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.
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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 inPhysical 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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