Our in-depth analysis segmented the global visitor management system market in the following segments:
Global visitor management system market is further classified on the basis of region as follows:
The global visitor management system market is anticipated to expand at a CAGR around 15.5 % during 2018-2027. It is anticipated to reach around USD 7.0 billion market size by 2027. This is attributed to the increasing demand for enhancing the safety and security by keeping the record of the visitors coupled with the increasing need for improving the administrative work.
The global visitor management system market can be segmented on the basis of product, services, application, end-user and region. On the basis of product, it is sub-segmented into provisioning software, physical security information management and physical identity and access management. Physical security information management is anticipated to register highest CAGR during the forecast period. The various qualities of physical security information such as data analysis, data collection, resolution, data verification, reporting, and audit trail is anticipated to major reason for the growth of the physical security information sub-segment. On the basis of the service, it is sub-segmented into managed services, professional services and deployment & integration. On the basis of the application, it is sub-segmented into public safety & security, critical infrastructure protection, port security and energy security. On the basis of end-user, it is sub-segmented into healthcare & life sciences, BFSI, retail, it & telecom, aerospace & defense, government, education and others.
By region, global visitor management system market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to contribute the highest market share for the global visitor management system market during the forecast period. The presence of the highly developed industrial infrastructure in the region is encouraging the deployment of the visitor management system which is expected to boost the growth of the global visitor management system market in the region. Asia-Pacific region is anticipated to be the fastest developing region for the global visitor management system market. This is on the account of the increasing urbanization and industrialization in the region coupled with expanding sectors such as manufacturing, hospitality and information technology.
The increasing adoption of the software based security options in order to address the various insurance and compliance issues is anticipated to be the primary growth driver for the global visitor management system market during the forecast period. Additionally, the increasing adoption of the paper-less administrative work by the various organizations is also driving the global visitor management system market. The increasing preference for the development of the services which include self-sign in and pre-registration facilities is increasing the demand for the visitor management system.
However, less awareness about the visitor management system is expected to hinder the growth of the global visitor management system market during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh