Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Global Physical Security Information Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The global Physical Security Information Management (PSIM) market is projected to experience robust growth in the coming years. Forecasts estimate the market size to reach approximately USD 3.53 billion by 2029 from an estimated USD 1.66 billion in 2024, expanding at a Compound Annual Growth Rate (CAGR) of 16.24% during the forecast period.
Technological Advancements in IoT
Key to this growth is the advancement and integration of the Internet of Things (IoT) with PSIM systems, enhancing security solution offerings and connectivity. This union facilitates improved management platforms for ambitious smart city projects and security systems, including video surveillance and access control systems.
Government Regulations and Investments
Governments worldwide play a pivotal role in the adoption of smart technologies and infrastructure. Initiatives like the UK government's proposed regulatory changes and New York's deployment of Vehicle-to-Vehicle/Infrastructure technologies are indicative of the increasing emphasis on advanced and comprehensive security measures.
The Critical Role of PSIM in Security
PSIM systems are essential in safeguarding high-security environments by providing capabilities ranging from incident resolution, reporting, to audit trails. As a middleware, PSIM also enables efficient monitoring and control of various security devices, a feature that is increasingly adopted to identify and rectify security flaws promptly, saving time and costs.
Impact of COVID-19 Pandemic on Market Dynamics
The ongoing COVID-19 pandemic has also impacted the PSIM market. With the implementation of remote work policies, there has been a surge in the need for effective security tools and solutions. Challenges such as demand fluctuation for specific physical security systems and reliance on components manufactured overseas are being considered by market vendors.
Challenges to Market Growth
Despite these positive indicators, the high cost associated with updating standalone security systems to implement PSIM solutions may discourage adoption, particularly among small to medium-sized enterprises, potentially impeding market growth.
Market Share Analysis: Government and Defense
Within the market, government and defense sectors command a significant share, with an increasing need for advanced security systems to counteract terror threats. These sectors are also influencing a change in employee behavior through the adoption of PSIM solutions.
European Market Dominance
Europe holds the largest market share in the PSIM industry, with countries like the United Kingdom taking stringent measures to enhance surveillance systems. Such efforts, combined with smart city initiatives across the region, are expected to present numerous opportunities for PSIM solutions.
Industry Overview and Key Players
The PSIM market remains fragmented, with solution providers relying on various value chain enablers. Collaboration between companies, like the recent initiatives by Johnson Controls International PLC and Gentec Inc., is indicative of the industry's direction and the expansion of PSIM solution integration. This anticipated growth and development of the PSIM market underscore the increasing importance of integrated, intelligent security systems in an ever-connected and technologically evolving global landscape.
A selection of companies mentioned in this report includes, but is not limited to:
- Everbridge Inc.
- Qognify Inc.
- Vidsys Inc.
- AxxonSoft Inc.
- Verint Systems Inc.
- Genetec Inc.
- LenelS2
- Advancis Software & Services GmbH
- VIDEONEXT Network Solutions
- Ela-Soft GmbH
- Hexagon AB
- Johnson Controls International PLC
- Prysm Software
- F.A.S.T. Systems Inc.
- Easypsim AG
- Milestone Systems A/S (Denmark)
- Octopus System
For more information about this report visit https://www.researchandmarkets.com/r/kawn8n
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