Access Control as a Service Market hold the largest share of ~58% in North America

The market growth in this region is at peak due to the strong presence of key ACaaS ecosystem players such as Honeywell International Inc., Identiv, Inc., Kastle Systems, AMAG Technology, Inc., Brivo Inc., and Cloudastructure, Inc. In North America, 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. This provides them with a greater competitive advantage to increase their share in the ACaaS market in the region. The market growth in this region is attributed to the increasing constructions and demand for security products across the region.

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The access control as a service companies such as Johnson Controls (Ireland), Honeywell Security (US), Thales (France), Assa ABLOY AB (Sweden), and dormakaba Holding AG (Switzerland) Identiv, Inc. (US), Kastle Systems (US), AMAG Technology, Inc. (US), Brivo Inc. (US), Cloudastructure Inc. (US) are some of the key players in the access control as a service market.

By service type, hybrid service segment is expected to grow with the second highest CAGR during the forecast period

The hybrid service segment is anticipated to record the second highest CAGR of 17.3% during the forecast period. In this model, the permissions are not associated directly to the attributes or the roles. These attributes are adopted for authentication purposes and assigning the roles to users according to attributes provided by the user through dynamic role assignment. Hybrid access controls service helps to improve threat visibility and help swiftly respond to attacks is an effective way to minimize cyber security risk and ensure compliance with the latest regulations and standards.

By cloud deployment model, CHP plant segment is expected to grow with the highest CAGR during the forecast period

The private cloud segment of the ACaaS market is expected to grow at the second highest CAGR of 15.4% during the forecast period. Public clouds are the most common type of cloud computing deployment. With a public cloud, all hardware, software, and other supporting infrastructure are owned and managed by the cloud provider. The public cloud makes it possible for anybody to access systems and services. The public cloud may be less secure as it is open for everyone. The public cloud is one in which cloud infrastructure services are provided over the internet to the general people or major industry groups. It is a type of cloud hosting that allows customers and users to easily access systems and services.  

By vertical, retail segment is expected to grow with the second highest CAGR during the forecast period

The retail segment is expected to witness the highest CAGR of 18.0% during the forecast period. In retail sector, it is crucial to ensure workplace safety, prevent business interruption, and avoid financial loss. The number of retail stores and malls in urban areas has increased drastically over the last few years. Investing in access control as a service to meet the security needs provides numerous long-term benefits, such as a reduction in retail losses, maximization of store profits, and, most importantly, curtailment of threats. Retail shops and malls are more prone to security risks, such as theft and inventory loss, compared to other business properties or facilities.