Physical Security Information Management (PSIM) Market by End-user, Solution, and Geography - Forecast and Analysis 2021-2025

The physical security information management (PSIM) market share is expected to increase by USD 3.21 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 22.15%.

This physical security information management (PSIM) market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers physical security information management (PSIM) market segmentations by end user (PEU, transportation, commercial, government and defense, and others) and geography (North America, Europe, APAC, MEA, and South America). The physical security information management (PSIM) market report also offers information on several market vendors, including AxxonSoft Inc., Everbridge Inc., Genetec Inc., Hexagon AB, Johnson Controls International Plc, NICE Ltd., Robert Bosch GmbH, Siemens AG, Verint Systems Inc., and Vidsys Inc. among others.

What will the Physical Security Information Management (PSIM) Market Size be During the Forecast Period?

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Physical Security Information Management (PSIM) Market: Key Drivers, Trends, and Challenges

The need to mitigate criminal activities and terrorist attacks are notably driving the physical security information management (PSIM) market growth, although factors such as infrastructural requirements may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the physical security information management (PSIM) industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Physical Security Information Management (PSIM) Market Driver

The need to mitigate criminal activities and terrorist attacks is a major driver fueling the physical security information management market growth. The threat of sophisticated criminal and terrorist activities is increasing across the world. The increasing number of terrorist attacks, especially in countries such as the US and the UK, has necessitated the deployment of PSIM solutions. PSIM solutions are also deployed to curb criminal activities such as intrusion, murder, robbery, and theft. The governments of several countries have imposed stringent regulations that require the installation of PSIM solutions in public locations such as hypermarkets, hospitals, airports, seaports, railway stations, hotels, and malls to reduce criminal and terrorist activities. Therefore, the deployment of PSIM solutions will provide citizens with a safe and crime-free environment and improve their quality of life. PSIM solutions can be used to track and apprehend criminals and provide conclusive evidence in court. Several vendors are developing solutions to identify crimes before they happen. Therefore, the need to mitigate criminal activities and terrorist attacks will drive the growth of the global PSIM market.

Key Physical Security Information Management (PSIM) Market Trend

Integration of IoT with physical security is a major trend influencing the physical security information management market growth. IoT is a technology that enables physical objects to be accessible via the Internet. IoT connects a wide range of objects, ranging from sensor-powered microcontrollers to devices powered by processors. These objects are interconnected in a way that makes them suitable for collecting and analyzing data in real time. Thus, IoT connects objects or things that can be accessed anytime and from anywhere.IoT is used in wireless video surveillance for capturing videos and transmitting them to devices over the wireless network. This aids in getting immediate responses to real-time decision-making. The growing demand for improving the efficiency of facilities such as waste management plants, energy plants, and water management plants will contribute to the increasing installation of IoT-based physical security devices. Hence, IoT is expected to impact the way in which these enterprises implement PSIM solutions. IoT will make video surveillance and commercial systems more interactive, which will help in better communication with all PSIM solutions.

Key Physical Security Information Management (PSIM) Market Challenge

The infrastructural requirements will be a major challenge for the physical security information management (PSIM) market growth during the forecast period. Advanced infrastructures, such as bandwidth, video cameras, biometric data capturing devices, and storage, are required to deploy PSIM solutions. Video surveillance generates a large volume of video data, which must be stored and archived and the advent of 4K recording has created stress on storage systems. With high quality and reliability, storage solutions must also be scalable according to the demand for PSIM and the volume of surveillance data. The effective implementation of PSIM solutions necessitates adequate bandwidth, especially because of the introduction of specialized cameras that generate 4K and ultra-high-definition video content, which must be transferred and archived. Therefore, the transmission of high volumes of data requires high bandwidth. Poor network connectivity in developing and underdeveloped countries reduces the availability of high bandwidth, which affects data transmission. Connectivity issues in information and communications technology infrastructure can reduce the operational performance of PSIM solutions.

This physical security information management (PSIM) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global physical security information management (PSIM) market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the physical security information management (PSIM) market during the forecast period.

Who are the Major Physical Security Information Management (PSIM) Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• AxxonSoft Inc.
• Everbridge Inc.
• Genetec Inc.
• Hexagon AB
• Johnson Controls International Plc
• NICE Ltd.
• Robert Bosch GmbH
• Siemens AG
• Verint Systems Inc.
• Vidsys Inc.

This statistical study of the physical security information management (PSIM) market encompasses successful business strategies deployed by the key vendors. The physical security information management (PSIM) market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The physical security information management (PSIM) market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Physical Security Information Management (PSIM) Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the physical security information management (PSIM) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global application software market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Physical Security Information Management (PSIM) Market?

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32% of the market's growth will originate from North America during the forecast period. The US is the key market for physical security information management (PSIM) in North America. Market growth in this region will be faster than the growth of the market in the European and South American regions.

The availability of adequate IT and business infrastructure, stringent regulations on IT security compliance and governance, and the high adoption of cloud-based IT security solutions and services will facilitate the physical security information management (PSIM) market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating End User Segments in the Physical Security Information Management (PSIM) Market?

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The physical security information management (PSIM) market share growth by the PEU segment will be significant during the forecast period. The increased digitization and stringent regulatory standards such as the Health, Safety, and Environment (HSE) standards are driving the adoption of PSIM in the power, energy, and utility (PEU) sectors to meet the regulatory requirements. In all these sectors, one of the primary end goals has always been the reduction of the costs and risks involved while maintaining superior quality and timeliness of the end product. The development of new energy production infrastructure is expected to drive the growth of this segment.

This report provides an accurate prediction of the contribution of all the segments to the growth of the physical security information management (PSIM) market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Physical Security Information Management (PSIM) Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive physical security information management (PSIM) market growth during the next five years
• Precise estimation of the physical security information management (PSIM) market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the physical security information management (PSIM) industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of physical security information management (PSIM) market vendors

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