Tuesday, December 29, 2020
Physical Security Information Management (PSIM) Market | Growing at a CAGR of 14.5% from 2019 to 2027
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The Physical Security Information Management (PSIM) market was valued at US$ 930.5 Mn in 2018 and expected to grow at a CAGR of 14.5% during the forecast period from 2019 to 2027.
Market Insights
Increased security breach
worldwide will boost the demand for PSIM software market
Rising security concerns among enterprises worldwide will boost
the demand for Physical Security Information Management market during the
forecast period from 2019-2027. The market is majorly driven by an increasing
need for centralized control for security solutions in the organizations. North
America was the major value contributor in 2018 followed by Europe and the Asia
Pacific.
Growing internet penetration worldwide leads to more number of
security breach owing to which the demand for PSIM software solutions is rising
globally. In 2018, there is a security breach in every 44 seconds; it is either
personal or professional and major targeted industries are retail, IT &
Telecommunication and Government. As per a recent study, the cost of a data
breach has reached more than US$ 1.0 Tn in 2018 and it expected that it will
reach more than US$ 6.0 Tn by 2021.
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Growing digitization in various industries such as logistics,
healthcare, retail, government & defense, and others will also boost the market
growth during the forecast period. The deployment of PSIM software is growing
rapidly in the large as well as small enterprises due to its numerous benefits
such as less operational cost, increased security, low risk, and others.
Government investments for the development of smart cities and digitization in
emerging economies such as India, Indonesia, and others will also drive the
market demand in years to come.
Major software providers are focusing
on various strategies such as acquisitions, partnerships, mergers, and others.
Launch of the updated version with advanced technological features of Physical
Security Information Management software and collaboration with other companies
will be the key strategies by the players.
Industrial
Developments
• In June 2019, CNL Software partners
with MOBOTIX to highlight the advanced features of PSIM software at IFSEC
International 2019. This partnership will move further to develop PSIM software
with innovative features.
Key Market
Movements:
• Globally, the PSIM market is rising
at a CAGR of 14.5% for the estimated period from 2019 to 2027
• North America dominated the global
PSIM market in 2018 owing to rising security breaches, growing need for PSIM
software across various established industries (such as BFSI, IT & Telecom,
Government & Defense and others) and early adoption of technology in the
region.
• The Asia Pacific market estimated to
register the highest growth rate throughout the forecast period due to growing physical
& cyber security threats, growing demand for centralized control of
security system and increased smart city projects in the emerging countries
such as India, Indonesia, and others.
• Based on the end-user, the
government & defense sector was dominant in 2018. The government &
defense sector dominated the global market owing to the growing use of
technology in defense (such as the Internet of Things (IoT), Big Data and
others) and adoption of cloud-based services at the government workplace.
• The growing number of partnerships,
mergers & acquisitions, new software development, and others will be the
major key strategies adopted by the market players.
DoC: https://issuu.com/robsonspot/docs/physical_security_information_management__psim__ma
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List of Companies
Covered:
• NEC Corporation
• CNL Software Ltd.
• Tyco International Ltd.
• NICE Systems Ltd.
• VidSys, Inc.
• Hexagon AB (Intergraph Corporation)
• videoNEXT
• Red Five Security, LLC
• S2 Security Corporation
• Milestone Systems A/S
• Genetec, Inc.
• AxxonSoft
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