Access Control as a Service Market Size, Industrial Growth & Trends, Analysis

The access control as a service market was valued at USD 0.9 billion in 2021 and is projected to reach USD 2.2 billion by 2027, registering a CAGR of 16.4% during the forecast period. Growing number of smart infrastructure drives adoption & deployment of Access Control Services and Rising adoption of IoT-based security systems with cloud computing platforms are among the factors driving the growth of the access control as a service industry.

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Market Dynamics:

Driver: Increased adoption of IoT-based security systems and cloud computing platforms

Cloud computing technology analyzes and stores data efficiently. This computing technology has servers that are connected to cloud platforms. This enables sharing of resources, which can be accessed at any place and time using the internet. Cloud Computing is an essential part of IoT which analyzes information obtained from the sensors, increases processing power, unites the servers, and provides good storage capacity. Cloud computing is integrated with smart objects which use many sensors and helps IoT for large-scale development. IoT depends on cloud computing and both computing technologies face security threats.

Restraint: Security and privacy concerns related to unauthorized access and data breach in access control environment

An inadequate access control causes intruders to gain unauthorized access to organizational data. Intruder breaching can be attributed directly to a lack of proper access control service. This breaching can be a cause of poor monitoring of the admin privileges within an organization. Also, the third-party applications used inside the organization can introduce vulnerabilities and security breaches. An attacker can easily utilize these loopholes to breach critical organizational data. In most industries, physical and logical security are separate departments as their requirements and approaches are different. An access control service is always prone to threats from anyone with an intention to breach either physical or logical security. Even in the case of integrated IT and security systems, cyberattacks are common. Moreover, ACaaS being a completely cloud-based solution is prone to data breaches and cyberattacks. Any security concern, such as data breach and unauthorized access to resources, can lead to significant monetary and reputational losses. Weak authentication and abuse of access authority are the major reasons behind data breaches in ACaaS.

Opportunity: Adoption of ACaaS as a cost-effective and flexible solution

Access control as a service enhances end-user privacy, eliminates the need for developing complex implementation protocols, and offers data owners flexibility to switch among cloud providers or use multiple cloud providers concurrently. It relieves cloud providers from the burden of implementing complex security solutions and enables enterprises to deploy their specific access control mechanisms. Various organizations have adopted cloud-based ACaaS as there is an increase in businesses, staff, and devices. The shift from full security systems to cloud-based ACaaS has been highly successful for many organizations. According to a recent study published in January 2021 by Cynet, the cloud is the number one preferred security technology deployment strategy.

Challenge: Availability of free Access Control Services

Cloud service providers offer security as a service to organizations for managing their infrastructure and resources, helping them in cutting costs, and delivering services quickly and efficiently. A wide range of cloud services are offered by various vendors at discount prices and sometimes as bundled services for free. Additionally, free access control services are open to risks such as account or service hijacking, data loss or theft, insecure interfaces & APIs, and technology vulnerabilities, especially in shared environments. Owing to this, the availability of free access control services hampers the growth rate in 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.