Physical Security Information Management (PSIM) Global Market Report 2024

The physical security information management (psim) market has grown rapidly in recent years. It will grow from $1.48 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The expansion observed in the historical period can be attributed to several factors, including the growing demand for security integration, heightened security threats, adherence to regulatory compliance, the protection of critical infrastructure, and the pursuit of operational efficiency.

The physical security information management (psim) market is expected to see rapid growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. Anticipated growth in the forecast period is linked to various factors, notably the escalating cybersecurity threats, the surge in IoT and smart city initiatives, global urbanization patterns, an increased emphasis on incident response and resilience, and a heightened focus on enterprise risk management. Key trends expected in this period encompass collaborative efforts with third-party systems, fortified cybersecurity measures for PSIM platforms, emphasis on scalability and modular solutions, automation in incident response, and a focus on user training and education.

The escalating occurrences of cybercrime are projected to drive the expansion of the Physical Security Information Management (PSIM) market. Cybercrime encompasses illicit activities, such as credit card fraud and system infiltration, conducted via computer networks or the internet. PSIM serves to fortify these critical networked systems, thwart cyber threats, and deliver security solutions to clients. For instance, in 2022, per the Federal Bureau of Investigation's report on Internet crime in 2022 (for 2020), registered cybercrime complaints totaled 791,790 with a $4.2 billion loss. In 2022, this surged to 800,944 complaints and a total loss of $10.3 billion. Consequently, the upsurge in cybercrime incidents propels the growth of the PSIM market.

The burgeoning trend of smart cities is anticipated to propel the expansion of the Physical Security Information Management (PSIM) market. Smart cities integrate technology and data to enhance urban efficiency and residents' quality of life. PSIM is instrumental in these cities by consolidating and analyzing data from diverse security systems for swift responses, bolstering situational awareness, and ensuring a coordinated security approach, thereby augmenting overall safety and emergency management. For instance, in 2023, the IMD Smart City Index Report noted an almost 20% increase in smart city coverage, totaling 141 smart cities. Hence, the rise of smart cities is a driving force behind the growth of the PSIM market.

Advancements in the Internet of Things (IoT) constitute a significant trend gaining traction in the Physical Security Information Management (PSIM) market. Companies within this domain are embracing IoT advancements to fortify their market positions. For example, in March 2023, Advancis unveiled WinGuard X5, a PSIM software, and the Advanced Identity Manager (AIM) product. WinGuard X5, an Open Integration Platform, unifies disparate security systems for operation via a single interface. AIM integrates existing IT and access control systems, streamlining identity management. Major players in the PSIM market are leveraging IoT to connect various technologies across domains, offering cost-effective monitoring and integration of access control systems on mobile devices.

Prominent firms in the Physical Security Information Management (PSIM) arena are keenly focused on innovating distributed software solutions to augment their product portfolios. These advanced distributed PSIM software solutions effectively manage and integrate diverse security systems across multiple locations, enabling real-time monitoring, analysis, and responsive capabilities. For instance, in February 2021, AxxonSoft rolled out version 4.11.2 of the Axxon Intellect PSIM, introducing enhancements such as OpenStreetMap integration, object masking in video exports, mobile client push notifications, and advancements in video analytics and event management. Such initiatives aim to optimize security operations in complex environments while enhancing overall outcomes.

In December 2022, HEXAGON AB, a Swedish IT solutions company, completed the acquisition of Qognify for an undisclosed sum. This strategic move broadens their scope in physical security solutions across public safety, infrastructure, and transportation sectors, presenting fresh avenues for real-time monitoring and security enhancement. Qognify, a US-based entity, specializes in big data solutions for physical security, notably offering Physical Security Information Management (PSIM) software.

Major companies operating in the physical security information management (psim) market report are CNL Software Ltd.,Genetec Inc.,VidSys Inc.,Verint Systems Inc.,NICE Systems Ltd.,Johnson Controls International plc,Prysm Software Limited,AxxonSoft Limited,Milestone Systems A/S,Hexagon AB,Advancis Software & Services GmbH,VideoNEXT Network Solutions Inc.,KapLogic Corporation,Everbridge Inc.,Octopus System Pvt. Ltd.,Qognify Inc.,Kova Corporation,Pelco Incorporated,ASCVid Holdings LLC,Access Control Technologies,Mindtree Limited,Tyco Security Products,Quantum Secure Inc.,Intergraph Corporation,Honeywell Security Group,Maxxess Systems Inc.,Bosch Security Systems,Salient Systems Private Limited,Dahua Technology Co. Ltd.,Proximex Corporation.

Europe was the largest region in the physical security information management (PSIM) market in 2023. Asia-Pacific region is expected to be the fastest-growing region in the global physical security information management (PSIM) market report during the forecast period. The regions covered in the physical security information management (psim) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the physical security information management (psim) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of Physical Security Information Management (PSIM) encompass access control systems, electronic article surveillance, fire detection systems, intrusion detection systems, computer-aided dispatch systems, and other similar systems. Access control systems specifically manage and govern entry to physical spaces or resources within an organization. These systems are deployed through various modes such as cloud-based or on-premises setups, catering to diverse industry verticals including banking, financial services and insurance (BFSI), energy and utilities, government and defense, transportation and logistics, retail, among others.

The physical security information management (PSIM) market research report provides physical security information management (PSIM) market statistics, including physical security information management (PSIM) industry global market size, regional shares, competitors with a physical security information management (PSIM) market share, detailed physical security information management (PSIM) market segments, market trends and opportunities, and any further data you may need to thrive in the physical security information management (PSIM) industry. This physical security information management (PSIM) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The physical security information management (PSIM) market includes revenues earned by entities by providing security systems maintenance, audio and video analysis, and access control systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The physical security information management (PSIM) market consists of sales of independent security devices, controllers, and modules. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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