Access Control As a Service Market Will Reach USD 3,239 Million by 2030, Says P&S Intelligence

NEW YORK, May 15, 2023 /PRNewswire/ -- The access control as a service market is projected to be worth USD 3,239 million by 2030, growing at a CAGR of 15.70%, according to P&S Intelligence.

Access control as a service brings together on-premises access control devices and software as a service, permitting operators to use several web applications and services from any place.

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This service helps defend assets by permitting or limiting unwelcome entities from entering buildings and other spaces of strategic, personal, or business importance.

ACaaS is comparatively less costly than legacy access control, mainly because all the data is kept on remote servers, in turn, removing the requirement for the servers to be integrated on location.

Companies Providing Hosted Services Generate Highest Revenue  

In 2022, on the basis of service type, the hosted category had the largest share. Hosted access control as a service software functions on remote hardware maintained by the entity that owns the server; thus, users are required not to pay for its maintenance.

Moreover, screening and handling all access control activities reduces time and expenses, when a third party can update operators' access rights. In simple words, operators only have to pay for the facilities they select. Thus, the residential, government, commercial, and healthcare sectors are gradually demanding hosted services.

ACaaS Is in Highest Demand in Commercial Sector 

In 2022, the commercial category led the market, and it is projected to grow at a CAGR of above 19% in the coming years. This is credited to a surge in the number of thefts and muggings at commercial buildings.

To protect business properties, proprietors are buying safety systems through the ACaaS method, for remote monitoring. Businesses already invest millions to make their properties more secure and the employees present inside safer.

North American Firms Are Largest Users of ACaaS

Because of the rising demand for better access control services, to keep commercial spaces secure, North America led the industry for ACaaS, with a share of approximately 44%, in 2022. In the continent, the industry is boosted by the increasing rate of misconduct, including burglaries and B&Es.

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Because of the rising demand for security systems, the APAC region accounts for the second-largest share, and it will witness substantial market growth. Data and asset safety have become extremely important as industrialization accelerates. Likewise, concerns over security boost the requirement for monitoring systems in housing areas, because of the fast urbanization.

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SOURCE P&S Intelligence