Physical Security Information Management (PSIM) Market Analysis North America,Europe,APAC,Middle East and Africa,South America - US,China,Japan,UK,Germany - Size and Forecast 2024-2028

Physical Security Information Management (PSIM) Market Forecast 2024-2028

The Physical Security Information Management (PSIM) Market size is estimated to increase by USD 3.94 billion and grow at a CAGR of 21.92% between 2023 and 2028. 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.

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

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Market Segmentation

The report includes a comprehensive outlook on the 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.

By End-user Segment

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 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.

By Solution Segment

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.

Regional Overview

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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 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 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 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. 

Market Dynamics and Customer Landscape

The Market is undergoing significant growth, driven by the increasing demand for advanced security solutions across various sectors such as BFSI, Energy & Utilities, and Building Systems. PSIM integrates various security systems and devices, providing an analytical depiction of security events and facilitating efficient response mechanisms. With the proliferation of cloud computing platforms and IoT technologies, these solutions offer enhanced intelligence and analytics capabilities, including facial recognition and audit trail functionalities. As internet penetration rises and investment pockets emerge, the market is poised for future estimations, especially in metropolitan areas like Cleveland. Middleware software platforms play a crucial role in the integration of diverse security systems, ensuring seamless operation and logical network connections. The market's growth trajectory reflects the increasing importance of comprehensive security solutions in today's interconnected world.

Key Market Driver

The Market is experiencing significant growth driven by the pressing need to mitigate criminal activities and terrorist attacks worldwide. The escalating threat of sophisticated criminal and terrorist acts has led to increased deployment of the solutions, especially in countries like the US and the UK. These solutions play a crucial role in curbing intrusion, murder, robbery, and theft, and governments worldwide are imposing stringent regulations mandating their installation in public places such as airports, hospitals, and malls. This deployment not only enhances citizen safety but also aids in crime tracking and apprehension, providing conclusive evidence for legal proceedings. With companies developing preemptive crime identification solutions, the market is poised for substantial growth, ensuring a safer and crime-free environment for all.

Significant Market Trends

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 these solutions. Thus, the market is expected to witness high growth during the forecast period.

Major Market Restrain

System integration and interoperability issues are significant challenges 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 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.

Market Customer Landscape

The 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.

Global Market Customer Landscape

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

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:

• Advancis Software and Services GmbH
• 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.

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.

Segment Overview

The 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

• End-user Outlook
  • PE and U
  • Transportation
  • Commercial
  • Government and defense
  • Healthcare and others
• Solution Outlook
  • Software
  • Services
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The Market is witnessing rapid growth driven by rising security concerns and technological advancements. PSIM solutions, based on the 'as-a-service' model, offer access control, facial recognition, and surveillance camera integration for comprehensive security management. The analytical depiction and real-time updates provided by PSIM systems enable efficient monitoring and response to security breaches. With the integration of IoT platforms and deployment options ranging from on-premise to cloud-based solutions, PSIM addresses diverse security needs across industries like Energy & Utilities, Transportation & Logistics, and IT & Telecommunication. As investment pockets expand, PSIM market vendors develop innovative solutions to meet future estimations, ensuring safety and protection in an ever-evolving security landscape.

Moreover, the market is witnessing rapid growth driven by the rise in security concerns globally. PSIM solutions integrate various security tools and solutions, including access control readers, CCTV policies, and surveillance cameras, into a single platform. These platforms offer advanced features like audit trails, verification, and impact analysis, enhancing security management capabilities for organizations. With the proliferation of IoT-based security systems and wireless technology, PSIM solutions provide seamless integration of sensors and safety devices for comprehensive security coverage. The market sees significant adoption in building systems and metropolitan areas like Cleveland, Ohio, where high-resolution IP-based cameras and mobile phone access control are increasingly common. As demand rises from small and medium-sized businesses to large enterprises, PSIM vendors continue to innovate, driving the growth of the global PSIM market.

Physical Security Information Management (PSIM) Market Scope
Report Coverage	Details
Page number	186
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 21.92%
Market Growth 2024-2028	USD 3.94 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	20.68
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 32%
Key countries	US, China, Japan, UK, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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
Market dynamics	Parent market analysis, Market forecasting, 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.
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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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