Market Research Report
Physical Security Information Management Market (Software (Off-the Shelf and Customized) and Service) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
|Published by||Transparency Market Research||Product code||409192|
|Published||Content info||227 Pages
Delivery time: 1-2 business days
|Physical Security Information Management Market (Software (Off-the Shelf and Customized) and Service) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024|
|Published: November 22, 2016||Content info: 227 Pages||
The demand for effective physical security information management solutions and services has significantly increased globally in the past few years, owing chiefly to the rising demand for centralized control over disparate security systems across several industries. The growing deployment of PSIM solutions and services has led to an increased presence of pure PSIM vendors, system integrators, and third party vendors across the world. Due to this PSIM software and service providers are facing strong competition in global market.
Competition in the market is expected to significantly intensify in the next few years owing to the foray of many new services and solutions providers. However, the ample growth opportunities presented by the market will help provide sustainable returns. Transparency Market Research estimates that the global PSIM market will exhibit a remarkable 18.7% CAGR over the period between 2016 and 2024. As a result, the market, valuing at US$823.1 mn in 2015, will rise to US$3,832.6 mn by 2024.
Accounting for a share of 11.6% in 2015, the government and defense sector held the dominant position in the global PSIM market and is expected to grow at an exponential CAGR of nearly 20% during forecast period. The rising focus on the development of smart cities and government initiatives such as safe city programs are anticipated to contribute in the growing adoption of PSIM software and services across the world.
The segment of educational institutions, religious buildings, and stadiums collectively held the second leading position in the global PSIM market with a share of around 10.0% in 2015. This is linked to the rising cyber and physical security threats posed by terrorists and illegal organizations around the globe.
Over the next few years, the segment of transportation and logistics is expected to generate high demand for PSIM software and services due to increasing need for security and monitoring of transportation activities. Furthermore, transportation and logistics companies are deploying PSIM solutions to secure duty-free areas and critical infrastructures. The demand for PSIM solutions and services in the hospitality segment is also projected to grow at a healthy pace, at an estimated CAGR of 19.1%, during the forecast period. The adoption of PSIM software in the hospitality sector is increasing owing to the increased need to provide protection to the rapidly expanding hotel infrastructures in several emerging economies.
In terms of geography, North America leads, grabbing a significant portion of the pie, and is followed by Europe and Asia Pacific, which together account for nearly half of the global market.
North America held around 36% of global PSIM market in 2015 is expected to exhibit strong growth over the forecast period as well, but witness a slight decline in its share in the global market by 2024.
The increasing deployment of PSIM software across a large number of industries is a key factor driving strong growth of the PSIM market in North America. Moreover, the robust presence of PSIM vendors and system integrators is also leading to the increased adoption of PSIM software and services in the region. The PSIM market in North America is expected to expand at an 18.3% CAGR over the period between 2016 and 2024. The PSIM markets in Europe and Asia Pacific, on the other hand, are expected to marginally outpace North America, with an 18.7% and 19.3% CAGRs over the same period, respectively.
Asia Pacific is projected to be a high-growth market for PSIM software and services owing to the rising cyber and physical security threats and the rising demand for centralized management and control of disparate security systems across the region. Increased usage in smart city projects to enhance the performance of security applications for implementation of safe city initiatives and critical infrastructure protection is a key growth factor of the Asia Pacific PSIM market.
Some of the key players in the global PSIM market are NEC Corporation, CNL Software Ltd., VidSys, Inc., Tyco International Ltd. (Proximex Corporation), NICE Systems Ltd., Mer, Inc., Intergraph Corporation, videoNEXT Federal, Inc., S2 Security Corporation, Milestone Systems A/S, Genetec, Inc., and AxxonSoft.
This report provides an analysis of the global physical security information management (PSIM) market for the period from 2014 to 2024, wherein the period from 2016 to 2024 comprises the forecast period and 2015 is the base year. Data for 2014 is provided as historical information. The report covers all the prominent trends and technologies playing a major role in the growth of the PSIM market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market's growth during this period. The study provides a holistic perspective of the growth of the PSIM market throughout the forecast period in terms of revenue estimates (in US$ Mn), across Asia Pacific (APAC), South America, North America, Europe, and Middle East & Africa (MEA). The report provides analysis of the global PSIM market in terms of market estimates and forecasts for all the segments across different geographic regions.
PSIM software allows user to monitor and improve real-time visibility of security applications within the organization, and helps to manage and control field situation through software interface. PSIM software enables users to enhance the situational awareness by providing incident verification, incident resolution, event analysis, incident reporting, and other features such as incident audit trail and information collection. The increasing development of smart city projects across the world, and rising demand for security solutions for safe cities are mainly driving the PSIM market. The rising cyber/physical security threats in emerging economies has led to the increasing implementation of PSIM software and services. In addition, the strong demand for centralized control over the disparate security systems is anticipated to contribute in the growth of global PSIM market. Furthermore, businesses are focusing on improvement of situational awareness and incident management to manage incidents/situations in real-time.
Moreover, companies are delivering PSIM security platforms to create real-time updates across the multiple locations to improve the security performance. The growing demand for wireless and remote accessibility provided by the PSIM system and changing security requirements across the industries are leading to the increasing adoption of customized cloud-based PSIM software. In addition, at present industries are improving situational awareness through the deployment of PSIM solutions in order to provide fast response to the incidents and in event management. Among the other sectors, PSIM solutions are being deployed in educational institutions, religious buildings, and stadiums to build customized integrated security systems as per the security requirements of the site/infrastructure. The increasing developments in internet of things (IoT) technology is expected to offer opportunities for PSIM market. The integration of IoT with PSIM solutions would provide additional services such as visualized services platform to enhance the performance of PSIM solutions across the security applications.
Based on component, PSIM market is categorized into software, and services. Software PSIM market is further categorized into off-the shelf and customized. Whereas, service PSIM market is segmented into installation /system integration, operation & maintenance, and consulting & training. On the basis of end-user, PSIM market is segmented into telecom and IT, residential, banking financial services and insurance (BFSI), transportation and logistics, retail, government and defense sector, energy & utility, hospitality, industrial manufacturing, health care, and others.
The report also includes competitive profiling of the key players associated with the PSIM market. The important business strategies adopted by them, their market positioning, and recent developments have also been identified in the research report. The growing deployment of PSIM software and services has led to the strong presence of PSIM vendors across the world. The key players in PSIM market include NEC Corporation, CNL Software Ltd., VidSys, Inc., NICE Systems Ltd., Tyco International Ltd. (Proximex Corporation), Mer, Inc., Intergraph Corporation, videoNEXT Federal, Inc., Milestone Systems A/S, Genetec, Inc., S2 Security Corporation, and AxxonSoft.