The Global Physical Security Information Management Market, by Component (Software (Off the Shelf(On Premise and Cloud Based) and Customized(On Premise and Cloud Based)) and Service (Installation/ System Integration, Operation and Maintenance and Consulting and Training)), by End-Use Industry (Residential, Retail, BFSI, Telecom and IT, Transportation and Logistics, Government and Defense Sector, Hospitality, Industrial, Manufacturing, Energy and Utility, Healthcare and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to grow at a CAGR of 18.7 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Physical security information management or PSIM is a software that integrates security applications and devices and handles them through a single user interface. PSIM uses the experience from the software and network security industries to the physical security market, in order to optimize device integration, end-to-end situation management and resolution. Moreover, PSIM solutions provide applications that collect and correlate events from existing disparate security devices and information systems including access control, analytics, sensors, video, networks, building systems, etc. PSIM solutions find applications in the healthcare sector to protect medicines, facilities, medical equipment, and hospital building. It is also adopted in the energy and utility industry, telecom and IT, stadiums, educational institutions, etc.
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.
Growing focus on situational awareness is expected to boost the global physical security management market growth over the forecast period
Many organizations are laying emphasis on the implementation of PSIM solutions and services for improved situational awareness by handling the said events in real-time. PSIM allows access to widely dispersed assets through mobile applications for effective situational awareness. Moreover, PSIM systems provide the ability to identify physical or cyber threats by integrating with social media to track potential threats and accomplish better situational awareness. Therefore, rising emphasis on situational awareness is expected to support growth of the global physical security management market over the forecast period.
Adoption of the ‘as-a-service’ model can offer significant growth opportunities market players
Since there is a high demand for PSIM solutions from multiple sectors, key vendors in the market can adapt the as-a-service model to expand the consumer base and revenue generation. Adopting as a service model allows vendors to provide smart and innovative solutions to customers. Moreover, for end users, it is more convenient to adopt as a service solution than purchasing these services.
Challenges regarding privacy violation are expected to restrain growth of the global physical security management market over the forecast period
Although PSIM provides enhanced security solutions, there is always a risk of privacy violation. These challenges are typically faced by residential segment, where PSIM is used to manage the security of guests, comfort, and travel experiences. It is crucial for PSIM solution vendors to provide these services without violating privacy policies. Since many users are installing PSIM solutions in residential premises, it poses major risks for vendors to ensure the privacy of end users. Thus, these factors are expected to restrain growth of the global physical security management market during the forecast period.
High growth of PSIM in retail sector
PSIM solutions are witnessing major demand from many end-use industries including the retail sector since the said sector is facing various security challenges. PSIM solutions provide an all-inclusive way to incorporate multiple systems and track data easily. Moreover, growing demand for enhancing security and risk management solutions is boosting the adoption of PSIM solutions. PSIM coordinates and controls information from security, access, fire, and analytics systems and forms complete situational awareness of building management systems in a distinct way.
Growing adoption of PSIM in large corporate enterprises
Majority of medium and large enterprises are increasingly adopting PSIM solutions, in order to enhance their respective security solutions. In the commercial sector, PSIM can answer major challenges faced by organizations namely enforcing steady security policies, information overload, and integrating and distributing information. Furthermore, PSIM is being increasingly adopted by various enterprises and governments, owing to growing demand for better security solutions. It enhances security, produces staffing efficiencies, and supports regulatory compliances.
Increasing demand for control and management of critical information
PSIM solutions have witnessed lucrative demand in the South America region, owing to its capability to empower quicker transfer of critical information and easy access to information during emergencies. This is allowing organizations to enhance security through increased intelligence and reduce operational costs through enhanced efficiency of security systems. For instance, Brazil is focusing on the deployment of PSIM software; with these deployments, PSIM integration allows various organizational benefits such as improved situation awareness, increased control, and management reporting.
Integration of PSIM with IT security for real-time situation awareness
Many organizations in South America are focused on IT security integration, in order to increase situational awareness and physical security to rapidly detect threats and organize real-time responses. This integration between physical security and IT security is aiding organizations to reduce security risks and generate result-oriented collaboration.
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.