Security has swiftly turned out to be a grave issue for numerous businesses. Physical security information management (PSIM) is signified as a software platform that is utilized for automating and improving the operations center management. Incorporation of several unconnected security devices and applications is made simpler with PSIM. Also, it assists in managing these unconnected security devices through single inclusive user interface.
The growth of the global physical security information management (PSIM) market is fueled by the elevated usage of PSIM to recognize network problems. These solutions jettison manual checking of IT infrastructure, facilitating rapid recognition of errors in the security system. This ultimately saves money and time of the end-users. In addition, incorporation of social media into PSIM is expected to bring up new avenues for the market in the years to come. However, the current COVID-19 pandemic has resulted in a new recession cycle that is projected to hamper the market growth to certain extent. Nonetheless, technological advancements are also projected to drive the market growth. To cite, Verint, in Apr 2019, made numerous improvements to its Situational Intelligence Platform that assists establishments to reinforce their security approaches while offering actionable intelligence to enhance operations.
The global physical security information management (PSIM) market can be divided based on deployment, type, end-user, and region. By type, the market is segregated into services and solution. By deployment, the market is classified into cloud and on-premise. By end-user, the market is categorized into energy & utilities, transportation & logistics, BFSI, retail, government & defense, and others. Among these, the government & defense segment is projected to hold the highest market share during the forecast period on account of rise in social unrest incidents and terror attacks in the last few years along with the damage resulted from these events has caused commotion in business groups and cautioned several institutions to install physical security systems throughout their infrastructure.
Regionally, the global physical security information management (PSIM) market is projected to be ruled by North America during the forecast period trailed by Asia Pacific and Europe. The North America market growth can be attributed to the rising requirement for security against growing criminal activities, illegal immigration, terrorist activities, and the need to decrease the security workforce cost. Likewise, Asia Pacific is expected to be the quickest developing region owing to the mounting physical & cyber security dangers.
AxxonSoft, Milestone System, CNL Software, Intergraph Corporation, NICE Systems Ltd., Tyco international, Verint Systems, PRYSM Software, Genetec, and Vidsys Inc. are few of the prominent players active within the global physical security information management (PSIM) market.