The study categorizes the physical security information management market by segments – offering, software type, organization size, vertical, and region.
The global Physical Security Information Management (PSIM) Market size is projected to grow from USD 3.5 billion in 2024 to USD 4.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period, according to new research report by MarketsandMarkets™
The integration of cloud-based solutions and advanced technologies like AI, ML, and blockchain has propelled the rapid growth of PSIM adoption. Cloud-based PSIM solutions offer remote accessibility and cost reductions, while AI, ML, and blockchain integration automate processes, enhance threat detection, and secure data exchange.
These combined advancements in PSIM systems cater to organizations’ demands for scalable, cost-effective, and efficient security solutions, driving significant expansion in the PSIM market.
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Major The Key Players of Physical Security Information Management (PSIM) Market
Hexagon AB (Sweden), Honeywell (US), Hikvision (China), Everbridge (US), Axxonsoft (Ireland), Genetec (Canada), Advancis (Germany), Entelec (Belgium), Verint (US), Vidsys (US), Nanodems (US), Eagle Eye Networks (US), Bold Group (US), Primion (Germany), Persistent Sentinel (US), Prysm Software (France), SureView Systems (US), easypsim (Switzerland), Veracity Solutions (Scotland), AARMTech (India), Octopus (Israel), Network Harbor (US), Fast Systems (Switzerland), Integrated Security Systems (ISS) (US), and Gretsch-Unitas Deutschland (Germany) are the key players and other players in the physical security information management market.
Based on the organization size, SMEs are to grow at the highest CAGR during the forecast period.
The exponential growth of SMEs in the PSIM market is attributed to the escalating recognition of the critical importance of robust security measures to combat cyber threats. With nearly 43% of cyber-attacks targeting SMBs, the imperative for effective security solutions among smaller enterprises is evident.
However, SMEs often encounter budget constraints and resource limitations, heightening vulnerability to security breaches. Consequently, investing in tailored PSIM solutions has become a priority.
These solutions, encompassing video surveillance, access control, and alarm management, empower SMEs to monitor and respond to security incidents efficiently. Moreover, the affordability, scalability, and ease of deployment of cloud-based PSIM options are particularly appealing to SMEs.
By embracing PSIM technologies, SMEs bolster their security posture, mitigate cyber risks, and safeguard assets and operations against evolving threats in today’s digital landscape.
By software type, video management accounts for the highest market size during the forecast period.
The video management software type holds the largest market share in the PSIM market due to its indispensable role in modern security systems. With the proliferation of CCTV cameras globally, there’s a heightened demand for VMS solutions to handle and manage footage from numerous cameras efficiently.
VMS systems are renowned for their open-platform design, enabling seamless integration of various camera types and brands and advanced features like motion detection and video analytics. When integrated with PSIM software, VMS delivers multiple benefits, including real-time video feed monitoring from multiple cameras and automation of video management processes.
Leading companies such as ISS provide PSIM software with integrated video management capabilities, offering organizations enhanced security intelligence and operational efficiency through centralized management of video surveillance systems. This convergence of technology ensures robust protection for organizations and their assets, driving the dominance of video management software in the PSIM market.
By region, Asia Pacific is to grow at the highest CAGR during the forecast period.
The Asia Pacific region is growing at the fastest rate in the PSIM market due to several key factors driving the demand for integrated security solutions. Rapid economic growth and technological advancements, particularly in IoT proliferation and smart city initiatives, necessitate efficient management of diverse security systems, prompting the adoption of PSIM.
Moreover, substantial government investments in critical infrastructure projects further underscore the need for comprehensive security solutions like PSIM to safeguard valuable assets effectively. The increasing awareness among organizations about the benefits of PSIM in managing complex security environments is fueling its adoption across various sectors, including transportation, energy, and public safety.
These factors collectively contribute to the rapid growth of the PSIM market in the Asia Pacific region, positioning it as a frontrunner in the adoption of integrated security solutions.
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Factors that Drive Physical Security Information Management (PSIM) Market
- Growing Security Concerns: As security threats increase on a global scale, there is an increasing need for all-encompassing security solutions that can combine different physical security systems, such as access control, video surveillance, and intruder detection, into a single platform for improved management and response.
- Regulatory Compliance Requirements: PSIM solutions are adopted to assure adherence to security protocols and data privacy laws. These requirements stem from strict regulations and compliance standards in a variety of industries, including banking, healthcare, and transportation.
- Technological Developments: PSIM platforms are becoming more capable thanks to developments in artificial intelligence (AI), machine learning, and the Internet of Things (IoT). This allows for features like predictive analytics, real-time monitoring, and automated responses, which is propelling the market’s expansion.
- Integration of Physical and Cybersecurity: Organizations are searching for solutions that can close the gap between two historically distinct areas as a result of the growing convergence of cybersecurity and physical threats. There is a need for PSIM platforms that can integrate with cybersecurity systems and give comprehensive security management.
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