Albany, NY -- (SBWIRE) -- 01/15/2019 -- Considering that top four companies in the global physical security information management (PSIM) market held 36% of the overall market in 2016, the said market is characteristic of a moderately consolidated vendor landscape. The top two players, namely NEC Corporation and Tyco International hold prominent position in the global market owing to their delivery and service expanse, especially to serve emerging economies such as India, China, and Brazil. Some other key vendors, namely CNL Software Ltd., Mer Inc., Vidsys Inc., Milestone Systems A/S, and Intergraph Corporation hold prominence due to their strong product portfolio.
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Howbeit, domestic players hold prominence in local and regional markets making it difficult for large companies to serve these markets. In this scenario, large companies are adopting the inorganic growth route and thus vying to carry out mergers and acquisitions and strategic collaborations with small players to establish their foothold in regional pockets. The acquisition of Brazil-based Arcon Informatica S.A. by NEC Corporation in August 2016 is a case in point.
As per a market study by Transparency Market Research (TMR), the global PSIM market is predicted to expand at a solid 18.7% CAGR over the forecast period between 2016 and 2024. This will result for the market to become worth US$3,832.6 mn by the end of 2024 from a valuation of US$823.1 mn in 2015.
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By end user, the government and defense sector is the leading segment, and is anticipated to rise at a CAGR of 20% over the forecast period. The growth of this segment is mainly because of initiatives for the development of smart cities and safe city programs that have high dependability on PSIM software and services. The segment of educational institutions, religious buildings, and stadiums collectively account for substantial share in the overall market. PSIM software and services are deployed to counter threats posed by cybercrime and physical attacks at crowded places. Geography-wise, North America leads the overall market holding a significant portion of the pie.