Artificial Intelligence
WISeKey Reports H1 2021 Results
Price sensitive declaration
WISeKey Reports H1 2021 Results
WISeKey’s revenue of $9.9 million and strong cash reserves of $38.6 million, support investment in AIoT and the development of its WISe.Art NFT platform, as demand for its Trusted NFT solution increases
To host a conference call on September 29 at 9:00 am ET / 3:00 pm CET
Zug, Switzerland – September 28, 2021: Ad-Hoc announcement pursuant to Art. 53 of SIX Listing Rules – WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN) (“WISeKey” or the “Company”), a leading cybersecurity and IoT company, announced today its unaudited financial results for the six-month period ended June 30, 2021 (“H1 2021”).
Although the COVID-19 pandemic has profoundly impacted our end markets by disrupting the supply chains and creating substantial shortages in the semiconductor sector, we were able to overcome most of these challenges. For the first half of 2021, we delivered better-than-expected results with revenue of $9.9 million, up by 24%, as compared to H1 2020 revenue of $8.0 million.
WISeKey’s strong cash position of $38.6 million is expected to support the development of its newly launched NFT WISe.Art platform. WISe.Art is a fully fledged marketplace secured by WISeKey’s various security technologies enabling the authentication of physical objects as well as digital assets, in a safe end-to-end process including KYC checks. The NFT design of the WISe.Art platform ensures that, besides an authenticated and signed version of the actual digital asset, it creates an irreversible link to the physical object, provides proof of ownership, provenance and a set of contracts describing future use and monetization streams.
At the start of 2021, WISeKey completed the acquisition of a controlling interest in arago GmbH (“arago”), leading to a combination of the businesses of WISeKey and arago, and the consolidation of arago revenues starting February 2021. arago provides AI solutions to enterprise customers globally through Knowledge Automation. The Knowledge Automation and Data platform HIRO™, developed by arago, takes a unique approach to process automation by using AI to autonomously and independently determine how to complete and then automate end-to-end tasks based on real time contextual data. This acquisition created a new revenue stream for WISeKey and the opportunity to move into the Artificial Intelligence of Things (“AIoT”) market with combined cybersecurity/authentication and AI Knowledge Automation offerings. Since February 2021, WISeKey invested an additional of $5.7 million cash into the arago operations, bringing our total investment to $11.2 million (since the initial investment made in late 2020) in order to refocus and reshape its operations to remain at the leading edge of AI and AIoT.
Thanks to our solid Cybersecurity/IoT revenue pipeline of over $250 million (for 2022-2027 period), and a growth strategy that includes additional investments and increased marketing efforts, we believe that we have positioned WISeKey well to take advantage of several growth opportunities, create new revenue streams and continue its growth organically and through acquisitions.
WISeKey’s H1 2021 unaudited consolidated financial results are available at https://www.wisekey.com/company/investors/financial-reports/.
Conference Call & Webcast
Carlos Moreira, CEO and Peter Ward, CFO will host a conference call on Wednesday, September 29, 2021, at 3:00 p.m. CET / 9:00 a.m. ET to discuss these results, recent business developments and growth initiatives. A Q&A session will follow the prepared remarks.
Interested parties may participate in the call by dialing:
| United States (Toll) | 877-445-9755 |
| United States (Toll Free) | 201-493-6744 |
| Spain (fixed) ATT: | 900 834 236 |
| Spain (mobile) ATT: | 900 834 876 |
| United Kingdom (fixed) ATT: | 0 800 756 3429 |
| France (fixed) ATT /excl. Monaco: | 0 800 912 848 |
| Switzerland (fixed) ATT: | 0 800 835 525 |
| Switzerland (mobile) ATT: | 0 800 891 374 |
| Italy (fixed) ATT: | 800 791 612 |
| Italy (mobile) ATT: | 800 796 508 |
| Netherlands (fixed) ATT: | 0 800 023 4340 |
| Netherlands (mobile) ATT: | 0 800 022 3580 |
| Germany (fixed) ATT: | 0 800 182 0040 |
| Germany (mobile) ATT: | 0 800 184 4713 |
To access the call, please dial-in approximately five minutes before the start time. The call will also be simultaneously webcast over the Internet via this link and such link will also be made available in the “Investor Relations” section of WISeKey’s website http://wisekey.com/investors/.
H1 2021 Key Financial Milestones
The key highlights of the half year ended June 30, 2021 were:
- Revenue of $9.9 million, up by 24% as compared to H1 2020 revenue of $8.0 million.
- Strong cash position: cash and cash equivalents together with restricted cash increased to $38.6 million as at June 30, 2021, from $17.4 million at June 30, 2020.
- Acquisition of a controlling interest in arago, creating a new revenue stream with combined cybersecurity/authentication and AI Knowledge Automation offerings. This acquisition was strategic for WISeKey to establish a foothold into the AIoT market.
- Took urgent and decisive actions to reduce the operational costs of arago and streamline their processes with significant reductions of G&A.
- Investments in R&D: we continue to support our R&D work with $2.1 million invested in the half year to develop new products and create business opportunities in cybersecurity, IoT, Microprocessors, NFT and AI.
- Developed WISe.Art, our NFT platform for the collectible and luxury market (https://www.wise.art). The global market for non-fungible tokens (NFTs) surged to new highs in the second quarter of 2021, with $2.5 billion in sales so far this year, up from just $13.7 million in the first half of 2020, as marketplace data showed. The NFT market is expected to surge again especially on the high-end NFT market which is the market segment where the WISe.Art platform operates. WISeKey’s WISe.Art NFT platform follows a series of market tests – selling high value NFTs and testing the appetite of the art and collectible community – and incorporates the needs of this exclusive and high-volume marketplace.
- Made significant investments in new talent and have expanded our sales force including the appointment of a new CRO and a new COO to take advantage of higher demand for strong security, authentication, brand protection and anti-counterfeiting services for segments such as connected devices, connected cars, luxury products, pharmaceuticals, and banking/financial sector.
- Adapted to the new teleworking environment by developing a special edition of WISeID Digital Identification and Cloud that is now available as a free download. The WISeID app secures interactions of locked-down teleworkers around the globe and help companies reduce cybersecurity risks. PKI and Digital Certificates secure email messages and reduce risks by ensuring authenticity of messages and enabling encryption of confidential data. The WISeID Platform is available for anyone to obtain a digital certificate and immediately protect their email.
- Developed NanoSealRT, an NFC Forum Type 5 semiconductor chip that works with both Android and IOS 12 (and above) devices: 1 essential patent has been granted in March 2021 to this product by the E.U. and the Chinese Patent Offices, which will further reinforce our position as a major Smart Label system provider, in traceability, anti-counterfeiting and consumer engagement applications.
- Reinforced our strategic partnerships as we joined the SAP® PartnerEdge Program. The program gives partners access to resources, services and benefits that will help WISeKey build and maintain a successful partnership with SAP and optimize business results for clients. WISeKey has been working on IoT security by integrating OISTE/WISeKey’s Managed Cryptographic Root of Trust secure IoT Devices with devices leveraging SAP Leonardo® IoT.
- Strategic investment in FOSSA Systems allowing their satellite technology to integrate into the WISeKey IoT platform connecting all IoT sectors through the development of a WISeSaT PocketQube Satellite.
Key Performance Metrics
A summary of the key performance metrics of the Group is set out in the table below:
| Six months ended June 30, | ||||
| US GAAP (Million US$) | 2021 | 2020 | ||
| Total revenue | 9.9 | 8.0 | ||
| Net income / (loss) | (6.1) | (8.9) | ||
| Non-GAAP (Million US$) | 2020 | 2020 | ||
| EBITDA | (10.6) | (6.6) | ||
| Adjusted net income/(loss) attributable to WISeKey | (2.0) | (7.0) | ||
| As at June 30, | ||||
| Non-GAAP (Million US$) | 2021 | 2020 | ||
| Total Cash and restricted cash | 38.6 | 17.4 | ||
Liquidity and Capital Resources
Cash and cash equivalents together with restricted cash at June 30, 2021 were $38.6 million, compared to $17.4 million at June 30, 2020. In H1 2021, WISeKey negotiated new facilities with L1 Capital Global Opportunities Master Fund and Anson Investments Master Fund LP to increase its liquidity level to support its investment in arago and the development of its WISe.Art NFT platform.
This improved financial position also enables us to make significant investments in R&D, to finance our growth initiatives into AIoT, and new microchips design in order to maintain our leading-edge technology position and the competitive advantage of our product offerings. At the same time, we continue to manage our costs, capital expenditures and working capital to maintain a positive free cash flow position.
WISeKey’s management believes that the Group has sufficient funds to carry its operations through to the end of 2022.
Revenues
For six months to June 30, 2021, WISeKey’s total revenue was $9.9 million. This compares to half-year 2020 revenue of $8.0 million, increasing by $1.9 million or 24%. This is mostly attributable to the new revenue stream from AI activities brought by the acquisition of a controlling interest in arago.
Additionally, since the beginning of the year, WISeKey has secured several major wins for its microchip semiconductor-based IoT technology, anti-counterfeiting, brand protection, EMV payment card and secure access products in the U.S. market with leading providers of networking equipment, medical devices, smart building solutions, and financial services.
As anticipated, cybersecurity companies like WISeKey with strong technology-IP assets are recovering much faster from the current crisis due to the ability to diversify sales from Semiconductors to Cybersecurity and/or AI/Automation. Overall, continued adoption of IoT technologies connected to secure clouds, AI and ultimately 5G, will be tremendous catalysts for cybersecurity companies given the related risk of adoption. Our objective is to create a truly representative European internet platform through the vertical integration of WISeKey’s unique Root of Trust and identity technology with VaultIC’s hardware & software, and trust services. This strategy is gradually positioning WISeKey to be the first ever European comprehensive AI trusted end-to-end cybersecurity platform for people and objects (IoT).
According to ‘Markets and Markets’ …. the global IoT security market is expected to grow from $12,5 billion in 2020 to $36,6 billion in 2025, at an annual rate of 24%; the market growth is linked to the high adoption of IoT hardware enhancing the need for efficient security. Indeed, these massively deployed connected objects face regular attacks, hence generating a large need for trusted end-to end cybersecurity solutions. The increasing AI and IoT convergence is one of the primary factors driving the growth. Over the past five years, a rapid surge in the adoption of AIoT cloud services has been witnessed. It is driven by its capabilities to provide an enterprise-wide array of resources they can utilize to scale, orchestrate, and support their operations.
Revenue by region
Our operations are global in scope, and we generate revenue from selling our products and services across various regions. While our operations in Europe have historically contributed the largest portion of our revenues, the revenue generated from North America shows our engagement in this region.
Our revenue from continuing operations by geographic region for the six months ended June 30, 2021 and 2020 is set forth in the following table:
| Net sales by region | 6 months ended June 30, | ||||
| USD’000 | 2021 | 2020 | |||
| EMEA* | 4,671 | 47% | 2,965 | 37% | |
| North America | 4,712 | 47% | 4,302 | 54% | |
| Asia Pacific | 516 | 5% | 716 | 9% | |
| Latin America | 46 | 1% | 41 | 1% | |
| Total net sales | 9,945 | 100% | 8,024 | 100% | |
| * EMEA means Europe, Middle East and Africa | |||||
| Net sales by region from continuing operations | 12 months ended December 31, | 12 months ended December 31, | |||
| USD’000 | 2019 | 2018 | |||
| Switzerland | 2,137 | 9% | 2,512 | 7% | |
| Rest of EMEA* | 8,046 | 36% | 14,122 | 41% | |
| North America | 9,691 | 43% | 15,165 | 44% | |
| Asia Pacific | 2,504 | 11% | 2,306 | 7% | |
| Latin America | 274 | 1% | 175 | 1% | |
| Total Net sales from continuing operations | 22,652 | 100% | 34,280 | 100% | |
| * EMEA includes Europe, Africa and the Middle-East |
In Europe, the increase in revenue is mostly attributable to arago’s AI activity.
Revenue generated from clients in North America increased by $0.4 million in the first half of 2021 compared to the same period of 2020. The U.S. IoT revenue generated by the WISeKey Semiconductors division should be considered strategic premium revenue, especially following the semiconductor manufacturing shortage in the U.S., which has become a strategic reference market for the Company. Because semiconductors are a crucial component of the 4th Industrial Revolution, strategic technologies (from smart cities, renewable energy and artificial intelligence to robots and cybersecurity), their design and manufacturing has become a geopolitical issue. In the 20th century, oil was the supreme global resource, but shortages accelerated by the COVID-19 pandemic have prompted a 21st century catchphrase among policymakers and diplomats… “semiconductors are the new oil.”
Operating Income
WISeKey’s operating loss increased by $3.9 million to $11.2 million in the six months ended June 30, 2021, as compared to $7.3 million in the six months ended June 30, 2020. This was principally due to the consolidation of arago from February 2021 which added to the groups’ cost base.
Thus far, WISeKey has invested a total of $11.2 million into arago including the expenses required to reduce the operational costs of arago and streamline its processes with significant reductions in G&A. The objective of WISeKey was to refocus arago on its core, revenue-generating activities. WISeKey believes that arago is now better positioned than ever, to lead the development of the AIoT market.
WISeKey continues to show a relatively heavy cost structure due to its investment strategy and new and innovative lines of business, such as Artificial Intelligence, the NFT WISe.Art platform and its Digital Transformation Program.
Net Income
WISeKey’s net loss decreased by $2.8 million to $6.1 million in the six months ended June 30, 2021, as compared to a loss of $8.9 million in the six months ended June 30, 2020. This was principally due to the acquisition of a controlling interest in arago and the nonrecurring non-operating income of $7.3 million from the revaluation of the convertible loan that was part of the consideration.
Non-GAAP Financial Measures
In managing WISeKey’s business on a consolidated basis, WISeKey management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting WISeKey’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, certain non-cash expenses related to acquisitions and share-based compensation expense, which may obscure trends in WISeKey’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.
These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in WISeKey’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).”
Non-GAAP to GAAP Reconciliations
| Financial Reconciliation of GAAP to non-GAAP Results (unaudited) | 6 months to June 30, | 6 months to June 30, |
| (Million US$) | 2021 | 2020 |
| Operating loss as reported | (11.2) | (7.3) |
| Non-GAAP adjustments: | ||
| Depreciation expense | 0.4 | 0.4 |
| Amortization expense on intangibles | 0.2 | 0.3 |
| EBITDA | (10.6) | (6.6) |
| Net income/(loss) attributable to WISeKey as reported | (4.3) | (8.7) |
| Non-GAAP adjustments: | ||
| Stock-based compensation | – | 0.2 |
| Depreciation expense | 0.4 | 0.4 |
| Amortization expense on intangibles | 0.2 | 0.3 |
| M&A-related legal fees | 0.6 | 0.2 |
| Interest and amortization of debt discount | 0.5 | 0.2 |
| Financial charges | 0.6 | 0.4 |
| Adjusted net income/(loss) attributable to WISeKey | (2.0) | (7.0) |
| As at June 30, 2021 |
As at June 30, 2020 |
|
| Cash and cash equivalents | 38.5 | 15.4 |
| Restricted cash, current and noncurrent | 0.1 | 2.0 |
| Total Cash and restricted cash | 38.6 | 17.4 |
About WISeKey
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
| WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 [email protected] |
WISeKey Investor Relations (US) Contact: Lena Cati The Equity Group Inc. Tel: +1 212 836-9611 [email protected] |
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties, and other factors, which could cause the actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
Artificial Intelligence
Dark Fiber Market Size to Grow USD 7594 Million by 2030 at a CAGR of 9.09% | Valuates Reports
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The Global Dark Fiber Market was valued at USD 4475 million in 2023 and is anticipated to reach USD 7594 million by 2030, witnessing a CAGR of 9.09% during the forecast period 2024-2030.
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TRENDS INFLUENCING THE GROWTH OF THE DARK FIBER MARKET
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DARK FIBER MARKET SHARE ANALYSISThe dark fiber market shows varying growth trends across different regions, driven by factors like technological advancements and infrastructure investments. North America leads the market due to the rapid expansion of 5G networks, cloud computing adoption, and increasing data center construction. Europe follows closely, with countries investing in high-speed connectivity for smart cities and telecommunications. The Asia-Pacific region is witnessing significant growth, particularly in China, Japan, and India, driven by increased demand for internet services, telecom expansion, and government initiatives supporting digital infrastructure. Meanwhile, Latin America and the Middle East are also emerging as potential markets, propelled by growing data consumption and the need for improved connectivity in underdeveloped areas.
Key Players:
GTT CommunicationsUFINETVikram GroupDEPLUnite Private NetworksSterlite PowerColt Technology ServicesConsolidated CommunicationsCrown CastleNexGen NetworksSorrento NetworksFirstLightMicroscanWindstream Intellectual Property ServicesPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-8O16959/global-dark-fiber/1
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Artificial Intelligence
AI Governance Market worth $5,776.0 million by 2029- Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 7, 2024 /PRNewswire/ — The AI Governance Market is anticipated to grow from USD 890.6 million in 2024 to USD 5,776.0 million by the year 2029 at a robust CAGR of 45.3% over the forecast period, according to a new report by MarketsandMarkets™.
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD (Million)
Segments covered
Product Type, Functionality, End User, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), FICO (US), Accenture (Ireland), Qlik (US), H2O.AI (US), Alteryx (US), DataRobot (UK), Dataiku (US), Domino Data Lab (US), SparkCognition (US), Collibra (US), OneTrust (US), Quest Software (US), Fiddler AI (US), Untangle AI (Singapore), 2021.AI (Denmark), Howso (US), Monitaur (US), Mind Foundry (UK), Credo AI (US), Holistic AI (UK), Fairly AI (Canada), Enzai (UK), ValidMind (US), FairNow (US), Mona Labs (US), Arthur AI (US), Trustible (US), Atlan (Singapore), ModelOp (US), Neptune AI (Poland), Patronus AI (US), and Datatron (US).
Regulatory pressure and demands for compliance are driving the AI Governance Market as governments around the world roll out tougher regulations related to AI. For example, the European Union’s AI Act had subjected risk assessments and compliance audits to AI systems, particularly in high-risk sectors like health and finance, thereby increasing demand for the governance framework. Organizations also run the risk of facing reputational damages linked with prejudiced or harmful AI output. A notable example is the controversy caused by OpenAI GPT models, which flagged misinformation and biased data concerns, making businesses adopt robust AI guard rails. On similar note, Amazon’s discontinuation of its biased AI recruiting tool demonstrate the reputational and financial risks of ungoverned AI. Another major reason for market expansion is the uptick in AI adoption across highly regulated industries, especially BFSI and healthcare. Industries operating in these sectors are under immense regulatory pressure to comply with dynamic regulations, leading to increased affinity towards AI governance tools.
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By product type, data governance tools will account for largest market share in 2024 owing to robust data provenance and lineage capabilities.
Data governance tools are poised to account for the largest market share in the AI Governance Market, as these tools help an organization track data quality, provenance, and bias within AI development training data. This is important in order to prevent bias results being generated from AI systems. For example, data governance tools may apply profiling techniques to the dataset in order to ensure fairness, and also put in place data lineage to indicate potential problems with data sourcing. As an increasing number of AI regulations call for documentation, tracking and record keeping especially on the data that feeds AI systems, data governance has become paramount. Data governance also assists enterprises in compliance with regulations through robust AI data traceability and accuracy. Additionally, the metadata repository feature in data governance tools offer centralized catalogs and controls of metadata for data visibility across an organization to ensure trustworthy and responsible AI implementation.
The demand for ethical AI use across ML platforms and generative AI models will push software & technology providers as the fastest growing end user segment during the forecast period
Software & technology providers are poised to become the fastest growing end user segment in the AI Governance Market, buoyed by rapid adoption of AI governance tools to make their AI systems trustworthy and ethical. The rising regulatory scrutiny and the expanding reach of data privacy laws like GDPR and CCPA has also accelerated governance frameworks being adopted across such players. For instance, Microsoft has created an internal AI ethics working group to implement strong ethical guardrails across its AI offerings. On a similar note, Google has formed AI governance framework for developing fair, explainable, and ethical AI solutions. There are also expectations from stakeholders who demand that technology companies create AI responsibly. With AI regulations likely to disrupt every software vendor, incorporating ethical norms and regulation is now of extraordinary importance for technology businesses to maintain the brand’s trust and growth.
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North America is set to hold the largest market share in 2024, fueled by a strong regulatory environment and increasing investments in responsible AI deployment
North America has emerged as the largest regional market for AI government adoption. Federal funding on AI governance in North America crossed USD 1 billion in 2023, indicating a growing interest in responsible AI research. Industries with strict regulations such as healthcare and banking are leading in the implementation of governance, with 45% of healthcare providers mentioning regulatory compliance as a key business requirement. Businesses are forced to implement governance frameworks due to rising regulatory requirements like NIST’s AI Risk Management Framework and the California Consumer Privacy Act (CCPA). More than half of businesses expect more stringent AI rules in the next five years, with 62% citing data privacy compliance as a main factor for implementing governance. Also important is consumer confidence, as 78% of American consumers favor brands that utilize ethical AI. Businesses such as Google and Microsoft are implementing governance to guarantee transparency and establish trust. Additionally, organizations are prioritizing fairness in their AI systems and have turned to tools like IBM’s AI Fairness 360 to address the need to mitigate AI bias, with 56% of businesses doing so. Moreover, financial institutions are particularly focused on risk management, giving priority to governance for addressing AI-related risks.
Top Key Companies in AI Governance Market:
The major players in the AI Governance Market include Microsoft (US), IBM (US), SAS Institute (US), DataRobot (UK), and Dataiku (US), along with SMEs and startups such as Fiddler AI (US), 2021.AI (Denmark), Monitaur (US), Credo AI (US), and Fairly AI (Canada).
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Artificial Intelligence
Access Control as a Service (ACaaS) Market worth $3.06 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 7, 2024 /PRNewswire/ — The global access control as a service market is expected to be valued at USD 1.34 billion in 2024 and is projected to reach USD 3.06 billion by 2029; it is expected to grow at a CAGR of 17.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Accelerated urbanization in emerging markets is fueling the demand for advanced access control solutions. Growing adoption of cloud-based Access Control as a Service (ACaaS) is transforming security management systems. Increasing integration of access control systems with employee management and HR platforms is enhancing operational efficiency in the access control as a service market. Increasing shift toward subscription-based business models is fostering recurring revenue streams for security service providers. Growing demand to manage global security operations from centralized locations is pushing the adoption of unified security platforms in the access control as a service market.
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Browse in-depth TOC on “Access Control as a Service (ACaaS) Market” 162 – Tables64 – Figures226 – Pages
Access Control as a Service (ACaaS) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.34 billion
Estimated Value by 2029
$ 3.06 billion
Growth Rate
Poised to grow at a CAGR of 17.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Service Type, Cloud Deployment Model, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Unauthorized Access and Data Breach
Key Market Opportunities
Unauthorized Access and Data Breach
Key Market Drivers
Increased adoption of IoT-based security systems and cloud computing platforms
Commercial vertical to hold the highest market share during the forecast period.
Commercial vertical will account for the largest market share in the ACaaS market during the forecast period. This can be attributed to the increasing need for secure access management solutions across commercial buildings, offices, and retail spaces. Scalability, cost-effectiveness, and even remote access management abilities are making cloud-based ACaaS increasingly attractive within this segment. With increasing urbanization and infrastructure development, coupled with the trend of smart buildings, demand for advanced security systems is rising in the commercial segment, which is further basing its strength in the ACaaS market.
By Service Type, Hybrid segment is projected to grow at a high CAGR of Acalas industry during the forecast period.
A hybrid access control service may be marked as a combination of both hosted and managed access control. In this type of access control, a certain part of the access control system is handled by the end user while the rest of the function is outsourced to a third-party vendor. In this model, permissions are not directly associated with the attributes or the roles. In dynamic role assignment, roles are assigned to users based on the attributes provided by the user, which are then adopted for authentication purposes. Once the roles are assigned, authorization starts whereby the user is granted access based on the assigned roles. The hybrid access control service will act as a catalyst in driving better threat visibility, rapid and effective attack response, minimizing cyber security risks, and being compliant with the latest regulations and standards.
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Asia Pacific will account for the highest CAGR during the forecast period.
In Asia Pacific, China is amongst the largest countries in the world and one of the largest manufacturers and producers of industrial goods. Agaas has grown and developed immensely in the recent years as, to address margin-related issues that Chinese suppliers have been causing, lately manufacturers are adopting cloud-based solutions. The large-scale industrialization of the country has given birth to the growing need for security systems. Thirdly, consistent R &D expense resulted in the innovation of highly sophisticated systems that can meet the diversified user needs. In government sectors, access control system had been employed to raise security measures and take instantaneous action against looming threats. AcaaS – The software and data are retained at vast data centres instead of being retained locally on on-premises servers. Hardware systems remain the same, similar to those in an access control system. Hence, Acaas save the operational costs of institutions considerably with no compromise on the standards of security. In residential areas too, the demand for Acaas is tremendous, thanks to the ever-growing requirement of securing personal properties.
Key Players
Key companies operating in the ACaaS companies are Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Thales (France), ASSA ABLOY Group (Sweden), dormakaba Group (Switzerland), Identiv, Inc. (US), Kastle Systems (US), AMAG (US), Brivo Systems, LLC. (US), and Cloudastructure Inc. (US) among others.
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Access Control Market by Offering (Hardware-Card-based, Biometric, & Multi-technology Readers, Electronics Locks, Controllers; Software; Services), ACaaS (Hosted, Managed, Hybrid), Vertical and Region – Global Forecast to 2029
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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