Physical Security Information Management (PSIM) Industry

According to a research report "Physical Security Information Management (PSIM) Market by Offering (Software and Services), Software Type, Deployment Mode, Organization Size, Vertical (BFSI, IT & ITES, and Healthcare) and Region - Global Forecast to 2029" published by MarketsandMarkets, the global physical security information management (PSIM) market size is projected to grow from USD 3.5 billion in 2024 to USD 4.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. The integration of cloud-based solutions and advanced technologies like AI, ML, and blockchain has propelled the rapid growth of PSIM adoption. Cloud-based PSIM solutions offer remote accessibility and cost reductions, while AI, ML, and blockchain integration automate processes, enhance threat detection, and secure data exchange. These combined advancements in PSIM systems cater to organizations' demands for scalable, cost-effective, and efficient security solutions, driving significant expansion in the PSIM market.

Browse 394 market data Tables and 47 Figures spread through 293 Pages and in-depth TOC on "Physical Security Information Management (PSIM) Market by Offering (Software and Services), Software Type, Deployment Mode, Organization Size, Vertical (BFSI, IT & ITES, and Healthcare) and Region - Global Forecast to 2029"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/physical-security-information-management-psim-market-133712085.html

Based on the organization size, SMEs are to grow at the highest CAGR during the forecast period.

The exponential growth of SMEs in the PSIM market is attributed to the escalating recognition of the critical importance of robust security measures to combat cyber threats. With nearly 43% of cyber-attacks targeting SMBs, the imperative for effective security solutions among smaller enterprises is evident. However, SMEs often encounter budget constraints and resource limitations, heightening vulnerability to security breaches. Consequently, investing in tailored PSIM solutions has become a priority. These solutions, encompassing video surveillance, access control, and alarm management, empower SMEs to monitor and respond to security incidents efficiently. Moreover, the affordability, scalability, and ease of deployment of cloud-based PSIM options are particularly appealing to SMEs. By embracing PSIM technologies, SMEs bolster their security posture, mitigate cyber risks, and safeguard assets and operations against evolving threats in today's digital landscape.

By software type, video management accounts for the highest market size during the forecast period.

The video management software type holds the largest market share in the PSIM market due to its indispensable role in modern security systems. With the proliferation of CCTV cameras globally, there's a heightened demand for VMS solutions to handle and manage footage from numerous cameras efficiently. VMS systems are renowned for their open-platform design, enabling seamless integration of various camera types and brands and advanced features like motion detection and video analytics. When integrated with PSIM software, VMS delivers multiple benefits, including real-time video feed monitoring from multiple cameras and automation of video management processes. Leading companies such as ISS provide PSIM software with integrated video management capabilities, offering organizations enhanced security intelligence and operational efficiency through centralized management of video surveillance systems. This convergence of technology ensures robust protection for organizations and their assets, driving the dominance of video management software in the PSIM market.

By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The Asia Pacific region is growing at the fastest rate in the PSIM market due to several key factors driving the demand for integrated security solutions. Rapid economic growth and technological advancements, particularly in IoT proliferation and smart city initiatives, necessitate efficient management of diverse security systems, prompting the adoption of PSIM. Moreover, substantial government investments in critical infrastructure projects further underscore the need for comprehensive security solutions like PSIM to safeguard valuable assets effectively. The increasing awareness among organizations about the benefits of PSIM in managing complex security environments is fueling its adoption across various sectors, including transportation, energy, and public safety. These factors collectively contribute to the rapid growth of the PSIM market in the Asia Pacific region, positioning it as a frontrunner in the adoption of integrated security solutions.

Key Players

Hexagon AB (Sweden), Honeywell (US), Hikvision (China), Everbridge (US), Axxonsoft (Ireland), Genetec (Canada), Advancis (Germany), Entelec (Belgium), Verint (US), Vidsys (US), Nanodems (US), Eagle Eye Networks (US), Bold Group (US), Primion (Germany), Persistent Sentinel (US), Prysm Software (France), SureView Systems (US), easypsim (Switzerland), Veracity Solutions (Scotland), AARMTech (India), Octopus (Israel), Network Harbor (US), Fast Systems (Switzerland), Integrated Security Systems (ISS) (US), and Gretsch-Unitas Deutschland (Germany) are the key players and other players in the physical security information management market.

Don’t miss out on business opportunities in Physical Security Information Management (PSIM) Industry. Speak to our analyst and gain crucial market insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]