“Rising government regulations for security will enhance the market demand globally”
The global physical security information management market is growing proficiently, projected to grow at a CAGR of 14.5% during the estimated period from 2023 to 2030, starting from US$ 1335.2 Mn in 2021.
For lesser security breach, fraud reduction and risk assessment, government worldwide are making regulations such as HIPPA, GLBA, GDPR, PCI DSS, ISO, and others. To comply with the aforementioned regulations organizations are adopting PSIM software which is driving the market growth. According to a report, there will be 75 Bn IoT devices worldwide by 2025. Hence, the need to install PSIM software is increasing worldwide owing to which we expect that the market will grow significantly during the forecast period.
“Increasing need for a centralized security system will boost PSIM market”
Rising demand for a centralized security system and increased digitization worldwide will boost market growth. PSIM is a software platform that incorporates security devices & applications and control with one interface. PSIM software provides various organizational benefits such as management reporting, increased control, and enhanced situation awareness. Further, the aforementioned organizational benefits of PSIM help them in cost reduction, improved work efficiency, increased intelligence, improved security and others, that are helping the market growth.
“Rising development of smart cities worldwide will spur revenue growth”
The government & defense segment is estimated to be dominant in 2021. The government & defense segment contributed around 35% of the market revenue share in the same year. Government initiatives for the development of smart cities along with a focus on safe city programs that majorly depend upon PSIM software will boost the segment growth. Rising investments and growing use of digitization in the defense sector worldwide will also spur the segment growth. According to research study and news, the defense sector worldwide will reach US$ 1.9 Tn by 2020.
“Rising digitization in transportation will enhance the Logistics segment”
The rapid inclination of digitization in the transportation industry and growing need for monitoring & security of logistics & transportation activities will boost the segment growth. The global logistics market was valued at US$ 8.6 Tn in 2018 and expected to grow with a CAGR of around 7% in years to come. Major logistics companies are deploying PSIM software solutions to secure client information, duty-free areas, and others.
“Rising demand for centralized management will boost the market in North America”
North America led the PSIM market in 2021 backed by Europe and Asia Pacific. North America contributes nearly 35% of the global market revenue share in the same year. North America dominates the market owing to the rising need for centralized management and control of security systems in the region. Growing physical & cybersecurity concerns, early technological adoption, and presence of PSIM vendors such as VidSys, Inc., videoNEXT, Hexagon AB (Intergraph Corporation) and others in the region will also boost the region growth.
“Increased government initiatives will boost the PSIM market in the region”
We expect that Asia Pacific will grow with the fastest CAGR in years to come due to increased government initiatives such as smart cities, and to decrease the security breach. For instance, in 2015, the government of India launched the ‘Smart Cities Mission’ program, in the aforementioned program total of 100 cities have selected across the country for development. Rising deployment of digitization in the defense sector will also boost the region's growth.
"Rising Partnerships, Mergers & Acquisitions will enhance the Industry Growth"
Major PSIM software vendors are focusing on strategic partnerships, acquisition & merger and collaborations with other players. These strategies will help companies to increase their product portfolio and can develop more efficient security solutions.
Key Industry Development:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Physical Security Information Management (PSIM) market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
