Global Physical Security Information Management (PSIM) Market 2017-2021
About Physical Security Information Management (PSIM)
PSIM is a software that is responsible for ensuring the safety and security of data, hardware, network, and programs owned by an organization, which can be tampered by an external agency. Such damage leads to the loss of brand value and hampers the image of the organization. The damage caused by the external agency can be carried out by means of burglary, data theft, or terrorism. Several hardware devices and software that are being adopted by government organizations and enterprises to ensure the physical security of business-critical data. The increasing instances of criminal activities in the recent years are a key reason for the high adoption of PSIM solutions.
Technavio’s analysts forecast the global physical security information management (PSIM) market to grow at a CAGR of 15.18% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global physical security information management (PSIM) market for 2017-2021. To calculate the market size, the report considers the revenue generated from sales of stand-alone PSIM software as well as integrated PSIM software, solutions, and services (integration, consultation, software upgrade, and software patch).
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Physical Security Information Management (PSIM) Market 2017-2021
Technavio recognizes the following companies as the key players in the global physical security information management (PSIM) market: CNL Software, Qognify, Johnson Controls, and Vidsys
Other Prominent Vendors in the market are: AxxonSoft, Bosch Security Systems, Genetec, Kentima, C.MER INDUSTRIES, Milestone systems, Pelco (Schneider Electric), S2 Security, videoNEXT Network Solutions, and Verint Systems.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Introduction of customized solutions and integrated packages. Several vendors in the global PSIM market are focusing on offering customized PSIM solutions to fulfill the specific needs of customers ranging from small businesses to enterprises. In addition, some vendors in the market provide open architecture systems that are designed to adapt to the current network environment. Integrated PSIM solutions manage all systems from a single, integrated interface. Such vendors include Tyco Integrated Security and CNL Software.”
According to the report, one of the major drivers for this market is Growing need for public safety. The growing need for public safety is one of the major drivers in the global PSIM solutions market. The increasing crimes and subsequent terrorist attacks have raised the awareness of local and federal government for facilities such as airports, seaports, railway stations, and bus stations. For instance, in August 2015, a heavily armed man attacked a train in France going from Amsterdam to Paris. In November 2015, gunmen and suicide bombers attacked a concert hall, a major stadium, as well as restaurants and bars in Paris leading to a major catastrophe. The protection of life and capital goods is of utmost importance.
Further, the report states that one of the major factors hindering the growth of this market is High TCO of PSIM solutions. PSIM solutions require high initial investments for setting up the IT infrastructure in organizations and for hiring experts to optimize and deploy the solutions. The cost of setting up the initial IT infrastructure can reach several thousands of dollars, which is often not affordable for SMEs. The cost of most installations exceeds $400,000, which is a modest sum for large corporations. Therefore, PSIM solutions are mostly used by major public buildings and large multinational firms.
CNL Software, Qognify, Johnson Controls, and Vidsys, AxxonSoft, Bosch Security Systems, Genetec, Kentima, C.MER INDUSTRIES, Milestone systems, Pelco (Schneider Electric), S2 Security, videoNEXT Network Solutions, and Verint Systems.
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