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Blockchain Market Size Growing at a CAGR of 55.8% to Reach USD 104.19 Billion by 2028

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Pune, India, Feb. 03, 2022 (GLOBE NEWSWIRE) — The global blockchain market size is projected to reach USD 104.19 Billion by 2028, exhibiting at a CAGR of 55.8% in the forecast period. In its report titled “Blockchain Market Analysis Research Report, 2021-2028” Fortune Business Insights mentions that the market size stood at USD 3.06 billion in 2020.

In recent times, demand for cloud-based services has increased dramatically. Moreover, the pandemic acted as a catalyst in creating even more new opportunities for this technology. Technology is demanded in setting up virtual work platforms, and this has created a demand for software as a service in companies to ensure work continuity.  Additionally, B-a-a-S has also emerged as an ideal solution to cater to demand for small and medium-sized enterprises (SMEs). SME’s are using this service to safeguard their digital entities and authenticate human identities, increasing demand for B-a-a-S products. The aforementioned factors are expected to fuel the market growth during the forecast period.

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Companies Profiled in Blockchain Market:

  • Accenture PLC (Dublin, Ireland)
  • Amazon Web Services, Inc. (Washington, U.S.)
  • Applied Blockchain Ltd. (London,U.K.)
  • IBM Corporation (New York, U.S.)
  • Intel Corporation (California, U.S.)
  • LeewayHeartz (California,U.S.)
  • Microsoft Corporation (Washington, U.S.)
  • Oracle Corporation (Texas,U.S.)
  • R3 (New York,U.S.)
  • Tata Consultancy Services Limited (Mumbai, India)

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 55.8%
2028 Value Projection USD 104.19 Billion
Base Year 2020
Blockchain Market Size in 2020 USD 3.06 Billion
Historical Data for 2017 to 2019
No. of Pages 160
Segments covered Component, Type, Applications, Deployment, Industry and Geography
Blockchain Market Growth Drivers Increasing Issues of Financial Data Safety to Drive Blockchain Market Growth
North America to Dominate Backed by Presence of Prominent Players
Key Players to Focus on New Application Launches to Strengthen their Market Prospects

COVID-19 Impact

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The COVID-19 pandemic acted as an accelerator for digital infrastructure. Owing to the pandemic almost all the sectors shifted towards digitalization to ensure their work continuity. The increasing adoption of cloud and internet of things devices has brought up security and privacy issues across all the verticals. Thus, demand for the technology has increased as it provides identity protection, transparency in supply chain operations, and protects health records. Thus with its increasing usage, companies are building up new platforms. For instance, in April 2020, the World Health Organization made a collaboration with IBM, Microsoft, Oracle to build a blockchain-based, distributed data platform, named MiPasa. This will help in detecting infection hotspots and virus carriers worldwide. Thus, blockchain market share is expected to increase during the forecast period.

To get the short-term and long-term impact of COVID-19 on the global blockchain market,

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What does the Report Provide?

The market report offers a comprehensive analysis of various factors such as the key drivers, and restraints that are likely to impact the revenue growth in upcoming years. The report also provides insights into different regions that are contributing to the global growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.

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Driving Factor 

Increasing Issues of Financial Data Safety to Drive Blockchain Market Growth 

The increasing issue of safety and privacy is forcing BFSI and IT companies to adopt digital ledger technology, as this will offer users financial data safety. With its features of cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification, and credit reporting, the technology demand is growing and this is expected to drive the blockchain market growth in upcoming years. For instance, In June 2021, major banks of India such as the State bank of India (SBI), HDFC, ICICI Bank, and others made collaboration with Indian Bank’s blockchain infrastructure company private limited (IBBIC) to secure transactions, reduce transaction processing time and speed up the process of letter s of credit.

Market Segmentation:

By component, the market is divided into platform/solution and blockchain as a service. By type, it is segmented into the public blockchain, private blockchain, and consortium blockchain. By applications, it is segmented into digital identity payments, smart contracts, supply chain management, and others. By deployment, it is divided into proof of concept, pilot, and production. By Industry, it is segmented into BFSI, energy & utilities, government, healthcare, and life sciences, manufacturing, telecom, media & entertainment, retail & consumer goods, travel and transportation, and others.

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Based on industry, the BFSI segment held a blockchain market share of 31.4% in 2020. This is attributable to the increasing investments and adoption of ledger technology by banks and financial service providers.  

Lastly, in terms of geography, the blockchain market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

By Component

  • Platform/Solution
  • Blockchain as a service

By Type

  • Public blockchain
  • Private blockchain

By Applications

  • Digital Identity Payments
  • Smart Contracts

By Deployment

  • Proof of Concept
  • Pilot
  • Production

By Industry

  • BFSI
  • Energy & Utilities
  • Government
  • Healthcare and Life Sciences
  • Manufacturing

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Regional Insights

North America to Dominate Backed by Presence of Prominent Players

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North America is expected to remain at the forefront and hold the largest position in the blockchain market during the forecast period owing to the presence of key market players such as IBM Corporation, Microsoft Corporation, Oracle Corporation, AWS, Digital Asset Holdings, and others in the region. The region’s market stood at USD 1.44 billion in 2020.

Europe is expected to showcase significant blockchain market share in upcoming years because governments and private businesses of the European regions such as France, Germany, Italy, Spain, Luxembourg, the Netherlands, and others are heavily investing in digital currencies and data mining. This is expected to fuel the region’s market demand in upcoming years. 

Competitive Landscape

Key Players to Focus on New Application Launches to Strengthen their Market Prospects

The blockchain market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:

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  • October 2020: Tata Consultancy Service announced the launch of Blockchain Quality Engineering service applications. This service works by combining smart contracting auditing with API audits, cloud deployment design, and usability testing to offer safety to organizations from any kind of privacy threats.

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Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Blockchain Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
  • Global Blockchain Market Key Players, Industry Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments in Blockchain Market
  • Annexure / Appendix
    • Global Blockchain Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Component(USD)
        • Platform/Solution
        • Blockchain as a service
      • By Type(USD)
        • Public blockchain
        • Private blockchain
        • Consortium blockchain
      • By Applications(USD)
        • Digital Identity
        • Payments
        • Smart Contracts
        • Supply Chain Management
        • Others
      • By Deployment(USD)
        • Proof of Concept
        • Pilot
        • Production
      • By Industry (USD)
        • BFSI
        • Energy & Utilities
        • Government
        • Healthcare and Life Sciences
        • Manufacturing
        • Telecom, Media & Entertainment
        • Retail & Consumer Goods
        • Travel and Transportation
        • Others
      • By Region(USD)
        • North America
        • Europe
        • Asia Pacific
        • Middle East & Africa
        • Latin America
    • North America Blockchain Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Component(USD)
        • Platform/Solution
        • Blockchain as a service
      • By Type(USD)
        • Public blockchain
        • Private blockchain
        • Consortium blockchain
      • By Applications(USD)
        • Digital Identity
        • Payments
        • Smart Contracts
        • Supply Chain Management
        • Others

TOC Continued…!

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Have a Look at Related Research Insights:

Cryptocurrency Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software), By Type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, and Others), By End-Use (Trading, E-commerce and Retail, Peer-to-Peer Payment, and Remittance), and Regional Forecast, 2021-2028

Artificial Intelligence (AI) Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), By Deployment (Cloud, On-premises), By Industry (Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others), and Regional Forecast, 2021-2028

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Natural Language Processing (NLP) Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud, Hybrid), By Enterprise Size (SMEs, and Large Enterprises), By Technology (Interactive Voice Response (IVR), Optical Character Recognition (OCR), Text Analytics, Speech Analytics, Classification and Categorization), By Industry Vertical (Healthcare, Retail, High Tech, and Telecom, BFSI) and Regional Forecast, 2021-2028

Video On Demand Market Size, Share & COVID-19 Impact Analysis, By Revenue Model (Subscription Video on Demand (SVoD), Transactional Video On Demand (TVoD), Advertisement Based Video On Demand (AVOD)), Content Type (Sports, Music, TV Entertainment, Kids, Movies, and Others), and Regional Forecast, 2020-2027

3D Printing Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Technology (FDM, SLS, SLA, DMLS/SLM, Poly jet, Multi Jet Fusion, DLP, Binder Jetting, EBM, CLIP/CDLP, SDL, LOM), By Application (Prototyping, Production, Proof of Concept, Others), By End User (Automotive, Aerospace, and Defense, Healthcare, Architecture and Construction, Consumer Products, Education, Others) and Regional Forecast, 2021-2028

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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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BANGALORE, India, Oct. 7, 2024 /PRNewswire/ — Dark Fiber Market is Segmented by Type (Single-Mode, Multi-Mode), by Application (Telecom, Oil & Gas, BFSI, Military & Defense, Medical, Railway, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.

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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Major Factors Driving the Growth of Insect Dark Fiber Market:
The dark fiber market is experiencing robust growth due to the increasing demand for high-speed internet, data transfer, and secure communication infrastructure across various industries. Dark fiber refers to unused fiber-optic cables that are available for lease or purchase, allowing enterprises and service providers to establish private networks with dedicated bandwidth. The surge in data consumption, driven by cloud computing, 5G deployment, data centers, and IoT, has intensified the need for scalable and high-capacity networks, which dark fiber can provide. Additionally, sectors like telecom, IT, and healthcare are adopting dark fiber solutions to ensure better connectivity, network control, and security.
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TRENDS INFLUENCING THE GROWTH OF THE DARK FIBER MARKET
Single-mode fiber plays a crucial role in driving the growth of the dark fiber market due to its ability to support long-distance communication with minimal signal degradation. This fiber type offers high bandwidth and superior performance, making it ideal for telecommunication companies and data centers that require efficient transmission over extensive networks. The rapid increase in data consumption, driven by emerging technologies like 5G, cloud computing, and IoT, has intensified the demand for single-mode fiber. Its cost-effectiveness for long-haul applications further enhances its adoption, as it allows for higher transmission speeds and capacities over longer distances, making it a preferred choice for large-scale network expansion projects.
Multi-mode fiber is a key driver in the dark fiber market due to its efficiency in short-distance data transmission. Multi-mode fibers are particularly effective for data centers and intra-building communication networks where the focus is on high-speed connections over shorter distances. The demand for electric dark fiber, especially in urban infrastructure and renewable energy projects, has surged as these sectors require reliable, high-capacity data transfer solutions. Multi-mode fiber’s cost-effective installation and maintenance, along with its ability to handle high bandwidth over shorter distances, contribute significantly to the market’s growth, providing a reliable infrastructure for electric utilities and smart grid projects.
Telecom is one of the most significant sectors driving the growth of the dark fiber market due to the increasing demand for high-speed internet, large-scale network deployments, and seamless communication infrastructure. The rapid expansion of 5G networks, the need for backhaul connections, and the proliferation of data-intensive applications have all contributed to the growing adoption of dark fiber in the telecom industry. Telecom providers are leveraging dark fiber to reduce latency, enhance scalability, and increase network efficiency, which are critical for delivering enhanced customer experiences and supporting emerging digital services. As telecom networks continue to expand globally, the demand for dark fiber infrastructure is expected to rise.
One of the primary factors driving the growth of the dark fiber market is the exponential surge in global data consumption. With the widespread use of smartphones, connected devices, and the internet, data traffic has increased significantly. Streaming services, online gaming, video conferencing, and cloud computing are all fueling this growth. Dark fiber infrastructure is essential to accommodate this massive data flow, offering the bandwidth and capacity required to support such intensive usage. As businesses and consumers continue to generate more data, service providers rely on dark fiber networks to ensure faster, more reliable connections and to meet the growing demands for data transmission.
The growing adoption of cloud services by enterprises is another critical factor contributing to the growth of the dark fiber market. As businesses migrate their operations and data storage to the cloud, there is an increased need for high-speed, low-latency networks that can handle large volumes of data transmission. Dark fiber provides the necessary infrastructure for private, scalable, and secure network connectivity to the cloud. Enterprises across various industries, including healthcare, finance, and retail, are leveraging dark fiber to ensure seamless access to cloud applications, thus driving market growth. The continued shift toward cloud computing will likely increase demand for dark fiber solutions.
The rapid expansion of data centers worldwide is significantly boosting the dark fiber market. Data centers serve as critical hubs for storing and managing vast amounts of information. To ensure smooth operation, data centers require high-capacity, reliable, and secure fiber-optic networks. Dark fiber networks provide data centers with dedicated, high-performance connectivity, allowing them to scale their operations efficiently. The growth of edge computing and the need for real-time data processing have further intensified the demand for dark fiber connections in data centers. As the number of data centers grows, particularly in emerging markets, the need for dark fiber infrastructure will continue to rise.
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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™

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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™.

Browse in-depth TOC on “AI Governance Market”
350 – Tables 50 – Figures450 – Pages
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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).
Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting
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ModelOps Market- Global Forecast to 2029
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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.
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Artificial Intelligence

Access Control as a Service (ACaaS) Market worth $3.06 billion by 2029 – Exclusive Report by MarketsandMarkets™

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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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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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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
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