PSIM Market annual growth rate is 35.11 percent
PSIM Market Size and Growth Rate
PSIM market is projected to reach USD 3590 million by the end of 2021, growing at a CAGR of 35.11%.
Physical security information management is a software solution that enables the middleware developers to implement a single user interface that integrates different unconnected security devices and their controls. It can help in gathering and comprehending the information from the video, access control, sensors, analytics, networks, building systems, etc. to empower the individuals to resolve tough situations.
The advantages offered by this physical security information management are numerous. It can help improve the control over systems along with the reports management and enhanced awareness for security. The growing concerns for robust security infrastructure across different organizations are the main reason for the development of PSIM interface. The increase in efficiency and security through enhances the intelligence of the PSIM integration can curb the operational and maintenance expenses of the organizations. The PSIM software includes six different functions like collection, analysis, verification, resolution and reporting and audit trail.
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PSIM Market Growth Drivers and Restraints:
The increasing focus on smart cities and a centralized security system in developing nations is the principal factor driving the global PSIM market. Additionally, the growing number of cyber-attacks and security breaches in various industries, concern for data confidentiality, improvement in technology and new discoveries, growing economic standards of the countries, increasing investments on security by leading organizations, recent government standardization and other factors are also supplementing to the market growth. However, the high prices of PSIM software and availability of alternate solutions like access control systems and video management systems are hampering the market expansion.
Geographical Overview of PSIM Market:
Based on geography, North America accounts for the largest portion of the PSIM Market owing to the technological advances and availability of key players in the region. The European and Asia Pacific regions are also expected to register huge growth in the upcoming years due to the increasing investments in strengthening the security.
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Key Players of PSIM Market:
Some of the major key players of PSIM Market are CNL Software, NICE Systems Ltd., Tyco international, NEC Corporation, Vidsys, Inc, AxxonSoft, Genetec, Intergraph Corporation, Milestone System, PRYSM Software, and Verint Systems are some of the leading companies in the market. Of these, NEC Corporation and Tyco International are two most popular companies of PSIM market. The top four companies account for almost 36% of the total global revenue.
PSIM Market Segmentation:
By Product:
- PSIM+
- PSIM
- PSIM lite
By Industry:
- Critical Infrastructure
- First Responders
- Commercial
- Military
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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