Newly released Physical Security Information Management (PSIM) Market analysis report by Future Market Insights reveals that global sales of the Physical Security Information Management Market in 2021 were held at USD 2.3 Billion. With 16.7% projected growth, the market is expected to reach a valuation of USD 12.6 Billion by2032.
| Attributes | Details |
|---|---|
| Global Physical Security Information Management Market Size (2022) | USD 2.7 Billion |
| Global Physical Security Information Management Market Size (2032) | USD 12.6 Billion |
| Global Physical Security Information Management CAGR (2022 to 2032) | 16.7% |
| USA Physical Security Information Management Market Size (2032) | USD 1.7 Billion |
| Key Companies Covered | NEC Corporation; VidSys, Inc.; Intergraph Corporation; NICE Systems Ltd.; VideoNEXT Federal, Inc.; AxxonSoft; SureView Systems; Prysm Software; Vitaprotech; Honeywell International Inc.; Cisco System Inc. |
Software is expected to be the highest revenue-generating category, projected to register a CAGR of 17.4% from 2022 to 2032.
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As per the Physical Security Information Management Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Physical Security Information Management Market increased at around 18.5% CAGR.
Suppliers focus on innovation with the most recent technical improvements in their security software platform to provide optimal performance and increased support. For example, Hexagon's Guardian is a next-generation physical security information management system for real-time event monitoring, management, and reaction. The Guardian can help with the following tasks: integrating data from disparate systems to provide unprecedented situational awareness; shortening the time lag between threat identification and response; centralizing and coordinating physical security operations across geographically dispersed organizations and going beyond basic alarm monitoring and retroactive forensic response.
Wireless hardware components such as wireless locks and controllers are being upgraded as wireless infrastructure develops to address the increased demand for physical security in access control. Furthermore, the expanding use of cloud technology services minimizes the need for servers and software, thereby lowering the time and expense of setting up physical equipment and offering secure remote access.
As a middleware software platform, it aids in the monitoring of numerous security devices such as sensors, access control portals, video surveillance, and building network analysis, as well as apps to administrate them via a single composite user interface. Also, PSIM solutions aid in the elimination of manual monitoring of IT infrastructure, allowing for the early discovery of faults in the security system, thereby saving end-users time and money while promoting adoption.
PSIM can automate protocols so that the same thing happens in a particular situation regardless of who is working, how talented or unskilled they are, or whether they are at the start of a 12-hour shift or the final half-hour of one. The response is always the same. This not only ensures that concerns are dealt with as quickly and efficiently as possible but also decreases responsibility for both employees and the company as a whole. PSIM also facilitates user interaction and data interchange, and it can keep individuals in sync without overloading them with information.
One of the major reasons impacting the expansion of the physical security information management business is the rise of smart cities. Smart cities are defined by the interconnection of numerous digital technologies that improve device communication while improving performance, lowering costs, and helping in the efficient use of resources. PSIM systems are commonly employed in smart cities to control traffic, monitor vehicle speed, recognize license plates, and offer parking suggestions.
The deployment of IoT-based security systems on cloud computing platforms, as well as the 'as-a-service' model, is crucial for the physical security information management industry.
The growth in security concerns among organizations globally is expected to fuel demand for the PSIM market during the projected period. The rising need for security solutions in organizations is driving the market. Because growing internet usage leads to an increase in security breaches, there is an increase in global demand for PSIM software solutions.
Principal Consultant
Asia Pacific is the most lucrative region with projected double-digit physical security information management (PSIM) market growth. Due to technological developments, the Asia-Pacific area is experiencing tremendous expansion in the BFSI security industry, and key security suppliers such as Honeywell International Inc. and Cisco System Inc. are increasing their operations in the region.
Furthermore, as private banks and financial laws expand in countries such as China and India, the Asia-Pacific market is positioned to be at the epicenter of the world's fastest-growing and soon-to-be largest wealth market.
As increased internet usage leads to a rise in security breaches, global demand for PSIM software solutions is increasing. Ransomware attacks increased by 92.7% in 2021 compared to 2020, with 1,389 attacks in 2020 and 2,690 in 2021.
The United States is expected to account for the highest market share of USD 1.7 Billion by the end of 2032. The rising need to mitigate and defend against terrorism and criminal activities, as well as to offer people a good quality of life, are likely to fuel the expansion of the physical security information management market as it supports a safe and secure environment. The several advantages it offers, such as reduced risk, increased security, cheaper operational costs, and others, contribute to the market's growth. Furthermore, increased demand for cloud computing platforms and fast digitization in industries like healthcare, retail, logistics, government and defense, power, and energy, among others, will drive the physical security information management market forward.
In April 2022, the United States Department of Energy announced USD 12 Million in funding for six new R&D projects. The aim is to develop effective cybersecurity technology that helps ensure energy delivery systems are designed, assembled, operated, and maintained in a way that allows them to survive and recover quickly from cyber intrusions. The projects will provide novel cyber-physical platform approaches and technologies for detecting and treating problems in energy delivery systems. This grant demonstrates the Biden Administration's dedication to safeguarding critical infrastructure and boosting cybersecurity in the nation's energy sector.
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The software segment is forecasted to grow at the highest CAGR of over 17.4% from 2022 to 2032. Physical security information management software is a fast-increasing business category in the security industry. Its key features include the capacity to link disparate systems, give an intelligence-based scenario picture, and empower operators with active policy management. As the industry learns more about its benefits, PSIM has the potential to go beyond security and become a full-fledged site management tool.
In terms of digital transformation, 72% of information security executives have prioritized cloud computing. Cloud-based IoT software is transforming digital and physical security by enabling them to be integrated and used to better exploit data.
To obtain a better view of what is going on in the organization, they might connect cloud-based solutions that contain all information on one platform. When cloud-based access control systems are combined with a security camera feed, for example, real-time visual identification verification is possible.
Cloud-based solutions may also be combined with analytics and AI-enhanced software, allowing security personnel to spot possible security issues more effectively. Ava Aware, for example, gathers data from access logs and security camera feeds and uses analytics to trigger when unexpected behavior is observed. Rather than just using data as proof after a crime has happened, these triggers operate proactively to reduce threats and criminal conduct.
The Government and Defense segment is forecasted to grow at the highest CAGR of over 17.9% from 2022 to 2032. The government and Defense industries accounted for almost one-fifth of overall market sales in 2021. Corporate development will be fuelled by government attempts to construct smart cities, as well as an emphasis on safe city programs that heavily rely on PSIM software. Rising investments and increased usage of digitalization in the military sector globally will drive segment expansion even further. According to estimates and projections, global military spending would rise by 0.7% in real terms in 2021, reaching USD 2.1 trillion.
Among the leading players in the global Physical Security Information Management (PSIM) market are NEC Corporation, VidSys, Inc., Intergraph Corporation, NICE Systems Ltd., and VideoNEXT Federal, Inc. To gain a competitive advantage in the industry, these physical security industry vendors are investing in product launches, partnerships, mergers and acquisitions, and expansions.
Due to the growing demand for the product around the world, many new companies are expected to enter the market. This is expected to increase competition on a worldwide scale. Additionally, market growth is expected to be fueled by collaborations among current players to improve quality throughout the research period. Over the projection period, established market players are expected to diversify their portfolios and offer one-stop solutions to combat fierce competition.
In May 2022, SureView Systems, a provider of open response platforms, and ShotSpotter, a provider of police technology solutions, announced that SureView can now communicate with ShotSpotter. SureView and ShotSpotter demonstrate how combining their disparate technology may assist law enforcement to respond to incidents more swiftly. Furthermore, the presence of these things will assist in crime prevention. The combination of ShotSpotter's gunshot alerts and SureView's PSIM gives security operations teams all of the tactical information they need to respond and protect people in a single, clear picture of events.
In February 2021, AxxonSoft has made available Axxon Intellect PSIM 4.11.2. Some of the important features include support for OpenStreetMap, object masking when exporting video footage, push alerts for mobile clients, more video analytics, events handling, video archive, and SIP terminal.
In December 2020, Vidsys, Inc.'s assets and contracts have been bought by ARES Security Corporation. The acquisition places the company in a position to develop the next generation of PSIM which is required by Security Operations Centers. Security Operations Centers are an enterprise-level systems that is intelligent, responsive, that is seamlessly integrated into the physical security lifecycle of assessment, design, training, and real-time operations. They want to create a technology roadmap to help clients transition to the next generation of PSIM by merging existing Vidsys capabilities with ARES Security's industry-leading AVERT family of software products.
Similarly, recent developments related to companies in Physical Security Information Management services have been tracked by the team at Future Market Insights, which are available in the full report.
The global Physical Security Information Management Market is worth more than USD 2.3 Billion at present.
Value of Physical Security Information Management Market are projected to increase at a CAGR of around 16.7% during 2022 – 2032.
Value of Physical Security Information Management Market increased at a CAGR of around 18.5% during 2017 – 2021.
Worldwide digitization, smart city development, and government initiatives in defense and energy & utility sector, stands as the key trend in Physical Security Information Management market.
The market for Physical Security Information Management Market in US is projected to expand at a CAGR of around 15.7% during 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End Use 6.1. Residential 6.2. Retail 6.3. BFSI 6.4. Telecom & IT 6.5. Transportation & Logistics 6.6. Government & Defence 6.7. Hospitality 6.8. Industrial Manufacturing 6.9. Energy and Utility 6.10. Healthcare 6.11. Others 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. NEC Corporation 15.2. VidSys, Inc. 15.3. Integraph Corporation 15.4. NICE Systems Ltd. 15.5. VideoNEXT Federal, Inc. 15.6. AxxonSoft 15.7. SureView Systems 15.8. Prysm Software 15.9. Vitaprotech 15.10. Honeywell International Inc. 15.11. Cisco System Inc. 16. Assumptions & Acronyms Used 17. Research Methodology
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Physical Security Information Management (PSIM) Market
