CHICAGO, Dec. 1, 2022 /PRNewswire/ -- The global access control as a service market is estimated at USD 0.9 Billion in 2021 and is projected to reach USD 2.2 Billion by 2027, registering a CAGR of 16.4% during the forecast period according to a new report by MarketsandMarkets. Rising adoption of IoT-based security systems with cloud computing platforms, Growing number of smart infrastructure drives adoption & deployment of Access Control Services, and increase in adoption of ACaaS from businesses at multiple locations use ACaaS for centralized operations.
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Browse in-depth TOC on "Access Control as a Service Market" 129 - Tables
49 - Figures
189 - Pages
By Service Type: Hosted service segment to propel market growth
In 2021, the hosted service segment accounted for the largest share of ~69% of the ACaaS market. Hosted ACaaS software solutions run on remote hardware maintained by the owner of the server; therefore, users need not pay for the maintenance of servers. Different types of hosted ACaaS software are maintained by the owner of the solutions. Also, the ability of a third party to update the access rights of users saves the time and cost spent on monitoring and managing all access control activities. It means users have to pay charges only for the chosen services. In addition, the demand for hosted services is expected to be driven by commercial, residential, government, and healthcare verticals. Therefore, these factors are expected to drive the growth the demand of hosted services in ACaaS market.
By Cloud Deployment Model: Public cloud segment accounted for the largest share of the access control as a service market
The ACaaS market for the public cloud segment is projected to capture the largest share of ~74% of the overall market during the forecast period. The ability of public clouds to store data and to make it available for users at any location has been the key driving factor for the deployment of public cloud in ACaaS. Public cloud-based access control services are available by cloud service providers on the internet. Organizations that use web servers or application systems where security and compliance requirements are not very rigid normally prefer to use public clouds and its services. The services are most suited for small medium enterprises and start-ups owing to the minimal installation costs.
By Vertical: Commercial vertical accounted for the largest share of the access control as a service market
The commercial vertical segment accounted for the largest market share of ~41% in 2021, and a similar trend is expected during the forecast period. This growth is attributed to increasing incidence of robbery and theft in commercial buildings. To protect commercial assets, property owners are buying security systems embedded with ACaaS for remote monitoring. Also, robbery and crime pertaining to information security is a major concern nowadays. Corporates invest millions of dollars in security with the intention of increasing security, protecting people, and addressing security issues. Moreover, corporate companies are very sensitive toward data and information protection, which has led to many data companies adopting access control systems for their server rooms.
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North America likely to hold the largest share of access control as a service market during forecast period
North America held the largest share of ~60% in the ACaaS market in 2021 and the same trend is expected in the near future. The market growth in this region is predominantly rising due to the strong presence of key ACaaS provider such as Honeywell International Inc., Identiv, Inc., Kastle Systems, AMAG Technology, Inc., Brivo Inc., and Cloudastructure, Inc. The growth is also attributed to early adoption of security solutions due to the increased safety and security concern in people. For instance, in May 2020, US faced vandalism during the Black Life Matter protests, owing to this, various cases of burglary happened in commercial luxury shopping centers. Which has heightened the need of more secure access solutions to prevent mishaps in the future.
Johnson Controls (Ireland), Honeywell Security (US), Thales (France), Assa Abloy AB (Sweden), and dormakaba Holding AG (Switzerland) are some of the key players in the access control as a service market.
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