Security-as-a-Service market estimated to be worth $1.5 billion by 2020

Security-as-a-Service has been a hot topic lately as more and more organizations are realizing the benefits of outsourcing software and hardware maintenance from companies who can offer it on a month-to-month basis or with an annual fee, both of which are much more affordable to most organizations than traditional security software and hardware that is sold with a perpetual license and/or a huge upfront cost.

Because of these and other increasing benefits, the Security-as-a-Service market is growing worldwide and is expected to generate revenue of approximately $1.5 billion by the year 2020, according to Technavio. 

What is Security-as-a-Service?

Security as a service (SECaaS) is a business model in which a large service provider integrates their security services into a corporate infrastructure on a subscription basis. The security features can include identity management, encryption, and access control, often taking advantage of the cost and flexibility benefits of the cloud. For the sake of this article, we want to focus on the access control side of SECaaS, since that is where the most innovation is currently taking place.

What is Access Control?

Access control is often used to regulate who or what can view or use resources in a work environment. There are two main types of access control: physical and software-based. Physical access control limits access to campuses, buildings, rooms and physical IT assets, whereas software-based access limits connections to computer networks, system files and data.

Access control systems perform authorization identification, authentication, access approval, and accountability of users through login credentials including passwords, biometric scans, personal identification numbers (PINs), and physical or electronic keys, fobs, or cards. 

Where is it headed?

Smart security companies like Noke are offering innovative access control solutions that remove the need for organizations to issue keys, re-key locks, or deal with audit trails when it comes to physical access. Organizations can now grant and revoke “virtual keys” via Bluetooth mobile devices and set customized access schedules. Users with a specific level of admin permission can even view detailed reports of entry days, times, and employee access.

Not only do systems like this offer an easier, more convenient solution, they also offer a substantially higher level of security than other access control systems, all while saving the company money. It’s expected that as enterprise security moves even further to the forefront of business user’s minds, a major transition will take place in SECaaS offerings to reflect Noke’s revolutionary method.