption rates and limit market expansion, despite the long-term benefits of improved security and visitor management. Visitor management system providers should address cost concerns to attract a broader range of clients.
COVID-19 Impact
The COVID-19 pandemic had positive impacts on the visitor management system market. Organizations worldwide prioritized health and safety, leading to an increased demand for visitor management system solutions that support contactless check-ins, health screenings, and capacity management. Visitor management systems played a pivotal role in helping businesses adapt to pandemic-related challenges, ensuring compliance with social distancing and health protocols. As a result, the market experienced growth as businesses recognized its value in protecting employees and visitors during & beyond the pandemic.
Visitor Management System Market Trends
Robotic security solutions can enhance the visitor management system industry growth by offering advanced features such as autonomous visitor screening and surveillance. For instance, in July 2023, Guardforce AI Co. Ltd. collaborated with Concorde Security Pte Ltd. to introduce an innovative robotic security solution in the Singapore market. Concorde, a prominent security provider based in Singapore, delivers cutting-edge & budget-friendly security solutions tailored to office buildings, residential complexes, schools, industrial logistic parks, and hotels. This synergy encourages organizations to adopt comprehensive visitor management system solutions, thereby driving market demand.
Visitor Management System Market Analysis
Learn more about the key segments shaping this market
The cloud segment held over 60% of the visitor management system market share in 2022, due to providing organizations with accessibility, scalability, and cost-efficiency. With a cloud-based visitor management system, users can easily access the system from any location, thereby allowing greater flexibility. The scalability of cloud solutions accommodates varying visitor volumes and business sizes.
Additionally, the pay-as-you-go model reduces initial costs, making it more accessible. Furthermore, cloud visitor management systems offer rapid deployment, automatic updates, robust security measures, and seamless integration with other cloud services, providing a compelling solution for organizations seeking an efficient & future-ready visitor management solution.
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The BFSI segment accounted for 23% of the visitor management system market share in 2022. Visitor management systems play a pivotal role in risk mitigation in the BFSI sector. By meticulously tracking and monitoring visitors, visitor management systems identify potential security threats and suspicious activities in real time. This proactive approach enables timely intervention, reducing the likelihood of security breaches, fraud, or unauthorized access to critical financial data and infrastructure.
Furthermore, visitor management systems create comprehensive visitor logs and access records, aiding in post-incident investigations & compliance reporting, which are vital for maintaining regulatory adherence and minimizing legal liabilities in the highly regulated BFSI industry.
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North America visitor management system market recorded more than 36% of revenue share in 2022. The surging demand to mitigate school threats in the U.S. is driving the market. Heightened concerns over student safety and unauthorized access have led educational institutions to invest in VMS solutions that enhance security.
For instance, in June 2023, in response to the increased occurrence of unauthorized access and rising concerns over school safety nationwide, Wake County Public Schools introduced a new visitor management system. District officials unveiled the guidelines and protocols related to the implementation of this system during a meeting of the school board policy committee. This initiative aims to enhance security measures considering the growing threat of mass shootings and proactively address safety issues within schools across the country. The urgent need to address security challenges has spurred the adoption of visitor management system technology, propelling VMS market expansion.
Visitor Management System Market Share
Major companies operating in the visitor management system market are
- Honeywell International Inc.
- HID Global
- iLobby
- Envoy
- Pitney Bowes
- Veristream
- MRI Software LLC
These companies invest in research and development to enhance their existing visitor management solutions and introduce new features. Innovation helps them stay ahead of competitors and cater to evolving customer needs.
Visitor Management System Industry News
- In May 2023, Tango, a prominent provider of Integrated Workplace Management Systems (IWMS) and Store Lifecycle Management (SLM) solutions, launched Tango Visitor, an innovative visitor management system. This system guarantees a smooth & secure guest experience for both employees and visitors along with empowering organizations to address and reduce risks stemming from unforeseen business continuity disruptions.
This visitor management system (VMS) market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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Market, By Component
Market, By Application
- Public safety & security
- Compliance management & fraud detection
- Historical visitor tracking
- Parking management
- Others
Market, By Deployment Model
Market, By Enterprise Size
Market, By End User
- BFSI
- IT & telecom
- Defense & aerospace
- Government
- Education
- Retail
- Others
The above information has been provided for the following regions and countries
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Asia Pacific
- China
- Japan
- India
- South Korea
- ANZ
- Southeast Asia
- Latin America
- MEA
- UAE
- South Africa
- Saudi Arabia
Frequently Asked Questions (FAQ)
What is the size of the visitor management system market?
The market size of visitor management system (VMS) reached USD 1.4 billion in 2022 and is set to witness over 12% CAGR from 2023 to 2032, due to the rising concerns over fraud and unauthorized access.
Why is the demand for cloud VMS rising?
The cloud deployment model segment recorded over 60% of the market share in 2022, driven by benefits, such as rapid deployment, automatic updates, robust security measures, and seamless integration with other cloud services.
How is the visitor management system industry influenced by the BFSI sector?
The BFSI end user segment held over 23% of the market share in 2022, owing to the rising need to identify potential security threats and suspicious activities in real time.
Which are the prominent visitor management system companies?
Few of the major industry participants are Honeywell International Inc., HID Global, iLobby, Envoy, Pitney Bowes, Veristream, and MRI Software LLC.
