Physical Security Information Management Market Growth, Geographical Segmentation, Comprehensive Analysis By 2027


Posted June 23, 2020 by avinash1

Physical security information management (PSIM) is a type of software that provides platforms and applications created by middleware developers

 
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.

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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.

Market Dynamics- Drivers

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.
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.

Market Opportunities
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.
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 Taxonomy

This report segments the Global Physical Security Information Management Market on the basis of Component, End-Use Industry and Region. On the basis of Component, Global Physical Security Information Management Market is segmented into Software and Service. Furthermore software sub-segment is divided into Off-the shelf and Customized. Both the Off-the shelf and Customized are again divided into On Premise and Cloud Based. On the basis of End-Use Industry, the Global Physical Security Information Management Market is segmented into Residential, Retail, BFSI, Telecom and IT, Transportation and Logistics, Government and Defense Sector, Hospitality, Industrial, Manufacturing, Energy and Utility, Healthcare and Others.. On the basis of region, Global Physical Security Information Management Market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:
• This report provides an in-depth analysis of the Global Physical Security Information Management Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2019 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global Physical Security Information Management Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
• The global Physical Security Information Management market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Physical Security Information Management Market

Detailed Segmentation:

Global Physical Security Information Management Market, By Component:
• Software
• Off-the Shelf
• On Premise
• Cloud Based
• Customized
• On Premise
• Cloud Based
• Service
• Installation/ System Integration
• Operation and Maintenance
• Consulting and Training
Global Physical Security Information Management Market, By End-Use Industry:
• Residential
• Retail
• BFSI
• Telecom and IT
• Transportation and Logistics
• Government and Defense Sector
• Hospitality
• Industrial
• Manufacturing
• Energy and Utility
• Healthcare
• Others


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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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Last Updated June 23, 2020