CHICAGO, May 9, 2024
/PRNewswire/ -- The Physical Security Information Management (PSIM)
Market will grow in the future due to increased emphasis on
cybersecurity measures, expansion into broader use cases beyond
traditional security, and integration with emerging technologies
like AI and IoT. Growth in the market will also be fueled by
cloud-based solutions, improved user interfaces, and compatibility
with other systems, especially in developing nations where
infrastructure development is concomitant with growing security
concerns.
The global Physical Security Information Management
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
a new 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.
Browse in-depth TOC on " Physical Security Information
Management (PSIM) Market"
350 – Tables
50 – Figures
300 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2020-2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
Value (USD
Billion)
|
Segments
Covered
|
Offering, Software
Type, Deployment Mode, Organization Size, Vertical, And
Region
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
covered
|
Major vendors in the
global Physical Security Information Management Market include
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).
|
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.
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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.
Top Key Companies in 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.
Recent Developments
- In December 2023, Genetec
announced a new version of its flagship unified security platform,
Security Center, embracing a continuous delivery model for rapid
innovation. Enhancements included new mapping features for smoother
operator experiences in large deployments and simplified
authentication setup, setting the stage for advanced workflow
capabilities to streamline system management.
- In November 2023, Hikvision
introduced HikCentral Professional 2.5, an upgraded integrated
security management software. This release offers versatile add-on
applications through the App Market, expanding functionalities for
diverse business needs. The software enhances operational
efficiency with simplified operations, user-friendly interfaces,
and strong integration capabilities using OpenAPIs for seamless
system integration and third-party device management.
- In March 2023, Advancis
introduced WinGuard X5, a vendor-neutral PSIM software featuring a
new core and advanced capabilities. Built on the Advancis Open
Platform (AOP), it supports third-party development for customized
interfaces and functions. This release empowered users to scale
deployments flexibly and extend functionalities with modern
APIs.
- In September 2022, AxxonSoft
introduced Axxon PSIM version 1.0, a comprehensive software
platform integrating video surveillance, AI video analytics, access
control, fire/security alarm systems, and industry-specific
solutions. This modular PSIM enables tailored security solutions,
selecting required modules for site-specific needs, offering
integration with diverse security devices and protocols, and
supporting limitless scalability and reliability for large-scale
deployments.
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Physical Security Information Management (PSIM) Market
Advantages:
- A centralised management interface can be created by
integrating several security systems, including video surveillance,
access control, intrusion detection, and fire alarms, using PSIM
platforms' extensive integration capabilities.
- Operators can improve their situational awareness with the use
of PSIM systems, which offer real-time monitoring and analysis of
security incidents. PSIM systems enable quick decision-making and
provide a comprehensive picture of security issues by combining
data from many sources.
- The incident response processes are made more efficient by PSIM
platforms' sophisticated automation and workflow management
features. By effectively prioritising and managing warnings,
operators can minimise the impact of security threats and reduce
reaction times.
- PSIM solutions are made to grow with businesses, adapting to
shifting demands in terms of operations, infrastructure, and
security specifications. They provide customisation and setup
flexibility to accommodate different security protocols and
environments.
- Through the facilitation of communication and information
exchange, PSIM systems encourage cooperation between departments,
external stakeholders, and security personnel. Coordination of
reactions to security crises is made possible by integrated
communication solutions, which promote efficiency and
teamwork.
- PSIM platforms offer audit trails, reporting features, and
documentation capabilities to assist organisations in meeting
regulatory requirements. They reduce legal and financial risks by
allowing organisations to prove compliance with security
requirements and legislation.
- Long-term cost benefits are achieved by PSIM systems through
the centralization of security operations and resource utilisation
optimisation. They reduce the need for duplicate systems, lessen
the requirement for manual intervention, and improve operational
effectiveness, all of which lower total costs.
Report Objectives
- To define, describe, and forecast the Physical Security
Information Management Market based on - offering, software type,
deployment organization size, vertical, and region.
- To define, describe, and forecast the Physical Security
Information Management Market by – offering, software type,
deployment organization size, vertical, and region.
- To forecast the market size of five main regions: North America, Europe, Asia
Pacific (APAC), Middle East
& Africa (MEA), and
Latin America
- To analyze the subsegments of the market concerning individual
growth trends, prospects, and contributions to the overall
market.
- To provide detailed information related to the major factors
(drivers, restraints, opportunities, and challenges) influencing
the growth of the Physical Security Information Management
Market.
- To analyze opportunities in the market for stakeholders by
identifying high-growth segments of the Physical Security
Information Management Market.
- To profile the key players of the Physical Security Information
Management Market and comprehensively analyze their market size and
core competencies in the market.
- To track and analyze competitive developments, such as new
product launches, mergers and acquisitions, and partnerships,
agreements, and collaborations in the global Physical Security
Information Management Market.
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