Physical Security Information Management (PSIM) Market Size, Growth Insights, Opportunities, Business Forecast To 2027

Precision Business Insights published a research report on "Physical Security Information Management (PSIM) Market: By Deployment (On-premise and Cloud), By Solution (Software and Service), By End User (Banking, Financial Services and Insurance (BFSI), Transportation and Logistics, Government and Defense, Industrial Manufacturing, Healthcare, IT and Telecom, Energy and Utility and Other End Users) - Global/Region/Country Forecast to 2028".

PSIM (physical security information management) is software that works with security applications and information devices to provide reliable security and control. Access control, fire and safety, perimeter intrusion protection, GIS mapping, closed-circuit television camera (CCTV), telephone, radio networks, and command and control systems are all included. It improves security operations' efficiency and efficacy by allowing staff to detect and respond to emergencies in real time. As a result, businesses all over the world are turning to PSIM solutions to ensure safety and security of their assets and staff.

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The demand for improved and effective operational control over heterogeneous physical security systems has grown as the number of security breaches has increased. Due to a lack of connection with other systems, many large firms are installing complicated security solutions. Furthermore, many businesses are concentrating on the creation of centralised security in order to achieve consistent levels of security, accessibility across all sites, and improved remote monitoring. For example, in July 2016, the city of Cleveland, Ohio, in the United States, used Vidsys, Inc.'s convergent security and information management software, developed in Vienna, Virginia, in the United States, to secure the city during Republican National Convention. The city would be able to construct a video database for real-time updates across numerous locations using this security management technology.

Based on product, the market is categorized into PSIM, PSIM+, and PSIM lite. Based on component, the market is classified into software and services. The software is further sub-divided into off the shelf as well as customized. The services are sub-divided into installation/ system integration, consulting and training and operation and maintenance. Based on deployment type, the market is categorized into cloud and on premise. Based on organization size, the market is divided into large organization as well as small and medium organization. Based on vertical, the market is fragmented into banking, financial services, government and defense sector, and insurance, residential, commercial, transportation, healthcare, utility and energy, hospitality, manufacturing, retail, and others.

North America held a significant portion of the worldwide physical security information management market, accounting for 36% of the total. The increasing use of physical security information management software among numerous industries in this region is a key growth factor. Furthermore, because North America has a large number of known physical security information management system vendors, the software is more widely used in this region. In the future, these factors are expected to drive the physical security information management market in North America.

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Some of the major key players in the Physical Security Information Management (PSIM) Market are AxxonSoft Ltd, CNL Software Ltd, Genetec, Intergraph Corporation, Mer Inc, Milestone Systems A/S

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