Cloud Access To Reach $US2.9B By 2026
♦ Cloud Access To Reach $US2.9B By 2026 according to a ResearchAndMarkets.com’s report, growing at nearly 25 per cent from $US789.8 Million in 2020, with NFC credentials on smart devices a key emerging technology.
Managed access control as a service, one of the segments analyzed in the report, is projected to grow at a 20.7 per cent CAGR to reach $1.6 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hosted segment is readjusted to a revised 27.5 per cent CAGR for the next 7-year period. This segment currently accounts for a 46.9 per cent share of the global Access Control as a Service (ACaaS) market.
The Access Control as a Service (ACaaS) market in the U.S. is estimated at US$465.9 Million in the year 2021. The country currently accounts for a 49.26 per cent share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$334.1 Million in the year 2026 trailing a CAGR of 32.2 per cent through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 24.1 per cent and 21.1 per cent respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 21.1 per cent CAGR while Rest of European market (as defined in the study) will reach US$429 Million by the close of the analysis period.
The traditional model of on-premise card-reader-panel-server is still predominant, but other architectures are finding more appeal. The use of mobile access or mobile apps is expected to emerge as the top trend in the access control industry in the near future.
The adoption of mobile solutions continues to rise with several organizations in the process of partially or fully deploying a mobile solution. The technology promises speed, convenience; advanced security features such as built-in biometric screening on the device itself; and flexibility. Activating and deactivating a credential can happen in real-time, over the air.
In addition to mobile credentials, cloud/managed or hosted systems and wireless locks are the other trends expected to shape physical access control solutions. Aging access control systems present opportunities for upgrades that allow organizations to embrace new technology.
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