According to the new market research report on the “Access Control as a Service Market from Marketsandmarkets, this sector is expected to reach USD 1,678.3 million by 2022, at a CAGR of 26.82% during the forecast period. The increased demand for ACaaS from businesses with multiple locations to centralise their operations, security risks raised in the IT industry by the BYO device policy, and large-scale adoption of Internet of Things (IoT) and increased usage of advance virtualisation and cloud computing platforms are some of the major drivers for the ACaaS market.
The hosted services segment held a major share of the ACaaS market in 2015. As the hosted service is web-based, the clients need not to look after the maintenance of the server. This has been the key driving factor for the hosted service market. However, the managed services market is expected to grow at the highest rate during the forecast period.
There is projected to be a significant rise in ACaaS market for manufacturing and industrial application between 2016 and 2022. This growth is attributed to the growing demand for access control systems for protecting employees and properties across manufacturing and industrial sites such as oil and gas, chemicals, pharmaceuticals, metal and mining, power, automotive, water treatment, cement, and textile industries.
The ACaaS market in the North American region is expected to hold the largest market share between 2016 and 2022. The stabilised constructions in North America and convergence of mechanical and electronic security products for the same has been the key driving factor for the North American market. The European market is expected to capture the second-largest share during the forecast period. The commercial, government bodies, and manufacturing and industrial applications are expected to be the leading segments in the European ACaaS market.
