According to a new report Global Visitor Management System Market, published by KBV research, The Global Visitor Management System Market size is expected to reach $2 billion by 2026, rising at a market growth of 16.3% CAGR during the forecast period. Key growth development trends include the need to register and document all records of the tourists and employees involved in order to avoid unwanted entry and travel to the grounds of the company. The growing need to ensure regulatory enforcement that is motivated by new legislation.
The software segment is growing at a relatively higher growth rate and is expected to report a greater share during the forecast period. The reason being, it helps to enhance physical security, monitor unauthorized visitors, comply with data protection regulations and minimize fraudulent behavior. The Services market is expected to witness a CAGR of 18.7% during (2020 - 2026).
The Security Management market dominated the Global Visitor Management System Market by Application 2019. Compliance management and fraud prevention are projected to have the highest CAGR over the forecast period. The need to ensure consistency with regulatory standards and to simplify enforcement and fraud prevention is driving the growth of compliance management and fraud detection in the market for visitor management systems.
North America is predicted to have the highest market share in the forecast period. The commercialization of artificial intelligence and the Internet of Things (IoT) technologies and the need for further advancements to leverage these technologies are boosting demand for the APAC Visitor Management System. The government's emphasis on implementing visitor management approaches to anticipate or detect possible risks is also expected to accelerate the development of the visitor management program across the region.
Structural Insights: https://www.kbvresearch.com/visitor-management-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Honeywell International, Inc., Assa Abloy AB (Quantum Secure, Inc.), SmartSpace Software PLC, Vuetura Corporation, VersionX Innovations Pvt. Ltd., Asiatact (Singapore) Pte Ltd., Jolly Technologies, Inc., Genetec, Inc., AlertEnterprise, Inc., and Parabit Systems, Inc.
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