The latest market report published by Credence Research, Inc. “Physical Security Information Management Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the PSIM market was valued at US$ 930.5 Mn in 2018 and expected to grow at a CAGR of 14.5% during the forecast period from 2019 to 2027.
Increased security breach worldwide will boost the demand for PSIM software market
Rising security concerns among enterprises worldwide will boost the demand for Physical Security Information Management market during the forecast period from 2019-2027. The market is majorly driven by an increasing need for centralized control for security solutions in the organizations. North America was the major value contributor in 2018 followed by Europe and the Asia Pacific.
Growing internet penetration worldwide leads to more number of security breach owing to which the demand for PSIM software solutions is rising globally. In 2018, there is a security breach in every 44 seconds; it is either personal or professional and major targeted industries are retail, IT & Telecommunication and Government. As per a recent study, the cost of a data breach has reached more than US$ 1.0 Tn in 2018 and it expected that it will reach more than US$ 6.0 Tn by 2021.
Growing digitization in various industries such as logistics, healthcare, retail, government & defense, and others will also boost the market growth during the forecast period. The deployment of PSIM software is growing rapidly in the large as well as small enterprises due to its numerous benefits such as less operational cost, increased security, low risk, and others. Government investments for the development of smart cities and digitization in emerging economies such as India, Indonesia, and others will also drive the market demand in years to come.
Major software providers are focusing on various strategies such as acquisitions, partnerships, mergers, and others. Launch of the updated version with advanced technological features of Physical Security Information Management software and collaboration with other companies will be the key strategies by the players.
• In June 2019, CNL Software partners with MOBOTIX to highlight the advanced features of PSIM software at IFSEC International 2019. This partnership will move further to develop PSIM software with innovative features.
Key Market Movements:
• Globally, the PSIM market is rising at a CAGR of 14.5% for the estimated period from 2019 to 2027
• North America dominated the global PSIM market in 2018 owing to rising security breaches, growing need for PSIM software across various established industries (such as BFSI, IT & Telecom, Government & Defense and others) and early adoption of technology in the region.
• The Asia Pacific market estimated to register the highest growth rate throughout the forecast period due to growing physical & cyber security threats, growing demand for centralized control of security system and increased smart city projects in the emerging countries such as India, Indonesia, and others.
• Based on the end-user, the government & defense sector was dominant in 2018. The government & defense sector dominated the global market owing to the growing use of technology in defense (such as the Internet of Things (IoT), Big Data and others) and adoption of cloud-based services at the government workplace.
• The growing number of partnerships, mergers & acquisitions, new software development, and others will be the major key strategies adopted by the market players.
List of Companies Covered:
• NEC Corporation
• CNL Software Ltd.
• Tyco International Ltd.
• NICE Systems Ltd.
• VidSys, Inc.
• Hexagon AB (Intergraph Corporation)
• Red Five Security, LLC
• S2 Security Corporation
• Milestone Systems A/S
• Genetec, Inc.
The Global Physical Security Information Management (PSIM) Market is Segmented into:
|Segmentation||Component Type (2017–2027; US$ Mn)|
|End-user (2017–2027; US$ Mn)|
|Geography Segment (2017–2027; US$ Mn)|
*Complete segmentation list is on report page