The global physical security information management (PSIM) market size is projected to grow from USD 3.5 billion in 2024 to USD 4.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period, according to the latest information from research firm, Marketsandmarkets.
The integration of cloud-based solutions and advanced technologies like AI, ML, and blockchain has propelled the rapid growth of PSIM adoption. The analysts found that cloud-based PSIM solutions offer remote accessibility and cost reductions, while AI, ML, and blockchain integration automate processes, enhance threat detection, and secure data exchange. These combined advancements in PSIM systems cater to organisations’ demands for scalable, cost-effective, and efficient security solutions, driving significant expansion in the PSIM market.
The exponential growth of SMEs in the PSIM market is attributed to the escalating recognition of the critical importance of robust security measures to combat cyber threats. With nearly 43% of cyber-attacks targeting SMBs, the imperative for effective security solutions among smaller enterprises is evident. However, SMEs often encounter budget constraints and resource limitations, heightening vulnerability to security breaches.
Consequently, investing in tailored PSIM solutions has become a priority. These solutions, encompassing video surveillance, access control, and alarm management, empower SMEs to monitor and respond to security incidents efficiently. Moreover, the affordability, scalability, and ease of deployment of cloud-based PSIM options are particularly appealing to SMEs. By embracing PSIM technologies, SMEs bolster their security posture, mitigate cyber risks, and safeguard assets and operations against evolving threats in today’s digital landscape.
The video management software type holds the largest market share in the PSIM market due to its indispensable role in modern security systems. With the proliferation of CCTV cameras globally, there’s a heightened demand for VMS solutions to handle and manage footage from numerous cameras efficiently.
Modern VMS systems are renowned for their open-platform design, enabling seamless integration of various camera types and brands and advanced features like motion detection and video analytics. When integrated with PSIM software, VMS delivers multiple benefits, including real-time video feed monitoring from multiple cameras and automation of video management processes.
Leading companies such as ISS, for example, provide PSIM software with integrated video management capabilities, offering organisations enhanced security intelligence and operational efficiency through centralised management of video surveillance systems. This convergence of technology ensures robust protection for organisations and their assets, driving the dominance of video management software in the PSIM market.
Some of the key players in this market identified by the researchers and included in the report include, Hexagon AB, Honeywell, Hikvision, Everbridge, Axxonsoft, Genetec, Advancis, Entelec, Verint, Vidsys, Nanodems, Eagle Eye Networks, Bold Group, Primion, Persistent Sentinel, Prysm Software, Sureview, Easypsim, Veracity Solutions, Aarmtech, Octopus, Network Harbor, Fast Systems, Integrated Security Systems (ISS), and Gretsch-Unitas.
