Physical Security Information Management (PSIM) Software Market Scope
Physical Security Information Management is a software platform which assemble security applications and devices and control them through one interface. This software provides a platform and applications. This platforms are able to collect and assemble events of existing disparate security devices to allow personnel to identify and proactively resolve situations. PSIM software is used in software and network security industries to enhance end-to-end situation management, device integration, analysis and resolution. This system works on 5 key functions. It comprises of collection, analysis, verification, resolution and reporting. Collection of data from a number of disparate security systems, analysis and correlation of data to identify the real situations and their priority is conducted by this physical security information management software. Further, this software is able to provide Standard Operating Procedures (SOPs) and step-by-step instructions to resolve the situation. PSIM offers effective management of security, business-related, emergency situation in across end use industry. A rising requirement for centralized control of disparate security solutions for number of industries are expected to drives the market. According to Gemalto's 2018 Breach Level Index, 291 data records were stolen in every second of first half of 2018. Stolen data record was related to theft, account and financial hacks, and more. Hence, awareness regarding data safety and security is providing opportunity to the market. Geographically, North America is expected to grow with highest growth rate owing to its well established infrastructure followed by Europe and Asia Pacific.
According to AMA, the Global Physical Security Information Management (PSIM) Software market is expected to see growth rate of 20.3%There are various companies are operating in the market to provide physical security information management. Increased concern regarding the security is impacting on the demand for physical security information management in positive manner. Hence to grab the opportunity associated with the market, many new market players are entering to the market. The market leaders are investing on organic and non-organic strategic growth initiatives to become dominant in this industry. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Physical Security Information Management (PSIM) Software market throughout the predicted period.
Tyco Integrated Security (United States), Everbridge. (United States), Tyco International Ltd. (United States), TECHBTC(United States), easypsim (Switzerland), Bold Group. (United States), i2V Systems Pvt. Ltd (India), Maxim Integrated (United States) and Professional Systems Engineering, LLC. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Vidsys(United States), Verint Systems (United States), Axxon Soft (United States), Milestone System (Denmark) and Genetec (Canada).
Segmentation Overview
The study have segmented the market of Global Physical Security Information Management (PSIM) Software market by Type (PSIM, PSIM Lite and PSIM+), by Application (Critical Infrastructure, Commercial, First Responders, Military and Other) and Region with country level break-up.
On the basis of geography, the market of Physical Security Information Management (PSIM) Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Growing Attention on Authorising Security Personnel
Market Growth Drivers:
Increasing Demand for Centralized Security Systems and Emerging Economies Has Adopted PSIM for Increasing End Use Expenditure Is Anticipated To Drive the Market Growth
Challenges:
Availability of Substitute’s Security Solutions Is Anticipated to Hamper Growth of the Market
Restraints:
High Cost Related To the Deployment of PSIM Solutions
Opportunities:
Technological Advancements with the Use of AI Are Providing Lucrative Growth Opportunities to the Market
Market Leaders and their Expansionary Development Strategies
In July 2023, Pelco partnered with OpenEye Networks to develop open-platform PSIM solutions for increased flexibility and interoperability. This collaboration potentially empowers organizations to build customized and efficient security solutions that adapt to their evolving needs.
In November 2023, Bosch Building Technologies introduced Intelligent Video Analysis 3.0, featuring advanced threat detection algorithms and proactive incident response tools. It seems like a significant step forward in enhancing PSIM capabilities. Its focus on advanced threat detection and proactive incident response aligns with major trends in the market.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Physical Security Information Management Manufacturers, Suppliers, Distributors, Government Regulatory, Research Organizations and End-Use Industries
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.