Access Control As A Service Market Expected to Reach $2.6 Billion by 2026

The Rising Adoption of Bringing Your Own Device (BYOD) in IT Enterprises, Concerns Regarding Security Are Some of the Major Factors Driving the Growth of Access Control as a Service Market

Hyderabad, India – July 24, 2021 /MarketersMedia/ —

Access Control as a Service Market is expected to reach $2.6 billion by 2026 at a CAGR of 15.1% during the forecast period 2020-2025. Owing to adoption of “bring your own device “(BYOD) in IT enterprises, concerns regarding security has attributed to the growth of access control as a service market. Additionally, increasing use of cloud computing platforms along with the adoption of IoT is fueling the market growth. In addition technological shift from traditional systems to the advanced security system and an increase in the use of personal devices by the employees of an organization is the primary factors are driving the growth of the medium access control market.

Access Control as a Service Market Segment Analysis – By Service

Hosted Services is expected to grow at highest CAGR of 18.7% in the forecast period through 2026 as this service offers higher level of security to the end user. The Hosted Access control system is a managed and hosted service that links multiple employees, points of entry and locations to a centralized hosting and monitoring centre.

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Access Control as a Service Market Segment Analysis – By Deployment

Hybrid cloud is growing at a CAGR of 21.4% in the forecast period owing to the increased Hybrid cloud platform that has been gaining popularity as it not only offers flexibility, scalability, and multi-cloud space, but also provides security assurance to organizations. In addition, the step toward hybrid cloud makes the integrity of data and services a major priority for organizations. Therefore, it is significant to get the right combination of access control as-a-service offerings to confirm the constant availability of data that can be coordinated across multiple platforms.

Access Control as a Service Market Segment Analysis – By Geography

North America dominated the market by a market share of more than 35.4% in 2020, owing to the presence of developed economies such as U.S and Canada. Increasing adoption of electronic security products among end users, coupled with availability of advanced technological security solutions are factors propelling growth of the target market in this region. Similarly, with the consumerization of IT, the region has widely adopted the practice of BYOD that allows employees to bring their own computing devices such as smartphones, laptops to the workplace for use and connectivity on the corporate network. Such practices have the potential to lead into cyber-attacks such as malware infiltration, man-in-the-middle attack.

Access Control as a Service Market Drivers

Increase in adoption of cloud-based services among SMEs

SMEs are continuously focusing on streamlining their business models for achieving business efficiency. The SMEs across verticals do not have stringent security measures for safeguarding their data, networks, endpoints, and applications. Cyber-attackers widely target them. These enterprises still do not have advanced cybersecurity solutions to combat the evolving threat landscape. Sophisticated cyber-attacks bypass traditional security systems easily.

Rising Security Concerns

The rising adoption of bringing your own device (BYOD) in IT enterprises, concerns regarding security are some of the major factors driving the growth of access control as a service market. Additionally, an increase in the usage of cloud computing platforms, along with the acceptance of IoT, is anticipated to boost the access control as a service market growth in the forecast period 2021-2026.

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Access Control as a Service Market Challenges

Availability of free Access Control Services

Cloud service providers offer security as a service to organizations for managing their infrastructure growth and resources, cutting costs, and delivering services quickly and efficiently. A wide range of cloud services offered by various vendors at discount prices and sometimes as bundled services for free.

Access Control as a Service Market Landscape

In 2019, the market of Access Control as a Service industry outlook has been fragmented by several companies. Access Control As A Service top 10 companies include ADS Security, AIT Ltd., ASSA Abloy AB, Brivo Inc., Centrify Corporation, Cloudastructure Inc., Dorma+Kaba Holding AG, Gemalto NV, Honeywell Security, Kisi Inc. among others.

Acquisitions/Technology Launches

In May 2021 American Alarm and Communications announced it had completed the acquisition of Phoenix Security Systems Inc. of Wilmington, MA, which provided security, access control, fire alarm, and video surveillance systems and services for more than 800 businesses and homes, primarily in the metropolitan Boston and south shore areas of Massachusetts.
In May 2019, Morphean SA has entered a technology partnership with Simons Voss to utilise Simons Voss digital access control system.

Key Takeaways

Increasing adoption of electronic security products among end users, coupled with availability of advanced technological security solutions are factors propelling the growth of the target market in North America.

Hosted Services are growing at a highest CAGR of 18.8% in the forecast period as this service offers higher level of security to the end user.

Hybrid cloud platform has been gaining popularity as it not only offers flexibility, scalability, and multi-cloud space, but also provides security assurance to organizations. In addition, the step toward hybrid cloud makes the integrity of data and services a major priority for organizations.

Access Control As A Service top 10 companies include ADS Security, AIT Ltd., ASSA Abloy AB, Brivo Inc., Centrify Corporation, Cloudastructure Inc., Dorma+Kaba Holding AG, Gemalto NV, Honeywell Security, Kisi Inc. among others

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