Newly released Physical Security Information Management (PSIM) Market analysis report by Future Market Insights reveals that global sales of the Physical Security Information Management Market in 2021 were held at USD 2.3 Billion. With 16.7% projected growth, the market is expected to reach a valuation of USD 12.6 Billion by2032.
| Attributes | Details |
|---|---|
| Global Physical Security Information Management Market Size (2022) | USD 2.7 Billion |
| Global Physical Security Information Management Market Size (2032) | USD 12.6 Billion |
| Global Physical Security Information Management CAGR (2022 to 2032) | 16.7% |
| USA Physical Security Information Management Market Size (2032) | USD 1.7 Billion |
| Key Companies Covered | NEC Corporation; VidSys, Inc.; Intergraph Corporation; NICE Systems Ltd.; VideoNEXT Federal, Inc.; AxxonSoft; SureView Systems; Prysm Software; Vitaprotech; Honeywell International Inc.; Cisco System Inc. |
Software is expected to be the highest revenue-generating category, projected to register a CAGR of 17.4% from 2022 to 2032.
As per the Physical Security Information Management Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Physical Security Information Management Market increased at around 18.5% CAGR.
Suppliers focus on innovation with the most recent technical improvements in their security software platform to provide optimal performance and increased support. For example, Hexagon's Guardian is a next-generation physical security information management system for real-time event monitoring, management, and reaction. The Guardian can help with the following tasks: integrating data from disparate systems to provide unprecedented situational awareness; shortening the time lag between threat identification and response; centralizing and coordinating physical security operations across geographically dispersed organizations and going beyond basic alarm monitoring and retroactive forensic response.
Wireless hardware components such as wireless locks and controllers are being upgraded as wireless infrastructure develops to address the increased demand for physical security in access control. Furthermore, the expanding use of cloud technology services minimizes the need for servers and software, thereby lowering the time and expense of setting up physical equipment and offering secure remote access.
As a middleware software platform, it aids in the monitoring of numerous security devices such as sensors, access control portals, video surveillance, and building network analysis, as well as apps to administrate them via a single composite user interface. Also, PSIM solutions aid in the elimination of manual monitoring of IT infrastructure, allowing for the early discovery of faults in the security system, thereby saving end-users time and money while promoting adoption.
PSIM can automate protocols so that the same thing happens in a particular situation regardless of who is working, how talented or unskilled they are, or whether they are at the start of a 12-hour shift or the final half-hour of one. The response is always the same. This not only ensures that concerns are dealt with as quickly and efficiently as possible but also decreases responsibility for both employees and the company as a whole. PSIM also facilitates user interaction and data interchange, and it can keep individuals in sync without overloading them with information.
One of the major reasons impacting the expansion of the physical security information management business is the rise of smart cities. Smart cities are defined by the interconnection of numerous digital technologies that improve device communication while improving performance, lowering costs, and helping in the efficient use of resources. PSIM systems are commonly employed in smart cities to control traffic, monitor vehicle speed, recognize license plates, and offer parking suggestions.
The deployment of IoT-based security systems on cloud computing platforms, as well as the 'as-a-service' model, is crucial for the physical security information management industry.
The growth in security concerns among organizations globally is expected to fuel demand for the PSIM market during the projected period. The rising need for security solutions in organizations is driving the market. Because growing internet usage leads to an increase in security breaches, there is an increase in global demand for PSIM software solutions.
Asia Pacific is the most lucrative region with projected double-digit physical security information management (PSIM) market growth. Due to technological developments, the Asia-Pacific area is experiencing tremendous expansion in the BFSI security industry, and key security suppliers such as Honeywell International Inc. and Cisco System Inc. are increasing their operations in the region.
Furthermore, as private banks and financial laws expand in countries such as China and India, the Asia-Pacific market is positioned to be at the epicenter of the world's fastest-growing and soon-to-be largest wealth market.
As increased internet usage leads to a rise in security breaches, global demand for PSIM software solutions is increasing. Ransomware attacks increased by 92.7% in 2021 compared to 2020, with 1,389 attacks in 2020 and 2,690 in 2021.
The United States is expected to account for the highest market share of USD 1.7 Billion by the end of 2032. The rising need to mitigate and defend against terrorism and criminal activities, as well as to offer people a good quality of life, are likely to fuel the expansion of the physical security information management market as it supports a safe and secure environment. The several advantages it offers, such as reduced risk, increased security, cheaper operational costs, and others, contribute to the market's growth. Furthermore, increased demand for cloud computing platforms and fast digitization in industries like healthcare, retail, logistics, government and defense, power, and energy, among others, will drive the physical security information management market forward.
In April 2022, the United States Department of Energy announced USD 12 Million in funding for six new R&D projects. The aim is to develop effective cybersecurity technology that helps ensure energy delivery systems are designed, assembled, operated, and maintained in a way that allows them to survive and recover quickly from cyber intrusions. The projects will provide novel cyber-physical platform approaches and technologies for detecting and treating problems in energy delivery systems. This grant demonstrates the Biden Administration's dedication to safeguarding critical infrastructure and boosting cybersecurity in the nation's energy sector.
The software segment is forecasted to grow at the highest CAGR of over 17.4% from 2022 to 2032. Physical security information management software is a fast-increasing business category in the security industry. Its key features include the capacity to link disparate systems, give an intelligence-based scenario picture, and empower operators with active policy management. As the industry learns more about its benefits, PSIM has the potential to go beyond security and become a full-fledged site management tool.
In terms of digital transformation, 72% of information security executives have prioritized cloud computing. Cloud-based IoT software is transforming digital and physical security by enabling them to be integrated and used to better exploit data.
To obtain a better view of what is going on in the organization, they might connect cloud-based solutions that contain all information on one platform. When cloud-based access control systems are combined with a security camera feed, for example, real-time visual identification verification is possible.
Cloud-based solutions may also be combined with analytics and AI-enhanced software, allowing security personnel to spot possible security issues more effectively. Ava Aware, for example, gathers data from access logs and security camera feeds and uses analytics to trigger when unexpected behavior is observed. Rather than just using data as proof after a crime has happened, these triggers operate proactively to reduce threats and criminal conduct.
The Government and Defense segment is forecasted to grow at the highest CAGR of over 17.9% from 2022 to 2032. The government and Defense industries accounted for almost one-fifth of overall market sales in 2021. Corporate development will be fuelled by government attempts to construct smart cities, as well as an emphasis on safe city programs that heavily rely on PSIM software. Rising investments and increased usage of digitalization in the military sector globally will drive segment expansion even further. According to estimates and projections, global military spending would rise by 0.7% in real terms in 2021, reaching USD 2.1 trillion.
Among the leading players in the global Physical Security Information Management (PSIM) market are NEC Corporation, VidSys, Inc., Intergraph Corporation, NICE Systems Ltd., and VideoNEXT Federal, Inc. To gain a competitive advantage in the industry, these physical security industry vendors are investing in product launches, partnerships, mergers and acquisitions, and expansions.
Due to the growing demand for the product around the world, many new companies are expected to enter the market. This is expected to increase competition on a worldwide scale. Additionally, market growth is expected to be fueled by collaborations among current players to improve quality throughout the research period. Over the projection period, established market players are expected to diversify their portfolios and offer one-stop solutions to combat fierce competition.
In May 2022, SureView Systems, a provider of open response platforms, and ShotSpotter, a provider of police technology solutions, announced that SureView can now communicate with ShotSpotter. SureView and ShotSpotter demonstrate how combining their disparate technology may assist law enforcement to respond to incidents more swiftly. Furthermore, the presence of these things will assist in crime prevention. The combination of ShotSpotter's gunshot alerts and SureView's PSIM gives security operations teams all of the tactical information they need to respond and protect people in a single, clear picture of events.
In February 2021, AxxonSoft has made available Axxon Intellect PSIM 4.11.2. Some of the important features include support for OpenStreetMap, object masking when exporting video footage, push alerts for mobile clients, more video analytics, events handling, video archive, and SIP terminal.
In December 2020, Vidsys, Inc.'s assets and contracts have been bought by ARES Security Corporation. The acquisition places the company in a position to develop the next generation of PSIM which is required by Security Operations Centers. Security Operations Centers are an enterprise-level systems that is intelligent, responsive, that is seamlessly integrated into the physical security lifecycle of assessment, design, training, and real-time operations. They want to create a technology roadmap to help clients transition to the next generation of PSIM by merging existing Vidsys capabilities with ARES Security's industry-leading AVERT family of software products.
Similarly, recent developments related to companies in Physical Security Information Management services have been tracked by the team at Future Market Insights, which are available in the full report.
Table 1: Global Market Value (US$ Mn) Forecast by Region, 2017-2032
Table 2: Global Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 3: Global Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 4: North America Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 5: North America Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 6: North America Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 7: Latin America Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 8: Latin America Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 9: Latin America Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 10: Europe Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 11: Europe Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 12: Europe Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 13: Asia Pacific Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 14: Asia Pacific Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 15: Asia Pacific Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 16: MEA Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 17: MEA Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 18: MEA Market Value (US$ Mn) Forecast by End Use, 2017-2032
Figure 1: Global Market Value (US$ Mn) by Component, 2022-2032
Figure 2: Global Market Value (US$ Mn) by End Use, 2022-2032
Figure 3: Global Market Value (US$ Mn) by Region, 2022-2032
Figure 4: Global Market Value (US$ Mn) Analysis by Region, 2017-2032
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2022-2032
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2022-2032
Figure 7: Global Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 8: Global Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 9: Global Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 10: Global Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 11: Global Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 12: Global Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 13: Global Market Attractiveness by Component, 2022-2032
Figure 14: Global Market Attractiveness by End Use, 2022-2032
Figure 15: Global Market Attractiveness by Region, 2022-2032
Figure 16: North America Market Value (US$ Mn) by Component, 2022-2032
Figure 17: North America Market Value (US$ Mn) by End Use, 2022-2032
Figure 18: North America Market Value (US$ Mn) by Country, 2022-2032
Figure 19: North America Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 22: North America Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 23: North America Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 24: North America Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 25: North America Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 26: North America Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 27: North America Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 28: North America Market Attractiveness by Component, 2022-2032
Figure 29: North America Market Attractiveness by End Use, 2022-2032
Figure 30: North America Market Attractiveness by Country, 2022-2032
Figure 31: Latin America Market Value (US$ Mn) by Component, 2022-2032
Figure 32: Latin America Market Value (US$ Mn) by End Use, 2022-2032
Figure 33: Latin America Market Value (US$ Mn) by Country, 2022-2032
Figure 34: Latin America Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 37: Latin America Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 38: Latin America Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 40: Latin America Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 41: Latin America Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 42: Latin America Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 43: Latin America Market Attractiveness by Component, 2022-2032
Figure 44: Latin America Market Attractiveness by End Use, 2022-2032
Figure 45: Latin America Market Attractiveness by Country, 2022-2032
Figure 46: Europe Market Value (US$ Mn) by Component, 2022-2032
Figure 47: Europe Market Value (US$ Mn) by End Use, 2022-2032
Figure 48: Europe Market Value (US$ Mn) by Country, 2022-2032
Figure 49: Europe Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 50: Europe Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 51: Europe Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 52: Europe Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 53: Europe Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 54: Europe Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 55: Europe Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 56: Europe Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 57: Europe Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 58: Europe Market Attractiveness by Component, 2022-2032
Figure 59: Europe Market Attractiveness by End Use, 2022-2032
Figure 60: Europe Market Attractiveness by Country, 2022-2032
Figure 61: Asia Pacific Market Value (US$ Mn) by Component, 2022-2032
Figure 62: Asia Pacific Market Value (US$ Mn) by End Use, 2022-2032
Figure 63: Asia Pacific Market Value (US$ Mn) by Country, 2022-2032
Figure 64: Asia Pacific Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 65: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 66: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 67: Asia Pacific Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 68: Asia Pacific Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 69: Asia Pacific Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 70: Asia Pacific Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 71: Asia Pacific Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 72: Asia Pacific Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 73: Asia Pacific Market Attractiveness by Component, 2022-2032
Figure 74: Asia Pacific Market Attractiveness by End Use, 2022-2032
Figure 75: Asia Pacific Market Attractiveness by Country, 2022-2032
Figure 76: MEA Market Value (US$ Mn) by Component, 2022-2032
Figure 77: MEA Market Value (US$ Mn) by End Use, 2022-2032
Figure 78: MEA Market Value (US$ Mn) by Country, 2022-2032
Figure 79: MEA Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 80: MEA Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 81: MEA Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 82: MEA Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 83: MEA Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 84: MEA Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 85: MEA Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 86: MEA Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 87: MEA Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 88: MEA Market Attractiveness by Component, 2022-2032
Figure 89: MEA Market Attractiveness by End Use, 2022-2032
Figure 90: MEA Market Attractiveness by Country, 2022-2032
The global Physical Security Information Management Market is worth more than USD 2.3 Billion at present.
Value of Physical Security Information Management Market are projected to increase at a CAGR of around 16.7% during 2022 – 2032.
Value of Physical Security Information Management Market increased at a CAGR of around 18.5% during 2017 – 2021.
Worldwide digitization, smart city development, and government initiatives in defense and energy & utility sector, stands as the key trend in Physical Security Information Management market.
The market for Physical Security Information Management Market in US is projected to expand at a CAGR of around 15.7% during 2022 to 2032.
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Physical Security Information Management (PSIM) Market
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