Physical Security Information Management Market Estimated to Grow At CAGR of 14.56% during 2023-2028

IMARC Group, a leading market research company, has recently releases report titled "Physical Security Information Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global physical security information management market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Physical Security Information Management Market?

The global physical security information management market size reached US$ 1,189.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,779.7 Million by 2028, exhibiting a growth rate (CAGR) of 14.56% during 2023-2028.

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What are Physical Security Information Management?

Physical security information management (PSIM) is a type of software that integrates multiple unconnected security applications and devices and controls them through one comprehensive user interface. It collects and correlates events from existing disparate security devices and information systems, such as video, access control, sensors, analytics, networks, and building systems, to identify and proactively resolve situations. It also allows the use of open technologies and provides numerous organizational benefits, including automation, unification of control, and improved situational awareness. It aids in connecting systems at a data level as compared to other physical security systems, which interface with a limited number of products. It also helps lower risks, increase security, faster response to situations, better compliance with policies, and minimize operational costs. As a result, PSIM is employed to manage security and business-related emergencies in real-time across industries effectively.

What are the growth prospects and trends in the physical security information management industry?

At present, the rising demand for increased control, management reporting, and surveillance to mitigate criminal activities and terrorist attacks represents one of the key factors positively influencing the market across the globe. In addition, the increasing adoption of PSIM solutions in various industries, such as healthcare, transportation, and government, is strengthening the market growth. In line with this, PSIM systems are highly scalable, which allows organizations to expand their security operations as PSIM systems can easily integrate new security systems into the platform without the need for significant changes in the existing infrastructure.

Apart from this, increasing investments in the development of smart cities and integration of PSIM with other systems, such as building automation, fire alarms, and access control, are fueling the growth of the market. Additionally, the increasing adoption of the internet of things (IoT) is catalyzing the demand for cloud-based PSIM solutions. Besides this, governments of various countries are mandating the implementation of PSIM solutions in critical infrastructure and public places, which, in turn, is offering lucrative growth opportunities to key market players for expanding their portfolios.

Moreover, the increasing adoption of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), into PSIM systems for providing intelligent insights into security operations, identifying potential security threats, and predicting security incidents is bolstering the market growth.

Furthermore, educational institutions are increasingly relying on digital technologies to collect and maintain confidential information about students, staff, courses, programs, facilities, and fiscal activities, which is increasing the demand for PSIM software for advanced situational awareness and stimulating the market growth.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:
• Solution
• Services

Breakup by Deployment Mode:
• On-premises
• Cloud-based

Breakup by End Use Industry:
• BFSI
• Transportation and Logistics
• Government and Defense
• Retail
• Energy and Utilities
• Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Who are the key players operating in the industry?

The report covers the major market players including:

Advancis Software & Services GmbH, AxxonSoft, easypsim AG, ela-soft GmbH (Gretsch-Unitas GmbH), Everbridge Inc., Genetec Inc., Hexagon AB, Johnson Controls International PLC, Milestone Systems A/S (Canon Inc.), OCTOPUS Systems, Prysm Software, Qognify Inc. and Verint Systems Inc.

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