A new report has revealed that in 2021, North America held the largest share, sitting at around 60%, in the global access control as a service (ACaaS) market and that the same trend is predicted in the near future.
The report, from MarketsandMarkets, says that the global ACaaS market was estimated to be worth $0.9 billion in 2021 and is projected to reach $2.2 Billion by 2027, registering a compound annual growth rate (CAGR) of 16.4% during the forecast period.
The market growth in North America is predominantly rising due to the strong presence of key ACaaS providers such as Honeywell International Inc., Identiv Inc., Kastle Systems, AMAG Technology Inc., Brivo Inc. and Cloudastructure Inc., the report says.
The growth is also attributed to early adoption of access control security solutions due to the increased safety and security concerns.
Furthermore, a rising adoption of IoT-based security systems with cloud computing platforms and a growing number of smart infrastructure is driving adoption and deployment of access control services.
In 2021, the report says that the hosted service segment accounted for the largest share of around 69% of the ACaaS market. 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.
The ACaaS market for the public cloud segment is projected to capture the largest share of about 74% of the overall market during the forecast period, the report highlights. The ability of public clouds to store data and make it available for users at any location has been the key driving factor for the deployment of public cloud in ACaaS.