3 min
The popularity of modern visitor management technology is flourishing. In fact, a report from Future Market Insights, highlights that the market is set to grow significantly from 2023 to 2033 with an estimated Compound Annual Growth Rate of 15.6%. Or, in monetary terms, from around $1.6 billion to almost $3 billion. So, what are the key factors behind the surge in demand?
The legacy of the pandemic
Technological development precipitated by COVID-19 brought about a new level of digital expectations and a new appreciation of cloud technology, in particular. As Forbes points out: “In a sense, the global health crisis has served as a de facto catalyst for establishing the value and flexibility of cloud computing (once again) and led to accelerated adoption.”
Realizing the possibilities of more seamless check-in processes and the ability to manage visitor capacity more tightly during a period of social distancing has therefore contributed to setting a fresh precedent for visitor management solutions standards.
The emphasis on tackling fraud
Incidents of fraud identity are on the rise and organizations are extremely aware of the financial fallouts they can bring about. According to data analytics and consumer credit experts, Experian, the U.S Federal Trade Commission reported identity theft as top of the list of fraud reports in 2021, making up almost one-quarter of the reports in the same year.
To guard against this, organizations are adopting visitor technology that helps reduce the incidences of fraud. For instance, systems that allow official ID documentation such as driver’s licenses to be scanned and verified during check-ins to confirm identity and authenticity.
The pressure to manage increased compliance requirements
Navigating a changeable regulatory landscape is a challenge in any industry but is necessary in keeping legal issues and reputational harm at bay. According to Deloitte, operating costs spent on compliance have risen by more than 60% in retail and corporate banks. Our own research, which surveyed enterprises with over 2,000 employees, found over 36% prioritized the need to ensure compliance as a main reason for wanting a cloud-based VMS (Visitor Management Solutions).
Several compliance needs are met through the use of visitor management technology, including the digital capture of critical data upon entrance, adherence to sector-specific terms and conditions, and consent to GDPR and CCPA compliance. If an audit trail is required, accurate and secure data from a cloud-based system can be collated easily for reporting.
The need to improve on-site security
For large enterprises with hundreds, often thousands, of employees, plus valuable equipment and digital assets, the need for more robust on-premises security has piqued interest in visitor management solutions too. One appeal is using technology that can be integrated with watchlist databases, alerting security teams to high-risk individuals or those previously prohibited from entering the premises.
Other applications such as Access Control software can be integrated too. By coding visitor ID badges that either deny or allow access to restricted or hazardous areas, security measures are further bolstered. Plus, hosts expecting visitors can be notified immediately when their guest arrives, via either text or email. This means that newly entering visitors are known to their specific hosts as soon as they enter an organization’s premises.
If you would like to learn more about visitor management solutions and how acre security can support your ambitions for increased security, improved visitor experiences, and enhanced compliance, please get in touch with our team today.
