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The Physical Security Information Management (PSIM) Market size is estimated to grow at a CAGR of 21.92% between 2023 and 2028. The market size is forecast to increase by USD 3,940.09 million. The growth of the market depends on several factors such as the emergence of smart cities, the need to mitigate criminal activities and terrorist attacks and regulatory compliance. Physical security comprises the protection of software, personnel, hardware, data, and networks from events that can damage an organization. It helps enterprises by safeguarding them against contingencies such as fire, terrorism, vandalism, and theft. PSIM enables better vigilance compared with legacy security solutions about events that are taking place by responding quickly to them. PSIM brings insight to the entire organization in real-time and over a time period by monitoring, measuring, and analyzing the large amounts of data generated through security and surveillance systems. PSIM minimizes the operational cost of a company by eliminating the need for remote command, manual reviews, and IT overhead expenses and by terminating false alarms.
The report includes a comprehensive outlook on the physical security information management (PSIM) market offering forecasts for the industry segmented by End-user, which comprises PE and U, transportation, commercial, government and defense, and healthcare and others. Additionally, it categorizes Solution into software and services and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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The need to mitigate criminal activities and terrorist attacks is notably driving the 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.
As a result, 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 companies in the physical security information management (PSIM) market are developing solutions to identify crimes before they happen. Therefore, the need to mitigate criminal activities and terrorist attacks is expected to drive the growth of the PSIM market during the forecast period.
Integration of IoT with physical security is an emerging trend shaping the 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.
Moreover, 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 is expected to help in better communication with all PSIM solutions. Thus, the PSIM market is expected to witness high growth during the forecast period.
System integration and interoperability issues a significant challenge hindering the market growth. The adoption of advanced technology in many industry verticals, including the BFSI, telecom, transportation, and public sectors, is increasing significantly, which gives rise to system integration and interoperability issues. Many organizations face integration problems while implementing PSIM software solutions. Companies should provide unified IT solutions, which can be integrated seamlessly with the existing IT infrastructure of organizations. Technical glitches during operations can lead to additional costs for the organization and reduce its operational efficiency. Technical defects, server errors, and other malfunctions caused by hacking are some of the key issues faced by PSIM providers.
However, as most of the PSIM solutions currently available are standardized, they may not comply with the organization's requirements. Moreover, many companies in the physical security information management market are unable to provide customized solutions to individual organizations due to the exorbitant costs involved in customization. Thus, this integration problem discourages organizations from deploying PSIM solutions, which will hamper the growth of the PSIM market during the forecast period.
The market share growth by the PE and U 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 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.
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The PE and U segment was the largest and was valued at USD 299.21 million in 2018. Thus, PSIM helps these end-users to provide cross-platform access to all the stakeholders involved through the secure management and storage of project-related documentation and other digital content. The management of information across projects and data collaboration across the value chain ensures the streamlining of processes and operational efficiencies, thus driving the physical security information management (PSIM) market in the segment. Further, the Middle East and APAC are the largest contributors to this segment due to the presence of a significant oil and gas industry. Also, the development of new energy production infrastructure is expected to drive the growth of this segment, thereby propelling the growth of the PSIM market during the forecast period.
The software segment is expected to witness a rapid rise in the growth rate because of the shift in demand from legacy authentication solutions to digitized physical security solutions due to the popularity of software-as-a-service (SaaS)--based solutions. It has been observed that end-users are demanding integrated PSIM software that is not only easy to use and deploy but also has a low total cost of ownership. Moreover, a rise in the number of cyberattacks on organizational networks is compelling enterprises to increase their IT budgets for securing their IT infrastructure, thus increasing the demand for PSIM solutions, thereby driving the growth of the PSIM market during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. A major driving force behind the growth of the physical security information management (PSIM) market in this region was the 9/11 attack in the US. This led to a looming fear of terrorist attacks in this region, leading to an increase in the adoption of PSIM solutions. Also, North America is a leader in PSIM technology, where it has reached a phase of maturity. Hence, the region will experience a decline in its physical security information management market share. Further, the increase in cyber-attacks can have a negative impact on the economy of the countries in the region and, thus, is expected to encourage the governments in these countries to adopt PSIM solutions. Hence, government enterprises will adopt PSIM solutions to enhance security.
In addition, the expansion of IT, healthcare, BFSI, retail, and education sectors in North America also propels the physical security information management market in this region. The availability of adequate infrastructure, high frequency and volume of malware, the presence of numerous global financial institutions and large companies, compliance with various regulations, and increased adoption of advanced technology among organizations are some of the key factors contributing to the growth of the market during the forecast period.
The Physical Security Information Management (PSIM) Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
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Global Physical Security Information Management (PSIM) Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AARMTech Engineering Pvt. Ltd. - The company offers physical security information management solutions such as Aarmtech physical security information management, which provides several modules that can extend its functions in a specific area of design and circuit simulation and is perfectly able to provide a schematic capture interface.
AxxonSoft - The company offers physical security information management solutions such as Axxon PSIM software, a remarkably advanced distributed PSIM software platform that combines intelligent video analytics, universal IP connectivity and event-driven automation capabilities in a single environment.
ARES Security Corp. - The company offers physical security information management solutions such as Avert Suite, Vidsys and Mayday safety
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The physical security information management (PSIM) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028
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Physical Security Information Management (PSIM) Market Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 21.92% |
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Market Growth 2024-2028 |
USD 3,940.09 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
20.68 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 32% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AARMTech Engineering Pvt. Ltd., Advancis Software and Services GmbH, ARES Security Corp., AxxonSoft, Canon Inc., Carrier Global Corp., easypsim AG, Everbridge Inc., Genetec Inc., Hexagon AB, Johnson Controls International Plc, Kentima AB, LG Electronics Inc., Nanodems Corp., NICE Ltd., Robert Bosch GmbH, and Siemens AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Solution
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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