Press Release Description
Global Access Control as a Service (ACaaS) Market to Bolster Astonishing Growth Rate of 16.8%
The market size of the Global Access Control as a Service (ACaaS) is projected to grow at a CAGR of 16.8% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The Global Access Control as a Service (ACaaS) market has witnessed significant growth in the past, driven by its substantial adoption across various sectors, including healthcare, transportation, and BFSI. These verticals have embraced ACaaS solutions to bolster security measures, improve access management, and cater to their specific requirements.
Moreover, during the historical period, several global economies, such as India, China, the UAE, and Saudi Arabia, implemented growth strategies to boost their country’s growth in secondary and tertiary sectors. These strategies encompassed a range of measures, including the introduction of more flexible Foreign Direct Investment (FDI) policies, favorable tax structures, and the reduction of entry and exit barriers. As a consequence of these initiatives, the service-based sectors, including Information and Communication Technology (ICT) and telecommunications, experienced substantial growth. This surge in economic activity resulted in increased investments in the establishment of new commercial spaces across various regions. This consequently, enhanced the heightened demand for advanced access control solutions to secure these premises, contributing to the expansion of the Global Access Control as a Service (ACaaS) Market.
Furthermore, in the upcoming years, greenfield and brownfield investments within transportation infrastructure, encompassing railways, airways, etc., are anticipated to surge. Simultaneously, investments in Information and Communication Technology (ICT) initiatives such as digitalization and data center expansion are also set to increase significantly, particularly in Middle Eastern and Asia-Pacific nations where there is a growing emphasis on promoting digitalization and tourism-related activities. These economic advancements are expected to lead to an increased need for advanced access control solutions, playing a pivotal role in ensuring security, regulatory compliance, and operational efficiency, further states the research report, “Global Access Control as a Service (ACaaS) Market Analysis, 2023.”
Hosted Services to Showcase Significant Growth due to Noteworthy Adoption by the Manufacturing Sector
Based on the Service Type segment, the market is further bifurcated into, Hosted Services, Managed Services, and Hybrid Services. Hosted services have demonstrated significant growth, primarily driven by their cost-effectiveness, scalability to adapt to evolving access control demands, simplified implementation processes, and the capability to centrally oversee and monitor access across multiple locations. These inherent advantages have positioned hosted solutions as the preferred choice for organizations across various sectors, including retail, hospitality, and finance, seeking efficient and adaptable access control solutions.
North America to Hold a Major Market Share
North America has positioned itself as a leader in the Global Access Control as a Service (ACaaS) market, primarily owing to the government's commitment to increased spending across various sectors. Notably, countries like the United States and Canada have allocated significant investments to critical areas such as oil and gas, healthcare infrastructure, and commercial developments. These strategic investments, aimed at stimulating economic growth, have resulted in a notable surge in the construction and expansion of industrial and commercial facilities.
Furthermore, North America places a strong emphasis on technology and innovation, fostering an environment conducive to the adoption of advanced security solutions like ACaaS. Additionally, nations in the region are consistently bolstering their efforts to establish robust manufacturing ecosystems, spanning industries such as automotive, aerospace components, and chemicals. The government's persistent drive for domestic goods production has led to the proliferation of manufacturing units in North American countries. This shift toward increased manufacturing activities has further propelled the adoption of ACaaS due to its capacity to deliver robust security, scalability, and seamless integration with existing systems. As a result, North America continues to be at the forefront of the ACaaS market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Johnson Controls, Honeywell International Inc., Thales, Brivo, Kisi Inc, Genetic, SALTO Systems S,L., Acre Security, Kastle Systems , Nedap N.V., Dormakaba Group, Integrated Protection Services, etc.,are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & solution adoption?
- How has the competition been shaping across various region?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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