Physical Security Information Management (PSIM) Market will reach USD 1.27 billion by 2025
Published | March 2019
According to BlueWeave Consulting, The Physical Security Information Management (PSIM) market will reach USD 1.27 billion by 2025, with a CAGR of 13.7% during 2019-2025. The growing focus on the expansion of smart cities and government initiatives like safe city programs are projected to contribute to the rising adoption of PSIM software and services across the globe.
Physical Security Information Management (PSIM) is a software that integrates physical security systems from one streamlined interface. One can monitor different hardware, alarm sensors, access control, and other types of devices from dissimilar systems using a centralized operating platform. Manage all of your integrated physical security systems from one streamlined interface, Enhanced real-time information from all of the security systems and provides integration for access control systems, video surveillance systems, intrusion, fire alarm, and related systems. PSIM software and services enable the users to bridge the gap between IT and security and offer reliable protection to them, their buildings as well as personal databases.
PSIM provides complete scenario awareness to effectively manage any security, business-related, or emergency situation in real-time across any industry propelling the demand across the world. Growth in the market is projected on account of growing demand for integrated IT and physical security systems coupled with growing adoption in various end-use sectors.
Browse Detailed Analysis with TOC, “Global Physical Security Information Management (PSIM) Market, By Software (Security Integration Platform, Advanced Video Management, and Command & Control Platform), By Service (Project, Support and Training), By End-User (Banking, financial services and insurance (BFSI), Telecom and IT, Transportation and Logistics, Government and Defense Sector, Energy and Utility, Healthcare, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Size and Forecast, 2015-2025”
Government and Defense sector is the leading End-User of the Physical Security Information Management (PSIM) market during the forecast period.
Government and Defense dominate the segment among end-users and is projected to lead the market over the forecast period 2019-2025. The growing focus on the expansion of smart cities and government initiatives like safe city programs are projected to contribute to the rising adoption of PSIM software and services across the globe. PSIM solutions empower the competent use of resources to ensure the safety and security of smart city infrastructure, the safety of citizens, and promote a safe and secure city environment. Moreover, growing demand for centralized control systems coupled with the increasing focus of businesses towards the enhancement of incident management and situational awareness for real-time situation management is expected to aid the global PSIM market over the forecast period. Due to increase in terror attacks, social unrest incidents in the past few years, and the destruction caused by these incidents has led to a disturbance in business communities and alarmed various organizations to deploy physical security systems across their infrastructure. PSIM systems support organizations in taking strategic decisions by risk data and sharing security that business executives can understand.
North America is the leading region of the global Physical Security Information Management (PSIM) market during the forecast period.
North America holds the largest market share of Physical Security Information Management (PSIM) market followed by Europe during the forecast period 2019-2025. North America is one of the foremost developed countries in terms of technology. Owing to the need for safety against terrorist activities, illegal immigration, increasing criminal activities, and the requirement to reduce the cost of the security workforce. Due to the rising cyber and physical security threats and the growing demand for centralized management and control of disparate security systems across the region. The Asia Pacific is the fastest growing region owing to increasing government initiatives such as smart city projects to enhance the performance of security applications for implementation of safe city initiatives and serious infrastructure protection.
Global Physical Security Information Management (PSIM) Market Competitive Landscape
Companies such as NEC Corporation, CNL Software Ltd., VidSys, Inc., Tyco International Ltd., NICE Systems Ltd., Mer Inc., Intergraph Corporation, videoNEXT Federal, Inc., S2 Security Corporation, Milestone Systems A/S., Genetec Inc., AxxonSoft, and Qognify security technologies private limited are the key players in Physical Security Information Management (PSIM) globally.