DUBLIN--(BUSINESS WIRE)--The "Visitor Management System Market by Component (Software and Services), Application (Security Management, Historical Visitor Tracking, and Parking Management), Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The publisher expects the global visitor management system market to grow from USD 848 million in 2020 to USD 1,640 million in 2025, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. Major growth factors for the market include the increasing demand for the software-based security system to reduce paper-based administrative work.
Healthcare and life sciences industry vertical to grow at a higher CAGR during the forecast period
Based on industry verticals, the visitor management system market is divided into healthcare and life sciences, BFSI, telecom and IT, retail and consumer goods, travel and hospitality, manufacturing, government and defense, and others (media and entertainment, education, research, and real estate). Healthcare organizations experience a large volume of visitors, and traditional systems cannot store these rapid visitor check-ins. To streamline the visitor check-in process there is a need for efficient visitor management system. It helps in preventing the security incidents caused by mismanagement of visitor identity screening that can cause psychological trauma to the patients.
Cloud deployment mode to hold a higher market share during the forecast period
Organizations have been gradually recognizing the importance of visitor management system and have started deploying them as per their needs. The popularity of cloud-based solutions is increasing day by day due to its hassle-free deployment. The improved functionalities and integrated systems are accelerating the trend of cloud-based visitor management system. Cloud-based deployment enhances visitor experience and improves the image of organizations in visitor's mind, which is expected to drive the adoption of cloud-based deployment mode.
Visitor management system market in Asia Pacific to grow at the highest CAGR during the forecast period
This growth can be attributed to the focus of countries, such as China, Singapore, and Japan, on the adoption of new technologies and the need for further advancements to leverage these technologies. The increasing urbanization and industrialization in APAC are expected to drive the adoption of visitor management system software and services in the region. APAC constitutes major economies, such as China, Singapore, and Japan, which are expected to register high growth in the visitor management system market. Verticals such as healthcare and life sciences, government and defense, and BFSI are expected to rapidly adopt visitor management system software and services in the region. The amendments in the Act on the Protection of Personal Information (APPI) and the Personal Data Protection Act (PDPA) have helped the market to grow significantly in the region.
- Rising Adoption of Software-Based Security Solutions to Detect Intruders
- Need to Streamline Compliance and Security Standards Across Organizations
- Growing Regulatory Compliance and Regulations
- Deploying a Single Solution for Multiple Locations and Database Management
- Challenges in Solution Deployment and Visitor Policies
- Increasing Use of IoT, AI, and Big Data to Enhance Visitor Management System Adoption
- Data Vulnerability and Identity Theft
- Traction Guest
- Smartspace Software plc
- Jolly Technologies
- Parabit Systems
- Digicred Technologies
For more information about this report visit https://www.researchandmarkets.com/r/25jry2