Market Research Future (MRFR) reports that the global access control as a service (ACaaS) market is expected to surge to USD 1 billion by 2022 from its value of USD 0.50 billion in 2016, registering a phenomenal CAGR of 17%. Access control service is a cloud-based service that provides authenticating and authorizing users to gain access to web applications and services facilitating application development, authorization claims, and lower number of authentications.
MRFR’s market study acknowledges that the increasing awareness about sophisticated data security thefts is one of the main growth factors for the access control as a service market. Owing to rapid technological advances, there are rising instances of threats to data security and privacy. These threats result in increased costs for legal suits and cyber insurance claims. However, a number of organizations are ill-equipped with reference to technical and infrastructural expertise to handle the growing complex nature of cyber threats, which fuels the need for cyber risk management capabilities of ACaaS. Hence, the growing demand for superior risk management across several industries will trigger the growth of the ACaaS market.
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Major Key Players
Microsoft Corporation (U.S.),
Datawatch Systems Inc. (U.S.),
AIT Ltd. (U.K.),
Cisco Systems Inc. (U.S.),
Cloudastructure Inc. (U.S.),
Jhonson controls Inc. (U.S.),
M3T Corporation (U.S.),
Centrify Corporation (U.S.),
IBM Corporation (U.S.) and Symantec Corporation (U.S.) among others are profiled in MRFR Analysis and are at the forefront of competition in the Global Access Control as a Service market. The competition in access control as a service market is high because of the rising security threats in most of the commercial systems across the world.
According to MRFR, The global Access Control As A Service Market is expected to grow from USD 0.50 Billion in 2016 to USD 1 Billion by 2022, at an estimated CAGR of 17%.
May 2018 – Openpath has launched a reinvent access control in a bid to bring smart security solutions to the smart offices. This will enable the employees to quickly and safely enter the office using their smartphones. With Internet of Things (IoT), the smart security solution is completely revolutionized and has shifted towards access control industry.
On the flip side, the time-consuming process of setting rules & duties for an organization is one of the restraining factors undermining the market growth.
The industry experts ascertain that the market is on its way to expand at a significant rate on account of the benefits offered by ACaaS, for example, enabling the user to eliminate initial investment in access control-related devices and architecture.
The regional analysis of access control as a service (ACaaS) market has been studied for regions namely Asia Pacific (APAC), North America, Europe and rest of the world.
Globally, North America is expected to lead the market due to growing adoption by suppliers, end users, and monitoring organizations in the region. The market growth is also due to unified pricing offered by dealers of ACaaS, which appeals to the consumers.
The market in Europe is projected to grow rapidly in the review period on account of increasing number of companies providing access control solutions to small and medium organizations and also to residential users.
The report also sheds light on the Asia-pacific market, which is expected to be the fastest growing region. This phenomenal growth is due to increasing use of smartphones in small & medium size industries particularly in Japan, Singapore, and India, thereby increasing demand for access control system in the region.
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- Biometric device manufacturer
- System integrator
- Consultancy firms
- Government institutions.
- Security equipment manufacturer
- Middleware provider
- Access control systems service providers
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