Physical security information management (PSIM) is a type of software that provides platforms and applications created by middleware developers. It is designed to incorporate several unconnected security applications and devices and control them through one robust user interface. The government of various countries and defense sector is implementing PSIM solutions, in order to lay emphasis on crime reduction, desire to attain centralized control for safety and management of security incidents, and rising need to secure cities. PSIM offers improved operational efficiency, lower response time for management of security events, and quicker threat detection. Transpiration and logistics industry is predominantly adopting PSIM, in order to secure and monitor transportation activities. Moreover, PSIM systems are deployed at airports to provide protection for duty-free areas and important infrastructure.
The global Physical Security Information Management Market was accounted for US$ 1,626.3 Mn in terms of value in 2019 and is expected to grow at CAGR of 18.7% for the period 2019-2027.
Market Dynamics- Drivers
Increasing incidences of security breaches have increased the demand for enhanced and effective operational control over disparate physical security systems. Many large organizations are deploying complex security systems due to a lack of communication with other systems. Furthermore, many organizations are focused on the development of centralized security, in order to achieve consistent levels of security, accessibility across all sites, and enhanced remote monitoring. For instance, in July 2016, the City of Cleveland, Ohio, the U.S. deployed converged security and information management software developed by Vidsys, Inc. based in Vienna, Virginia, the U.S. to secure the city during the Republican National Convention event. This security management platform would enable the city to create a video database for real-time updates across multiple locations.
Many emerging economies are adopting PSIM solutions, owing to rising demand for enhanced security systems to minimize vulnerabilities and efficiently identify and rectify intrusions. Moreover, this demand is increasing due to a rise in hybrid cyber/physical threats faced by organizations. Thus, these factors are expected to support the global physical security information management market growth over the forecast period.
North America region dominated the global Physical Security Information Management Market in 2019, accounting for 34.0% share in terms of value, followed by Europe, Asia Pacific, Middle East and Africa and Latin America.
Source: Coherent Market Insights
Market Dynamics- Restraints
For efficient and effective deployment of PSIM systems, a security system that supports PSIM is required. The standalone security system requires updates, in order to implement the PSIM solution. Since the cost of updating these security systems is high, which discourages end users to adopt PSIM solutions, especially small and medium-sized enterprises. Thus, these factors are expected to hamper the market growth over the forecast period.
Although PSIM offers advanced security solutions to industries, the penetration of these systems is still ongoing. Other competitive security systems such as video management systems (VMS) and access control systems (ACS) are majorly adopted across the globe and expected to restrict the market growth. This is owing to integration capabilities offered by VMS solutions.
Internet of Things (IoT) is an evolving and cutting-edge technology that helps to send and receive data from internet-enabled devices. Integrating PSIM with IoT presents lucrative opportunities to extend solution and service offerings and develop enhanced security solutions. Moreover, integration of IoT with PSIM would offer advanced connectivity to disparate security systems such as sensors video surveillance cameras, access control systems, and other security systems such as alarm systems, and deliver enhanced security management platforms.
Artificial intelligence is another evolving technology that can open new avenues for solutions providers. AI can be used to enhance surveillance process, thereby improving overall security and reduce breaches. Furthermore, AI can reduce cost required for deployment of PSIM solutions as well as human errors.
Source: Coherent Market Insights
Situational awareness and situation management are major focus areas of organizations. Many enterprises are providing high-quality performance in security applications. Moreover, provision of mobile and centralized applications have enabled organizations to deliver an effective method for security personnel and field employees to handle situations and incident with organizations’ best practices.
Many city governments across the globe are focused on adopting PSIM solutions for high-security applications namely safe city programs and critical infrastructure protection. Moreover, emphasis on the development of smart cities in emerging economies is increasing. Similarly, city administrations, governments, and the defense sector are investing and deploying centralized security systems namely PSIM for efficient management of security incidents and response management to these situations. For instance, New York City’s Department of Information Technology and Telecommunications (DoITT) has integrated its Emergency Communications Transformation Program (ECTP) with PSIM solutions for enhanced public safety call recording and incident management.
Value Chain Analysis
The PSIM ecosystem is mainly divided into three models: vendors, system integrators, and end-users
Between the forward and backward integration scenarios, the forward scenario is often adopted for the implementation of PSIM solutions across various industries.
In global physical security information management Market, by Component, Software sub-segment dominated the global market in 2019, accounting for 56.2% share in terms of value, followed by Service.
Source: Coherent Market Insights
Key players operating in the global physical security information management market area Mer, Inc., AxxonSoft, NEC Corporation, Genetec, Inc., CNL Software Ltd., Milestone Systems A/S, VidSys, Inc., S2 Security Corporation, Tyco International Ltd. (Proximex Corporation), videoNEXT Federal, Inc., NICE Systems Ltd., and Intergraph Corporation.
Frequently Asked Questions