Visitor Management System Market 2024: Key Insights, Trends, and Growth

The Business Research Company recently released a comprehensive report on the Global Visitor Management System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The visitor management system market size has grown rapidly in recent years. It will grow from $1.61 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to heightened security needs, regulatory compliance requirements, changing business practices, industry-specific adoption patterns, demand for efficiency and cost reduction.

The visitor management system market size is expected to see rapid growth in the next few years. It will grow to $3.47 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to advancements in artificial intelligence (AI) and machine learning (ML), integration with internet of things (IoT) devices, increasing emphasis on touchless solutions due to the COVID-19 pandemic, growing demand for data analytics and actionable insights, expansion of remote work and hybrid work models. Major trends in the forecast period include continued shift towards cloud-based visitor management solutions, increased adoption of mobile-based visitor management apps, integration of health screening and contact tracing features, emphasis on sustainability and eco-friendly visitor management practices, expansion of ai-driven personalization and automation in visitor experiences.

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Market Drivers and Trends:

The acceleration in IoT and AI adoption is expected to propel the growth of the visitor management system market going forward. The Internet of Things (IoT) refers to a network of interconnected devices communicating and sharing data, enabling them to work together seamlessly. Artificial intelligence (AI) encompasses creating computer systems capable of executing tasks that typically demand human intelligence. The increasing demand for real-time data analysis and connectivity accelerates IoT and AI adoption across industries. The integration of IoT in visitor management systems allows for enhanced connectivity and communication between various devices and sensors. Smart sensors can be deployed at entry points, providing real-time data on visitor movements, occupancy levels, and other relevant information. This connectivity improves the overall efficiency and accuracy of the visitor management process. For instance, according to the GSM Association, a UK-based non-profit industry organization, the global IoT connections are expected to surge to 23.3 billion by 2025, an increase from the 15.1 billion connections recorded in 2021. Moreover, according to the International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) in 2022, an increase of 4% from 2021. Therefore, the acceleration of IoT and AI is driving the growth of the visitor management system market.

Major companies operating in the visitor management system market are developing advanced solutions, such as NCheck Visitor Management System (VMS), to gain a competitive edge in the market. NCheck Visitor Management System (VMS) is the automated recognition and authentication of individuals based on unique biological traits or behavioral characteristics, such as fingerprints, facial features, iris patterns, voice, or gait, often used for security, access control, or identification purposes. Implementing biometric identification enhances security and efficiency in visitor management systems. For instance, in November 2022, Neurotechnology, a Lithuania-based software company, launched the NCheck Visitor Management System (VMS), offering seamless integration of biometric identification from live video feeds. It promises heightened security and efficiency for managing appointments and access in various settings, including public and private buildings, healthcare facilities, campuses, and more. With its touchless check-in process and robust features such as support for multiple biometric modalities and presentation attack detection, NCheck VMS caters to the demands of modern visitor management, ensuring both safety and convenience.

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Major Key Players of the Market:

Honeywell International Inc, Pitney Bowes Inc, MRI Software LLC, Verkada Inc, Parabit Systems Inc, Raptor Technologies LLC, SmartSpace Software PLC, Modern Receptionist, Qminder Inc, Tactic, piLOBI, Eptura Ltd, AlertEnterprise Inc, Proxyclick NV, OfficeSpace Software Inc, iLobby Inc, SwipedOn, Veristream LLC, Veris, Mantra SoftechIndia Pvt. Ltd, Building Intelligence Inc, Carson Living Inc, ALICE Receptionist

Visitor Management System Market 2024 Key Insights:

• The visitor management system market size is expected to see rapid growth in the next few years. It will grow to $3.47 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%.
• IoT And AI Fuel Growth In Visitor Management Systems Market
• Integration Of Biometric Identification In Visitor Management Systems
• North America was the largest region in the visitor management system market in 2023

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