BANGALORE, India, Sept. 22, 2020
BANGALORE, India, Sept. 22, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Visitor Management System Market by Type (On-premise VMS, Cloud-based VMS), by Application (Small and Medium Business, Large Enterprises) and Region – Global Forecast to 2026", published on Valuates Reports. The global Visitor Management System market size is projected to reach USD 1428.6 Million by 2026, from USD 920.5 Million in 2020, at a CAGR of 7.6% during 2021-2026.
Major factors driving the growth of Visitor Management System Market size include the need to register and document all the data of the guests and workers involved to avoid unauthorized entry and movement to the company's premises.
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TRENDS INFLUENCING THE VISITOR MANAGEMENT SYSTEM MARKET SIZE
The growing need to ensure regulatory compliance due to new regulations such as the General Data Protection Regulation (GDPR) and the Personal Information Protection Act (APPI) is expected to drive visitor management system market size during the forecast period.
Visitor Management Systems helps improve physical security, monitor unwanted visitors, comply with data security regulations, and minimize fraudulent activities. Organizations increasingly implement effective visitor management system technologies to satisfy regulatory enforcement, including data protection and financial reporting criteria. These advantages, in turn, drive the Visitor Management System market size.
It is necessary to use Visitor Management System solutions in the banking sector because security measures need to be taken to help mitigate and avoid potential threats and to monitor and classify customers. Installing BFSI Visitor Management System Software removes the cost of holding different services and personalities around organizations. The increasing adoption by the BFSI sector is expected to increase the Visitor Management System's market size growth.
TRENDS INFLUENCING THE VISITOR MANAGEMENT SYSTEM MARKET SHARE ANALYSIS
Based on type, the Cloud-based VMS is expected to hold the largest Visitor Management System Market share ( about 75%) during the forecast period. This is due to the growing smartphone users and the increasing need to access visitor records across various touchpoints.
Based on Application, Small and Medium businesses are forecasted to grow at a significant CAGR of 11.34% over the forecast period, with about 83.14%market shares in 2025.
North America is expected to hold the largest Visitor Management System Market share based on the region due to various government regulations. The government's emphasis on implementing visitor management strategies to foresee or recognize possible drive the development of the region's visitor management system.
The commercialization of Artificial Intelligence and the Internet of Things Technologies and the need for more developments to harness these technologies boost visitor management system demand in the APAC region.
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VISITOR MANAGEMENT SYSTEM MARKET SEGMENTATION
Visitor Management Systems Breakdown Data by Type
Visitor Management Systems Breakdown Data by Application
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The Global Visitor Management Software Market size is expected to grow from USD 782.63 Million in 2019 to USD 1,816.86 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 15.06%.
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