Physical Security Information Management Market: Efficacy to Counter Cybercrime Boosts Adoption

Considering that top four companies in the global physical security information management (PSIM) market held 36% of the overall market in 2016, the said market is characteristic of a moderately consolidated vendor landscape. The top two players, namely NEC Corporation and Tyco International hold prominent position in the global market owing to their delivery and service expanse, especially to serve emerging economies such as India, China, and Brazil. Some other key vendors, namely CNL Software Ltd., Mer Inc., Vidsys Inc., Milestone Systems A/S, and Intergraph Corporation hold prominence due to their strong product portfolio.

Howbeit, domestic players hold prominence in local and regional markets making it difficult for large companies to serve these markets. In this scenario, large companies are adopting the inorganic growth route and thus vying to carry out mergers and acquisitions and strategic collaborations with small players to establish their foothold in regional pockets. The acquisition of Brazil-based Arcon Informatica S.A. by NEC Corporation in August 2016 is a case in point.

As per a market study by Transparency Market Research (TMR), the global PSIM market is predicted to expand at a solid 18.7% CAGR over the forecast period between 2016 and 2024. This will result for the market to become worth US$3,832.6 mn by the end of 2024 from a valuation of US$823.1 mn in 2015.

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By end user, the government and defense sector is the leading segment, and is anticipated to rise at a CAGR of 20% over the forecast period. The growth of this segment is mainly because of initiatives for the development of smart cities and safe city programs that have high dependability on PSIM software and services. The segment of educational institutions, religious buildings, and stadiums collectively account for substantial share in the overall market. PSIM software and services are deployed to counter threats posed by cybercrime and physical attacks at crowded places. Geography-wise, North America leads the overall market holding a significant portion of the pie.

Capability of Centralized Control of Disparate Security Systems Fuels Demand

The global demand for physical security information management solutions is on the rise owing to a number of factors. Among these, initiatives undertaken for the development of smart cities, especially in developing economies, and rising demand for centrally controlled disparate security systems are prominent ones.

Apart from this, rise in number of security breaches in organizations that handle, process, and manage critical business and consumer data is exhibiting demand for the deployment of several layers of security system. Physical security information management solutions display the capability to serve organizational security management requirements. PSIM solutions serve to provide efficient central control over disparate security systems, along with satisfactory level of security, remote monitoring, and accessibility of data across multiple sites. This is leading to their increased global demand.

High Cost Crimps Growth

There are factors challenging the PSIM market. High cost of PSIM solutions, along with increasing penetration of rival software solutions such as access control systems and video management systems are likely to hold back the growth of PSIM market.

Nevertheless, with increasing ubiquity of Internet of Things (IoT), the integration of IoT with PSIM leading to enhanced capability of the latter will serve to boost the PSIM market.

Report TOC: https://www.transparencymarketresearch.com/report-toc/3077

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This release was published on openPR.