What is the market size of Physical Security Information Management Market?

Physical Security Information Management Market size was valued at USD 2.7 billion in 2022 and is poised to grow from USD 3.15 billion in 2023 to USD 10.84 billion by 2031, growing at a CAGR of 16.7% in the forecast period (2024-2031).

Global Physical Security Information Management Market

Physical Security Information Management Market Size, Share, Growth Analysis, By Offering(Software (Access Control, Video Management, Intrusion Detection Management, Fire Safety & Alarms), By Deployment Mode(On-Premises, Cloud), By Organization Size(SMEs, Large Enterprises), By Vertical(BFSI, IT & ITeS, Government, Healthcare), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2345 | Region: Global | Published Date: October, 2024
Pages: 197 | Tables: 92 | Figures: 74

Physical Security Information Management Market Insights

Global Physical Security Information Management (PSIM) Market size was valued at around USD 3.3 billion in 2022 and is expected to rise from USD 3.44 billion in 2023 to reach a value of USD 4.82 Billion by 2031, at a CAGR of 4.3% over the forecast period (2024–2031).

Physical security information management is a platform or solution that integrates multiple non-linked security systems through a unified interface for better control and access. Growing incidence of physical intrusions, vandalism, and terrorist activities has boosted the demand for comprehensive security solutions thereby driving physical security information management market growth as well. Implementation of stringent mandates by governments necessitating the use of physical security systems and solutions is also boosting the adoption of physical security information management around the world. Use of artificial intelligence and other advanced technologies will improve the functionality of physical security information management solutions across the forecast period. On the contrary, high costs of implementation and integration are forecasted to slow down physical security information management market development in the future.

Physical Security Information Management Market Report Snapshots

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Physical security information management providers should focus on integrating advanced technologies to maximize the security of their solutions. Physical security information management companies should collaborate and partner with different physical security solution providers to simplify their integration and deployment processes to maximize revenue generation in the future. 'Hexagon AB (Sweden) ', 'Honeywell (US) ', 'Hikvision (China) ', 'Everbridge (US) ', 'Axxonsoft (Ireland) ', 'Genetec (Canada) ', 'Advancis (Germany) ', 'Entelec (Belgium) ', 'Verint (US) ', 'Vidsys (US) ', 'Nanodems (US) ', 'Eagle Eye Networks (US) ', 'Bold Group (US) ', 'Primion (Germany) ', 'Persistent Sentinel (US) ', 'Prysm Software (France) ', 'SureView Systems (US) ', 'easypsim (Switzerland) ', 'Veracity Solutions (Scotland) ', 'AARMTech (India)'

Physical intrusions, vandalism, and terrorist activities around the world are increasing at a rapid pace and this has led to high demand for advanced physical security measures. Growing use of physical security systems is also slated to boost the demand for physical security information management in the future.

Integration of Artificial Intelligence (AI): Physical security information management providers should integrate artificial intelligence in their solutions to automate processes and decrease margin of error. AI can also improve decision-making and provide continuous monitoring features for physical security information management companies.

North America is estimated to account for a substantial share of the global physical security information management market. The rapid adoption of advanced security systems to protect the countries in this region is slated to bolster the demand for physical security information management going forward. The growing need for a centralized security console for all types of security systems is also promoting sales of physical security information management in this region. The United States is slated to spearhead market growth in this region. High spending of public and private organizations on security is also favoring market growth in this region.

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Physical Security Information Management Market Insights

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