According to Technavio the potential growth difference for the access control as a service market size between 2021 and 2026 is USD 3.63 bn. To get the exact CAGR and the Y-O-Y growth rate.
Key Market Dynamics
- Market Driver: The growing awareness of sophisticated data security threats is driving the growth of the market. The rising concerns regarding data security are driving the demand for ACaaS. Organizations use ACaaS owing to its inherent cyber-risk management capabilities. This enables organizations to focus on their core business goals and reduce unnecessary expenditures, while all risk management responsibilities are handled by ACaaS solutions.
- Market Challenge: Lack of technological awareness is challenging the growth of the market. The rate of adoption and implementation of ACaaS globally has been low initially due to the lack of awareness about advanced systems among industries and organizations, especially in emerging economies. Thus, the lack of awareness of this technology hinders the implementation of this solution and, in turn, restricts the growth of the global market.