Global Physical Security Information Management (PSIM) Software Market Overview:
The global market for physical security information management (PSIM) indicates that the development of global security standards which will be one of the main factors that will have a positive impact on the growth of this market. Organizations such as the Open Network Video Interface Forum (ONVIF) and the Physical Security Interoperability Alliance (PSIA) have partnered to develop global standards for PSIM solutions. ONVIF has focused on the standardization of communication and interoperability between IP products to define a common protocol for the exchange of information between network video devices. In addition, PSIA strives to achieve plug-and-play interoperability for IP-enabled security devices. These initiatives by these organizations will lead to the growth of the global market during the forecast period. The market is expected to grow at a CAGR of more than 16% by 2025.
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Global Physical Security Information Management (PSIM) Software Market Drivers and restraints:
The global demand for physical security information management solutions is increasing due to a number of factors. Among them, initiatives for the development of smart cities, particularly in developing economies, and the growing demand for disparate and centrally controlled security systems are particularly important. Regardless of this, the increase in the number of security breaches in organizations that process, and manage critical business and consumer data is creating a demand to implement multiple layers of security systems. Physical security information management solutions demonstrate the ability to meet the security management requirements of the organization. PSIM solutions allow effective centralized control over disparate security systems, as well as a satisfactory level of security, remote monitoring and data access at multiple sites. This leads to its greater global demand. 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. However, with the growing ubiquity of Internet of Things (IoT), the integration of IoT with PSIM, to increase the capacity of the latter, will serve to boost the PSIM market.
Global Physical Security Information Management (PSIM) Software Market Geographical segmentation:
By geography, the global physical security information management (PSIM) market is divided into four key regions: North America, Europe, Asia-Pacific (APAC), and Middle East and Africa (MEA). North America is the largest market for the PSIM with the presence of key players in the region.
Leading Players in Global Physical Security Information Management (PSIM) Software Market are:
The leading vendors in the market are CNL Software, Qognify, Johnson Controls, 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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