Your VMware AirWatch Cloud Connector deployment has a different configuration depending on whether you are deploying the ACC on-premises or in SaaS model.
ACC On-Premises Deployment Model
In an on-premises deployment model, the VMware AirWatch Cloud Connector resides in your internal network and communicates with AWCM, which typically is installed on the device services server.
ACC SaaS Deployment Model
In a SaaS deployment model, the VMware AirWatch Cloud Connector resides in your internal network and integrates with your internal systems, allowing AirWatch to leverage them for various functionality (e.g. certificates, directory services).