Visitor Management System Market size is expected to gain momentum over 2021-2027 owing to the higher need for fraud detection along with increasing efforts to limit unauthorized access in organizations.
The rise in the number of regulatory standards and the growing demand for enhanced security will also anchor the market outlook. For instance, the California Consumer Privacy Act (CCPA), put into effect on Jan. 1, 2020, aims at enhancing privacy rights as well as consumer protections for California residents.
On the basis of components, the market is classified across solutions and services. Out of these, the demand for visitor management solutions will grow substantially through 2027 with the emergence of numerous solutions offered by leading enterprises to businesses to help them run smoothly. For instance, in March 2021, IntelliCentrics, introduced a patient-centric solution, BioBytes Visitor, to let patients gain control over their visitors when receiving care while complying with their safety and Covid-19 policies with visitors.
Application-wise, security management will see higher penetration of VMS with an increasing focus on compliance management. The jump in third-party solutions across businesses to manage as well as generate information of the visitors will add to the product demand upsurge.
Across the retail sector, the visitor management system market is slated to see notable proceeds with effective management of the inventory and maintenance of the records of contractors, suppliers, and employees.
North America is set to emerge as a remarkable shareholder in the industry with the rising acceptance of VMS across the federal agencies for tracking visitor behavior patterns and potential threat identification. For instance, in June 2020, Identiv partnered with CertiPath to launch a FICAM (Federal Identity, Credential, and Access Management) enterprise screening visitor management platform to help federal customers.
Meanwhile, the increasing deployment of AI technology and the surge in standards of security across the IT hospitality, manufacturing, and education verticals will drive the industry expansion in the APAC.
Prominent players in the visitor management system market include Qminder Ltd., SmartSpace Global Ltd., AlertEnterprise, Inc., Digicred Technologies, Proxyclick, Genetec, Inc., Vuetura Corporation, Asiatact Pte Ltd., Veristream, Envoy, Inc., Traction Guest Inc., Jolly Technologies Inc., and Splan Inc.
Strategic growth measures, inclusive of acquisitions, partnerships, mergers, marketing investments, and new product developments are the key initiatives taken up by these business participants to amplify their global reach whilst gaining competitive edges.
For instance, in January 2021, iLobby secured $100 million in funding to ramp up its go-to-market operations and proliferate the product functionality of its SaaS visitor management platform.
In another instance, Honeywell, in December 2020, acquired Australia-based visitor management solution provider, Sine Group. This collaboration will help in expanding Connected Buildings offerings from Honeywell with enhanced safety, security as well as compliance capabilities.
The ongoing COVID-19 crisis gave rise to terrific changes in the global economy at varying degrees and paved the way for tremendous hurdles across various end-user industries on account of the disruptions in the supply chains and manufacturing activities. However, with the alarmingly spiking COVID-19 count across several parts of the world, the visitor management system market will see promising growth as businesses and offices are increasingly turning to safety solutions for the return of employees to work in the post-pandemic era. Owing to this, remote visitor management systems have become critical than ever.
To support an instance, in May 2020, Honeywell also came up with solutions to assist building owners in complying with new policies in terms of social distancing and hygiene, in order to let business communities work smoothly. These solutions offered by the company are also applicable across airports, commercial, hospitality, and healthcare sectors.