LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global access control as a service (ACaaS) market to grow at a CAGR of around 22% during the period 2018-2022, according to their latest report.
This market research report segments the global access control as a service market by type (hosted service and managed service) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the growing awareness about sophisticated data security threats as a key factor contributing to the growth of the global access control as a service market:
Growing awareness about sophisticated data security threats
Absolute security has become a myth in today's advanced and hyperconnected world. The threats to data security and privacy have increased drastically due to technological advances. Data breaches irrevocably lead to system downtime. In the modern world, system downtime is not an option as it may be disastrous for the brand name of an organization. Furthermore, there are increased costs related to legal suits and cyber insurance claims following a data breach. The data security and privacy concerns have been increasing because of technological maturity. Keeping systems safe and data secure are significant challenges for enterprises. The increasing concerns about data security are driving the demand for ACaaS.
According to a senior analyst at Technavio for IT security, “ACaaS is adopted by organizations due to its inherent cyber-risk management capabilities. Many organizations lack the technical and infrastructural expertise to handle the increasing and evolving cyber threats. These organizations concentrate on their core business goals to reduce unnecessary expenditures.”
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Global access control as a service market segmentation
Of the two major types, the managed service segment held the largest market share in 2017, accounting for nearly 58% of the market. The share of this segment is expected to increase by nearly 5% by 2022.
The Americas accounted for around 41% of the global market in 2017. The key factors for the dominance of the Americas are the maturity, size, and growth of the industrial and private sectors in this region. This region has the presence of key ACaaS vendors and a high concentration of technologically advanced industries. The Americas was an early adopter of contemporary technologies and is currently undergoing a technological explosion with the advent of advanced technologies, sensors, and the internet of things (IoT) across verticals.
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