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.
Transparency Market Research estimates that the global Physical Security Information Management 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.
Demand Expected to Rise Promisingly across Hospitality and Transportation Sectors
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.
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.
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Global Market to Continue to be Dominated by North America
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.
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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.
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.