Physical Security Information Management Market will expand at a remarkable 18.7% CAGR

Global Physical Security Information Management Market: Scope of the Report

This report provides an analysis of the global physical security information management (PSIM) market for the period from 2014 to 2024, wherein the period from 2016 to 2024 comprises the forecast period and 2015 is the base year. Data for 2014 is provided as historical information. The report covers all the prominent trends and technologies playing a major role in the growth of the PSIM market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during this period. The study provides a holistic perspective of the growth of the PSIM market throughout the forecast period in terms of revenue estimates (in US$ Mn), across Asia Pacific (APAC), South America, North America, Europe, and Middle East & Africa (MEA). The report provides analysis of the global PSIM market in terms of market estimates and forecasts for all the segments across different geographic regions.

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Global Physical Security Information Management Market: Overview

PSIM software allows user to monitor and improve real-time visibility of security applications within the organization, and helps to manage and control field situation through software interface. PSIM software enables users to enhance the situational awareness by providing incident verification, incident resolution, event analysis, incident reporting, and other features such as incident audit trail and information collection. The increasing development of smart city projects across the world, and rising demand for security solutions for safe cities are mainly driving the PSIM market. The rising cyber/physical security threats in emerging economies has led to the increasing implementation of PSIM software and services. In addition, the strong demand for centralized control over the disparate security systems is anticipated to contribute in the growth of global PSIM market. Furthermore, businesses are focusing on improvement of situational awareness and incident management to manage incidents/situations in real-time.

Moreover, companies are delivering PSIM security platforms to create real-time updates across the multiple locations to improve the security performance. The growing demand for wireless and remote accessibility provided by the PSIM system and changing security requirements across the industries are leading to the increasing adoption of customized cloud-based PSIM software. In addition, at present industries are improving situational awareness through the deployment of PSIM solutions in order to provide fast response to the incidents and in event management. Among the other sectors, PSIM solutions are being deployed in educational institutions, religious buildings, and stadiums to build customized integrated security systems as per the security requirements of the site/infrastructure. The increasing developments in internet of things (IoT) technology is expected to offer opportunities for PSIM market. The integration of IoT with PSIM solutions would provide additional services such as visualized services platform to enhance the performance of PSIM solutions across the security applications.

Global Physical Security Information Management Market: Segmentation

Based on component, PSIM market is categorized into software, and services. Software PSIM market is further categorized into off-the shelf and customized. Whereas, service PSIM market is segmented into installation /system integration, operation & maintenance, and consulting & training. On the basis of end-user, PSIM market is segmented into telecom and IT, residential, banking financial services and insurance (BFSI), transportation and logistics, retail, government and defense sector, energy & utility, hospitality, industrial manufacturing, health care, and others.

Global Physical Security Information Management Market: Competitive Dynamics

The report also includes competitive profiling of the key players associated with the PSIM market. The important business strategies adopted by them, their market positioning, and recent developments have also been identified in the research report. The growing deployment of PSIM software and services has led to the strong presence of PSIM vendors across the world. The key players in PSIM market include NEC Corporation, CNL Software Ltd., VidSys, Inc., NICE Systems Ltd., Tyco International Ltd. (Proximex Corporation), Mer, Inc., Intergraph Corporation, videoNEXT Federal, Inc., Milestone Systems A/S, Genetec, Inc., S2 Security Corporation, and AxxonSoft.

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