As cited by the research report titled ‘Global Access Control as a Service Market Size study, by Service (Hosted, Managed, Hybrid) by Deployment (Public Cloud, Private Cloud, Hybrid Cloud) by End-Use (Commercial, Manufacturing & Industrial, Government Bodies, Residential, Transportation, Healthcare, Education, Utilities, Retail) and Regional Forecasts 2021-2027’, available with Market Study Report, global access control as a service market was worth USD 11.17 billion in 2020 and is projected to grow with a healthy CAGR of 8.7% to accumulate USD 20.02 billion over 2021-2027.
 

Increasing development as well as widespread acceptance of technologically advanced security solutions is the major factor driving global access control as a service market growth. Lucrative opportunities across an array of verticals, including advertising, healthcare, and utilities, will further augment the industry share.  
 

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For the record, access control as a service is completely cloud-based solution designed for authorization and verification of identity, thus enhancing physical security, business operations as well as end-user interactions across a network. The solution lets users access various services and web applications from any location.
 

Speaking of the negatives, slow acceptance of access control as a service as well as security concerns arising from third-party access control as a service are likely to hinder the market progression over the projected timeline.
 

Based on service, global access control as a service industry is segmented into hosted, managed, and hybrid. Among these, hosted services segment is poised to expand at 20.2 % CAGR over the estimated timeline, as they provide a secure communication to the end customer. Moreover, hybrid segment is gaining popularity as these data centers provide organizations with scalability, flexibility, micro space, and data security.
 

Speaking of deployment, the marketplace is divided into public cloud, private cloud, and hybrid cloud. While the end-use spectrum includes commercial, manufacturing & industrial, transportation, residential, healthcare, utilities, education, retail, government bodies, and others.
 

Geographically, North America is leading the market forecast currently and is poised to showcase lucrative growth trends over the estimated timeline, on account of increased end-user acceptance of electronic security goods, and availability of technologically apt security solutions.
 

Meanwhile, Europe is likely to account for a massive revenue share over the projected timeframe, owing to increased adoption rate of access control as a service. Likewise, Asia Pacific market is expected to garner notable returns by 2027, due to growing IT sector, and international investment in IT in the developing countries.
 

Prominent players influencing the worldwide access control as a service industry trends are Tyco Integrated Security LLC, Microsoft Corporation, Honeywell International Inc., Gemalto, Datawatch Systems Inc., Cloudastructure Inc., Cisco Systems Inc., Assa Abloy AB, Centrify Corporation, and Brivo Inc.