Physical Security Information Management Market - Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
Albany, NY -- (SBWIRE) -- 02/27/2019 -- 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.
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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.