The Global Physical Security Information Management (PSIM) Market size is expected to reach $4.7 billion by 2031, rising at a market growth of 14.6% CAGR during the forecast period.
IT & ITeS companies often house critical infrastructure, including data centers, server rooms, and network facilities, which are essential for their operations. Protecting these assets against physical security threats such as unauthorized access, theft, vandalism, and sabotage is paramount. PSIM solutions provide centralized management and control of security systems, enabling I.T. & ITeS companies to analyze, monitor and respond to security events effectively. Thus, the the IT & ITeS segment acquired 14% revenue share in the market 2023.
Modern security environments often comprise many disparate security systems and technologies, including video surveillance, access control, intrusion detection, fire alarms, biometric authentication, and perimeter security.
Additionally, in today's security landscape, threats can evolve rapidly, requiring swift and decisive action to mitigate potential risks. PSIM solutions offer real-time incident detection capabilities, enabling security personnel to identify and respond to threats promptly, thus minimizing the impact of security breaches.
However, the upfront costs associated with implementing PSIM solutions can be substantial, including expenses related to software licenses, hardware infrastructure, customization, integration with existing systems, and personnel training. Thus, high implementation costs are hindering the market's growth.
IT & ITeS companies often house critical infrastructure, including data centers, server rooms, and network facilities, which are essential for their operations. Protecting these assets against physical security threats such as unauthorized access, theft, vandalism, and sabotage is paramount. PSIM solutions provide centralized management and control of security systems, enabling I.T. & ITeS companies to analyze, monitor and respond to security events effectively. Thus, the the IT & ITeS segment acquired 14% revenue share in the market 2023.
Modern security environments often comprise many disparate security systems and technologies, including video surveillance, access control, intrusion detection, fire alarms, biometric authentication, and perimeter security.
Additionally, in today's security landscape, threats can evolve rapidly, requiring swift and decisive action to mitigate potential risks. PSIM solutions offer real-time incident detection capabilities, enabling security personnel to identify and respond to threats promptly, thus minimizing the impact of security breaches.
However, the upfront costs associated with implementing PSIM solutions can be substantial, including expenses related to software licenses, hardware infrastructure, customization, integration with existing systems, and personnel training. Thus, high implementation costs are hindering the market's growth.
Driving and Restraining Factors
Drivers- Rising integration of security systems
- Rising need for real-time response
- Increasing security concerns globally
- High implementation costs of PSIM
- Performance and reliability issues
- Enhanced user experience and accessibility
- Growing need for centralized management
- Lack of awareness and limited education
- Complexity of security ecosystems
Deployment Mode Outlook
Based on deployment mode, the market is categorized into on-premises and clouds. The on-premises segment witnessed 35% revenue share in the market in 2023. Many organizations, particularly those in highly regulated finance, healthcare, and government industries, have strict data governance and compliance requirements.Vertical Outlook
Based on vertical, the market is classified into BFSI, IT & ITeS, government, healthcare, retail and eCommerce, residential, transportation & logistics, and others. In 2023, the BFSI segment attained 24% revenue share in the market.
Offering Outlook
Based on offering, the market is divided into software and services. The services segment acquired 35% revenue share in the market in 2023. PSIM solutions often require specialized knowledge and expertise for successful implementation and deployment.Software Type Outlook
On the basis of software type, the market is segmented into access control, video management, intrusion detection management, fire safety and alarms, GIS mapping systems, and HVAC. The video management segment recorded 31% revenue share in the market in 2023.Organization Size Outlook
By organization size, the market is bifurcated into SMEs and large enterprises. In 2023, the large enterprises segment registered 70% revenue share in the market. Large organizations' size and complexity of operations usually result in complex security requirements.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 31% revenue share in the market. Many countries in the Asia-Pacific region are experiencing rapid urbanization, leading to the development of smart cities and large urban areas.List of Key Companies Profiled
- Hexagon AB
- Honeywell International, Inc.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Everbridge, Inc.
- AxxonSoft
- Genetec, Inc.
- Advancis Software & Services GmbH
- Entelec Control Systems
- Verint Systems, Inc.
- Prysm Software (Vitaprotech group)
Market Report Segmentation
By Offering- Software
- Video Management
- Access Control
- Fire Safety & Alarms
- Intrusion Detection Management
- GIS Mapping System
- HVAC
- Services
- Large Enterprises
- SMEs
- Cloud
- On-Premises
- BFSI
- Government
- IT & ITeS
- Healthcare
- Transportation & Logistics
- Residential
- Retail & eCommerce
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Physical Security Information Management (PSIM) Market by Offering
Chapter 5. Global Physical Security Information Management (PSIM) Market by Organization Size
Chapter 6. Global Physical Security Information Management (PSIM) Market by Deployment Mode
Chapter 7. Global Physical Security Information Management (PSIM) Market by Vertical
Chapter 8. Global Physical Security Information Management (PSIM) Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Hexagon AB
- Honeywell International, Inc.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Everbridge, Inc.
- AxxonSoft
- Genetec, Inc.
- Advancis Software & Services GmbH
- Entelec Control Systems
- Verint Systems, Inc.
- Prysm Software (Vitaprotech group)
Methodology
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