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(I-SoftwareNews.Com, February 02, 2018 ) The demand for effective Physical Security Information Management Solutions And Services has significantly increased globally in the past few years, owing chiefly to the rising demand for centralized control over disparate security systems across several industries. The growing deployment of PSIM solutions and services has led to an increased presence of pure PSIM vendors, system integrators, and third party vendors across the world. Due to this PSIM software and service providers are facing strong competition in global market.
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Competition in the market is expected to significantly intensify in the next few years owing to the foray of many new services and solutions providers. However, the ample growth opportunities presented by the market will help provide sustainable returns. Market Research Reports Search Engine estimates that the global PSIM market will exhibit a remarkable 18.7% CAGR over the period between 2016 and 2024. As a result, the market, valuing at US$823.1 mn in 2015, will rise to US$3,832.6 mn by 2024.
Demand Expected to Rise Promisingly across Hospitality and Transportation Sectors
Accounting for a share of 11.6% in 2015, the government and defense sector held the dominant position in the global PSIM market and is expected to grow at an exponential CAGR of nearly 20% during forecast period. The rising focus on the development of smart cities and government initiatives such as safe city programs are anticipated to contribute in the growing adoption of PSIM software and services across the world.
The segment of educational institutions, religious buildings, and stadiums collectively held the second leading position in the global PSIM market with a share of around 10.0% in 2015. This is linked to the rising cyber and physical security threats posed by terrorists and illegal organizations around the globe.
Over the next few years, the segment of transportation and logistics is expected to generate high demand for PSIM software and services due to increasing need for security and monitoring of transportation activities. Furthermore, transportation and logistics companies are deploying PSIM solutions to secure duty-free areas and critical infrastructures. The demand for PSIM solutions and services in the hospitality segment is also projected to grow at a healthy pace, at an estimated CAGR of 19.1%, during the forecast period. The adoption of PSIM software in the hospitality sector is increasing owing to the increased need to provide protection to the rapidly expanding hotel infrastructures in several emerging economies.
Global Market to Continue to be Dominated by North America
In terms of geography, North America leads, grabbing a significant portion of the pie, and is followed by Europe and Asia Pacific, which together account for nearly half of the global market.
North America held around 36% of global PSIM market in 2015 is expected to exhibit strong growth over the forecast period as well, but witness a slight decline in its share in the global market by 2024.
The increasing deployment of PSIM software across a large number of industries is a key factor driving strong growth of the PSIM market in North America. Moreover, the robust presence of PSIM vendors and system integrators is also leading to the increased adoption of PSIM software and services in the region. The PSIM market in North America is expected to expand at an 18.3% CAGR over the period between 2016 and 2024. The PSIM markets in Europe and Asia Pacific, on the other hand, are expected to marginally outpace North America, with an 18.7% and 19.3% CAGRs over the same period, respectively.
Asia Pacific is projected to be a high-growth market for PSIM software and services owing to the rising cyber and physical security threats and the rising demand for centralized management and control of disparate security systems across the region. Increased usage in smart city projects to enhance the performance of security applications for implementation of safe city initiatives and critical infrastructure protection is a key growth factor of the Asia Pacific PSIM market.
Some of the key players in the global PSIM market are NEC Corporation, CNL Software Ltd., VidSys, Inc., Tyco International Ltd. (Proximex Corporation), NICE Systems Ltd., Mer, Inc., Intergraph Corporation, videoNEXT Federal, Inc., S2 Security Corporation, Milestone Systems A/S, Genetec, Inc., and AxxonSoft.
The increasing demand for centralized control and management of disparate devices and information systems among enterprises has led to the rapid evolution of the physical security information management (PSIM) market. A physical security information system encapsulates an integrated platform and a series of applications by vendors and system integrators (SI) to collect data and correlate events to help organizations identify problems and proactively solve them. Over the past decade, a large number of organizations of all sizes have adopted PSIM solutions to gain increased control over business operations, achieve situational awareness, and effectively manage compliance and reporting.
Recently, video management system (VMS) vendors, SIs, and third-party vendors have collaborated in providing end-users high-end integrated security solutions to meet clients’ needs, which has kept the market fairly competitive. Automation in PSIM systems has brought significant reduction in operational costs, thereby boosting the market growth. The global physical security information management market is expected to rise at an impressive CAGR of 18.7% during the period to reach US$3,832.6 mn by the 2024.
The research analysis is conducted with the help of inputs from across a wide spectrum of stakeholders such as business executives, budding entrepreneurs, market leaders, industry veterans, global associations, and CIOs. The strategically motivated insights help companies form evidence-based decisions.
Global Physical Security Information Management Market: Trends and Opportunities
The physical security information management market is primarily driven by the increasing value proposition achieved by the adoption of an integrated and intelligent platform and security system amongst enterprises in various industries. The alarming rise in security breaches in organizations managing business operations and critical consumer data has propelled the PSIM market. The emergence of smart cities, coupled with the increasing focus of governments on reforms in urban development, has spurred the demand for end-to-end, IP-based PSIM solutions. In addition, several safe city programs by public organizations in developing economies have stimulated the demand for PSIM. The soaring need for security and monitoring of transportation activities in the logistics industry has accelerated the deployment of PSIM solutions, thereby boosting the market.
The increasing adoption of PSIM software in the hospitality sector to provide heightened safety across infrastructures is anticipated to propel the market over the forecast period. Furthermore, advancements in Internet of Things (IoT) technology and its integration with PSIM has led to the influx of high-performing security applications. This is anticipated to create lucrative avenues in various developing and developed markets.
Global Physical Security Information Management Market: Regional Landscape
North America leads the physical security information management market and is poised to expand at a handsome CAGR of 18.3% over the forecast period. The large presence of third-party vendors and SIs and rapidly rising demand for PSIM solutions by numerous enterprises across various industries are expected to fuel the regional market.
The North America market is followed by the Europe and Asia Pacific markets; the Asia Pacific market will rise at a higher CAGR of 19.3% during 2016–2024. The impressive growth of this regional market will be fuelled mainly by the demand for scalable PSIM solutions across enterprises in the face of rising cybersecurity threats. In addition, the increasing adoption of PSIM solutions in smart city projects and in several city surveillance projects cropping up in developing and developed nations is expected to propel the regional market over the forecast period.
Browse Detailed Table of Content of this Report @ https://www.mrrse.com/physical-security-information-management
Global Physical Security Information Management Market: Vendor Landscape
The PSIM market is highly competitive with the dominance of domestic players in key regions. Several PSIM vendors are offering differentiated products such as visualized services platform to enhance their competition in the market. The report analyzes their offerings and the key strategies adopted by them to consolidate their market positions in major regions. Prominent companies in the physical security information management market include Vidsys, Inc., NEC Corporation, CNL Software, NICE Ltd., Intergraph Corporation, Tyco International Ltd., Mer, Inc., Genetec, Inc., videoNEXT Federal, Inc., S2 Security Corporation, AxxonSoft, and Milestone Systems A/S.
Global physical security information management market (PSIM) is segmented as:
PSIM Market, by Component
Software
Off-the Shelf
On Premise
Cloud-based
Customized
On Premise
Cloud-based
Service
Installation/ System Integration
Operation & Maintenance
Consulting & Training
PSIM Market, by End-user
Residential
Retail
BFSI
Telecom and IT
Transportation and Logistics
Government and Defense Sector
Hospitality
Industrial Manufacturing
Energy and Utility
Healthcare
Others
PSIM Market, by Geography
North America
The U.S.
Canada
Rest of North America
Europe
The U.K.
Germany
France
Italy
Rest of Europe
Asia Pacific (APAC)
China
Japan
India
South Korea
Rest of APAC
Middle East and Africa (MEA)
GCC Countries
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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