Global Physical Security Information Management Psim Market Size 2024, Forecast To 2033
6 Mar, 2024
The physical security information management (PSIM) market size has observed rapid growth in recent years, increasing from $1.48 billion in 2023 to $1.74 billion in 2024, with a compound annual growth rate (CAGR) of 17.3%. This growth is attributed to the increasing need for security integration, rising security threats, regulatory compliance requirements, the protection of critical infrastructure, and the drive for operational efficiency. Looking ahead, the market is expected to continue its rapid growth trajectory, reaching $3.16 billion by 2028, with a CAGR of 16.1%. The projected growth is fueled by rising cybersecurity threats, initiatives in the Internet of Things (IoT) and smart cities, global urbanization trends, a focus on incident response and resilience, and the emphasis on enterprise risk management. Major trends expected in the forecast period include collaboration with third-party systems, cybersecurity measures for PSIM platforms, the scalability of modular solutions, incident response automation, and a focus on user training and education.
Global Physical Security Information Management PSIM Market Key Driver
The surge in cybercrime instances is expected to fuel the growth of the physical security information management (PSIM) market. Cybercrime encompasses activities like credit card fraud, phishing, and system infections conducted through the internet or computer systems. PSIM plays a pivotal role in advancing and safeguarding networked systems, mitigating cybercrime risks, and providing comprehensive security solutions. According to the Federal Bureau of Investigation's 2022 Internet crime report for 2020, cybercrime complaints rose from 791,790 to 800,944 in 2022, with a total loss increasing from $4.2 billion to $10.3 billion. This substantial increase in cybercrime instances is a significant driver behind the growth of the physical security information management (PSIM) market, reflected in its market sizes for 2023, 2024, and 2028.
Get A Free Sample Of The Global Physical Security Information Management PSIM Market ReportGlobal Physical Security Information Management PSIM Market Segments
The physical security information management (psim) market covered in this report is segmented –
1) By Type: Access Control Systems, Electronic Article Surveillance, Fire Detection Systems, Intrusion Detection Systems, Computer Aided Dispatch Systems, Other Types
2) By Deployment Mode: Cloud Based, On-Premises
3) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Energy And Utilities, Government And Defense, Transportation And Logistics, Retail, Other Industry Verticals
By Geography:The regions covered in the physical security information management (psim) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Europe was the largest region in the physical security information management (PSIM) market in 2023. Asia-Pacific region is expected to be the fastest-growing region in the global physical security information management (PSIM) market report during the forecast period. The regions covered in the physical security information management (psim) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Physical Security Information Management PSIM Industry Players
CNL Software Ltd.,Genetec Inc.,VidSys Inc.,Verint Systems Inc.,NICE Systems Ltd.,Johnson Controls International plc,Prysm Software Limited,AxxonSoft Limited,Milestone Systems A/S,Hexagon AB,Advancis Software & Services GmbH,VideoNEXT Network Solutions Inc.,KapLogic Corporation,Everbridge Inc.,Octopus System Pvt. Ltd.,Qognify Inc.,Kova Corporation,Pelco Incorporated,ASCVid Holdings LLC,Access Control Technologies,Mindtree Limited,Tyco Security Products,Quantum Secure Inc.,Intergraph Corporation,Honeywell Security Group,Maxxess Systems Inc.,Bosch Security Systems,Salient Systems Private Limited,Dahua Technology Co. Ltd.,Proximex Corporation
Get The Full Global Physical Security Information Management PSIM Market Report
Physical Security Information Management PSIM Market Overview
Physical security information management (PSIM) refers to a software platform that integrates and manages multiple security systems and devices within a single interface. It is designed to enhance situational awareness, improve incident response, and streamline security operations in complex environments.
Physical Security Information Management PSIM Global Market Report 2023 provides data on the global physical security information management psim market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The physical security information management psim market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.