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Physical Security Information Management Market Analysis and Forecast 2020: BY Keyplayers Mer, Inc., AxxonSoft, NEC Corporation, Genetec, Inc., CNL Software Ltd., Milestone Systems A/S, VidSys, Inc., S2 Security Corporation, Tyco International Ltd. (Proxi

07-31-2020 10:54 AM CET | Industry, Real Estate & Construction

Press release from: Coherent Market Insights

Physical Security Information Management

Physical Security Information Management

Market Overview

Physical security information management (PSIM) is a type of software that provides platforms and applications created by middleware developers. It is designed to incorporate several unconnected security applications and devices and control them through one robust user interface. The government of various countries and defense sector is implementing PSIM solutions, in order to lay emphasis on crime reduction, desire to attain centralized control for safety and management of security incidents, and rising need to secure cities. PSIM offers improved operational efficiency, lower response time for management of security events, and quicker threat detection. Transpiration and logistics industry is predominantly adopting PSIM, in order to secure and monitor transportation activities. Moreover, PSIM systems are deployed at airports to provide protection for duty-free areas and important infrastructure.

The global Physical Security Information Management Market was accounted for US$ 1,626.3 Mn in terms of value in 2019 and is expected to grow at CAGR of 18.7% for the period 2019-2027.

Competitive Section

Key players operating in the global physical security information management market area Mer, Inc., AxxonSoft, NEC Corporation, Genetec, Inc., CNL Software Ltd., Milestone Systems A/S, VidSys, Inc., S2 Security Corporation, Tyco International Ltd. (Proximex Corporation), videoNEXT Federal, Inc., NICE Systems Ltd., and Intergraph Corporation.

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Market Dynamics- Drivers

1. Rising demand for centralized security systems is expected to drive growth of the global physical security information management market during the forecast period

Increasing incidences of security breaches have increased the demand for enhanced and effective operational control over disparate physical security systems. Many large organizations are deploying complex security systems due to a lack of communication with other systems. Furthermore, many organizations are focused on the development of centralized security, in order to achieve consistent levels of security, accessibility across all sites, and enhanced remote monitoring. For instance, in July 2016, the City of Cleveland, Ohio, the U.S. deployed converged security and information management software developed by Vidsys, Inc. based in Vienna, Virginia, the U.S. to secure the city during the Republican National Convention event. This security management platform would enable the city to create a video database for real-time updates across multiple locations.  

2. High adoption of PSIM across emerging economies is expected to propel the global physical security information management market growth over the forecast period
Many emerging economies are adopting PSIM solutions, owing to rising demand for enhanced security systems to minimize vulnerabilities and efficiently identify and rectify intrusions. Moreover, this demand is increasing due to a rise in hybrid cyber/physical threats faced by organizations. Thus, these factors are expected to support the global physical security information management market growth over the forecast period.
North America region dominated the global Physical Security Information Management Market in 2019, accounting for 34.0% share in terms of value, followed by Europe, Asia Pacific, Middle East and Africa and Latin America.

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Market Opportunities

1. Integration of PSIM with the Internet of Things (IoT) can provide major business opportunities
Internet of Things (IoT) is an evolving and cutting-edge technology that helps to send and receive data from internet-enabled devices. Integrating PSIM with IoT presents lucrative opportunities to extend solution and service offerings and develop enhanced security solutions. Moreover, integration of IoT with PSIM would offer advanced connectivity to disparate security systems such as sensors video surveillance cameras, access control systems, and other security systems such as alarm systems, and deliver enhanced security management platforms.

2. Use of AI to boost surveillance can present lucrative growth opportunities in the near future
Artificial intelligence is another evolving technology that can open new avenues for solutions providers. AI can be used to enhance surveillance process, thereby improving overall security and reduce breaches. Furthermore, AI can reduce cost required for deployment of PSIM solutions as well as human errors.

Market Trends

1. Growing focus on empowering security personnel can offer major growth opportunities
Situational awareness and situation management are major focus areas of organizations. Many enterprises are providing high-quality performance in security applications. Moreover, provision of mobile and centralized applications have enabled organizations to deliver an effective method for security personnel and field employees to handle situations and incident with organizations’ best practices.

2. Increasing emphasis on safe city projects
Many city governments across the globe are focused on adopting PSIM solutions for high-security applications namely safe city programs and critical infrastructure protection. Moreover, emphasis on the development of smart cities in emerging economies is increasing. Similarly, city administrations, governments, and the defense sector are investing and deploying centralized security systems namely PSIM for efficient management of security incidents and response management to these situations. For instance, New York City’s Department of Information Technology and Telecommunications (DoITT) has integrated its Emergency Communications Transformation Program (ECTP) with PSIM solutions for enhanced public safety call recording and incident management.

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Regulations

Europe

• Europe has critical infrastructure protection policies and critical information infrastructure policies to enhance the operational focus on security-related concerns

• In Europe, a number of initiatives are developed for addressing security of public electronic communication networks and services. Moreover, European Programme for Critical Infrastructure Protection (EPCIP) has been developed for effective implementation of security policies.

Value Chain Analysis

The PSIM ecosystem is mainly divided into three models: vendors, system integrators, and end-users

• Vendors:
◦ Some of the vendors are delivering complete PSIM solutions and services, including customized and off-the-shelf (COTS) products to the industries. These vendors include standalone PSIM solution and service providers, PSIM integration providers and third-party solution providers. Standalone PSIM vendors provide complete services and solutions from requirement gathering to the maintenance of PSIM systems after deployment. Moreover, the integration of existing security systems such as access control, sensors, video management systems and others with PSIM systems is implemented by these vendors. Many PSIM vendors partner with system integrators to deliver best-fit solutions to the businesses. Thus, PSIM vendors can deliver their solution to the businesses through system integrators or third-party vendors or directly to the customers.

• System Integration:
◦ System integrators are trusted advisors in this value chain who have expertise in security sub-systems. System integrators delivers the required PSIM solutions to the customers directly or from vendors to the businesses. System integrators analyze the existing system environment to identify the integration requirements and evaluate security operations to identify strategic plans, procedures, and security policies for the deployment of complete situation management solutions. System integrators or third-party vendors deploy PSIM solutions from vendors to their customers. Similarly, system integrators can further take solutions from other system integrators or third-party vendors for the deployment of PSIM.

• Application/ End-users:
◦ For deployment, end-users analyze the security requirements for new solutions or integrated solutions for their existing systems, and implement PSIM solutions by contacting PSIM vendors directly or through system integrators or third-party vendors

Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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