The market for Physical Security Information Management is expected to reach US$ 930.5 Mn in 2027.
The global physical security information management market is growing proficiently, projected to grow at a CAGR of 14.5% during the estimated period from 2019 to 2027, starting from US$ 930.5 Mn in 2018.
For lesser security breaches, fraud reduction, and risk assessment, governments 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, driving the market growth. According to a report, 75 Bn IoT devices will be 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.
Rising demand for a centralized security system and increased digitization worldwide will boost the market growth. PSIM is a software platform that incorporates security devices & applications and control with one interface. In addition, PSIM software provides various organizational benefits, such as management reporting, increased power, 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.
The government & defense segment is estimated to be dominant in 2018. 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 segment growth. In addition, rising investments and the growing use of digitization in the defense sector worldwide will also spur segment growth. According to research studies and news, the defense sector worldwide will reach US$ 1.9 Tn by 2020.
The rapid inclination of digitization in the transportation industry and the 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 is 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.
North America led the PSIM market in 2018, backed by Europe and the 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. In addition, growing physical & cybersecurity concerns, early technological adoption, and the presence of PSIM vendors such as VidSys, Inc., videoNEXT, Hexagon AB (Intergraph Corporation), and others in the region will also boost the region's growth.
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 decreasing security breaches. For instance, in 2015, the government of India launched the 'Smart Cities Mission program; in the aforementioned program total of 100 cities have been selected across the country for development. In addition, the rising deployment of digitization in the defense sector will also boost the region's growth.
Major PSIM software vendors are focusing on strategic partnerships, acquisition & merger, and collaborations with other players. These strategies will help companies increase their product portfolio and develop more efficient security solutions.
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities better to understand the overall physical security information management market. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
The market for Physical Security Information Management is expected to reach US$ 930.5 Mn in 2027.
The Physical Security Information Management market is expected to see significant CAGR growth over the coming years, at 14.5%.
The report is forecasted from 2019-2027.
The base year of this report is 2018
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 are some of the major players in the global market.