Albany, NY -- (SBWire) -- 12/28/2018 --Global Physical Security Information Management Market: Snapshot
The demand for effective physical security information management solutions and services has significantly increased globally in the past few years, owing chiefly to the rising demand for centralized control over disparate security systems across several industries. The growing deployment of PSIM solutions and services has led to an increased presence of pure PSIM vendors, system integrators, and third party vendors across the world. Due to this PSIM software and service providers are facing strong competition in global market.
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Competition in the market is expected to significantly intensify in the next few years owing to the foray of many new services and solutions providers. However, the ample growth opportunities presented by the market will help provide sustainable returns. Transparency Market Research estimates that the global PSIM market will exhibit a remarkable 18.7% CAGR over the period between 2016 and 2024. As a result, the market, valuing at US$823.1 mn in 2015, will rise to US$3,832.6 mn by 2024.
Demand Expected to Rise Promisingly across Hospitality and Transportation Sectors
Accounting for a share of 11.6% in 2015, the government and defense sector held the dominant position in the global PSIM market and is expected to grow at an exponential CAGR of nearly 20% during forecast period. The rising focus on the development of smart cities and government initiatives such as safe city programs are anticipated to contribute in the growing adoption of PSIM software and services across the world.
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Global Physical Security Information Management (PSIM) Market: Efficacy to Counter Cybercrime Boosts Adoption