Access control as a service market revenues are forecast to grow at nearly triple the rate of the traditional access control equipment market over the next five years. The global ACaaS market will grow at a compound average growth rate (CAGR) of 16.5% between 2017 and 2022, according to new ACaaS research from IHS Markit. The traditional equipment market is forecast to grow with a CAGR of 6.2% over the same timeframe.
The widening use of innovative web-based applications and IT solutions for business purposes is having a strong impact on the access control market. By moving data storage and processing to the cloud or an external server, which is managed by a third party, access control as a service offers businesses an excellent opportunity to install an electronic physical access control system without the burden of managing and maintaining their own costly IT infrastructure. The latest ACaaS offerings are also now leveraging public cloud infrastructure to provide a service that offers unlimited downtime and load distribution support, and virtually unlimited scalability – the critical ingredient of business operations continuity.