Physical Security Information Management (PSIM) Market Size, Share, Upcoming Trends, Business Growth And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Physical Security Information Management (PSIM) Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $3.16 billion In 2028 At A CAGR Of 16.1% :

The physical security information management (psim) market size has grown rapidly in recent years. It will grow from $1.48 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to security integration needs, increased security threats, regulatory compliance, critical infrastructure protection, operational efficiency.

The physical security information management (psim) market size is expected to see rapid growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to rising cybersecurity threats, iot and smart city initiatives, global urbanization trends, focus on incident response and resilience, enterprise risk management. Major trends in the forecast period include collaboration with third-party systems, cybersecurity measures for psim platforms, scalability and modular solutions, incident response automation, focus on user training and education.

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Physical Security Information Management (PSIM) Market Major Segments
The physical security information management (psim) market covered in this report is segmented -
1) By Type: Access Control Systems, Electronic Article Surveillance, Fire Detection Systems, Intrusion Detection Systems, Computer Aided Dispatch Systems, Other Types
2) By Deployment Mode: Cloud Based, On-Premises
3) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Energy And Utilities, Government And Defense, Transportation And Logistics, Retail, Other Industry Verticals

Key Driver - Rising Cybercrime Incidents Fueling The Growth Of The Physical Security Information Management (PSIM) Market

The increasing instances of cybercrime are expected to propel the growth of the physical security information management (PSIM) market going forward. Cybercrime refers to criminal activities such as credit card fraud, phishing, and infecting systems and networks that are conducted over the internet or through computer systems. Physical security information management (PSIM) helps to advance, safeguard these crucial networked systems, and prevent cybercrime to provide security solutions to customers. For instance, in 2022, according to the Federal Bureau of Investigation, a US-based domestic intelligence and security service, in the Internet crime report of 2022 for the year 2020, there were 791,790 cybercrime complaints registered with a $4.2 billion total loss. This number rose to 800,944 cybercrime complaints registered, with a $10.3 billion total loss for the year 2022. Therefore, the increasing instances of cybercrime are driving the growth of the physical security information management (PSIM) market.

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Prominent Trend - Integration Of IOT Advancements Transforming Physical Security Information Management (PSIM) Market

Advancements in the Internet of Things (IoT) are a key trend gaining popularity in the physical security information management (PSIM) market. Companies operating in the physical security information management (PSIM) market are adopting advancements in the Internet of Things (IoT) to sustain their position in the market. For instance, in March 2023, Advancis, a Germany-based innovative physical security information management (PSIM) company, launched WinGuard X5, a PSIM software, and Advanced Identity Manager, called the AIM product. Winguards X5 is a piece of software called an Open Integration Platform that connects several unrelated security systems and allows users to operate them from a single user interface. It's also frequently referred to as a PSIM, or security and building management system. This version is entirely built on the Advanced Open Platform (AOP). Comprehensive security, construction, and communication technologies may all be integrated across domains using WinGuard. With WinGuard, access control systems for iOS and Android app devices are monitored and connected to IoT devices s mobiles at a low cost. AIM is a platform that unifies current IT and access control systems with centralized identity management. The Advanced Identification Manager is the best option for combining several access, identification, and biometrics systems into a single platform.

Physical Security Information Management (PSIM) Market Players
Major companies operating in the physical security information management (psim) market report are CNL Software Ltd.,Genetec Inc.,VidSys Inc.,Verint Systems Inc.,NICE Systems Ltd.,Johnson Controls International plc,Prysm Software Limited,AxxonSoft Limited,Milestone Systems A/S,Hexagon AB,Advancis Software & Services GmbH,VideoNEXT Network Solutions Inc.,KapLogic Corporation,Everbridge Inc.,Octopus System Pvt. Ltd.,Qognify Inc.,Kova Corporation,Pelco Incorporated,ASCVid Holdings LLC,Access Control Technologies,Mindtree Limited,Tyco Security Products,Quantum Secure Inc.,Intergraph Corporation,Honeywell Security Group,Maxxess Systems Inc.,Bosch Security Systems,Salient Systems Private Limited,Dahua Technology Co. Ltd.,Proximex Corporation

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Largest And Fastest Growing Region In The Market
Europe was the largest region in the physical security information management (PSIM) market in 2023. Asia-Pacific region is expected to be the fastest-growing region in the global physical security information management (PSIM) market report during the forecast period. The regions covered in the physical security information management (psim) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Physical Security Information Management (PSIM) Market Report Structure
3. Physical Security Information Management (PSIM) Market Trends And Strategies
4. Physical Security Information Management (PSIM) Market - Macro Economic Scenario
5. Physical Security Information Management (PSIM) Market Size And Growth
…..
27. Physical Security Information Management (PSIM) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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