Albany, NY -- (SBWIRE) -- 01/10/2018 -- The increasing demand for centralized control and management of disparate devices and information systems among enterprises has led to the rapid evolution of the physical security information management (PSIM) market. A physical security information system encapsulates an integrated platform and a series of applications by vendors and system integrators (SI) to collect data and correlate events to help organizations identify problems and proactively solve them. Over the past decade, a large number of organizations of all sizes have adopted PSIM solutions to gain increased control over business operations, achieve situational awareness, and effectively manage compliance and reporting.
Recently, video management system (VMS) vendors, SIs, and third-party vendors have collaborated in providing end-users high-end integrated security solutions to meet clients' needs, which has kept the market fairly competitive. Automation in PSIM systems has brought significant reduction in operational costs, thereby boosting the market growth. The global physical security information management market is expected to rise at an impressive CAGR of 18.7% during the period to reach US$3,832.6 mn by the 2024.
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The research analysis is conducted with the help of inputs from across a wide spectrum of stakeholders such as business executives, budding entrepreneurs, market leaders, industry veterans, global associations, and CIOs. The strategically motivated insights help companies form evidence-based decisions.
The physical security information management market is primarily driven by the increasing value proposition achieved by the adoption of an integrated and intelligent platform and security system amongst enterprises in various industries. The alarming rise in security breaches in organizations managing business operations and critical consumer data has propelled the PSIM market. The emergence of smart cities, coupled with the increasing focus of governments on reforms in urban development, has spurred the demand for end-to-end, IP-based PSIM solutions. In addition, several safe city programs by public organizations in developing economies have stimulated the demand for PSIM. The soaring need for security and monitoring of transportation activities in the logistics industry has accelerated the deployment of PSIM solutions, thereby boosting the market.
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The increasing adoption of PSIM software in the hospitality sector to provide heightened safety across infrastructures is anticipated to propel the market over the forecast period. Furthermore, advancements in Internet of Things (IoT) technology and its integration with PSIM has led to the influx of high-performing security applications. This is anticipated to create lucrative avenues in various developing and developed markets.
North America leads the physical security information management market and is poised to expand at a handsome CAGR of 18.3% over the forecast period. The large presence of third-party vendors and SIs and rapidly rising demand for PSIM solutions by numerous enterprises across various industries are expected to fuel the regional market.
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The North America market is followed by the Europe and Asia Pacific markets; the Asia Pacific market will rise at a higher CAGR of 19.3% during 2016–2024. The impressive growth of this regional market will be fuelled mainly by the demand for scalable PSIM solutions across enterprises in the face of rising cybersecurity threats. In addition, the increasing adoption of PSIM solutions in smart city projects and in several city surveillance projects cropping up in developing and developed nations is expected to propel the regional market over the forecast period.
The PSIM market is highly competitive with the dominance of domestic players in key regions. Several PSIM vendors are offering differentiated products such as visualized services platform to enhance their competition in the market. The report analyzes their offerings and the key strategies adopted by them to consolidate their market positions in major regions. Prominent companies in the physical security information management market include Vidsys, Inc., NEC Corporation, CNL Software, NICE Ltd., Intergraph Corporation, Tyco International Ltd., Mer, Inc., Genetec, Inc., videoNEXT Federal, Inc., S2 Security Corporation, AxxonSoft, and Milestone Systems A/S.