Physical Security Information Management (PSIM) market pegged for 34.41% CAGR
Some of the major drivers of the market's growth include increasing government initiatives for investment in safe cities infrastructure in developing countries, according to Research and Markets.
The "Physical Security Information Management Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to the offering of ResearchAndMarkets.com (Dublin, IE). The physical security information management (PSIM) market is expected to witness a CAGR of 34.41% during the forecast period leading to 2024, states the technology markets analyst.
The report finds that some of the major drivers of the market's growth include increasing government initiatives for investment in safe cities infrastructure in developing countries. "The need for the safe cities has resulted in the market offering a variety of security-related information onto a consolidated to PSIM platform and has been a clinical factor in the demand generation in the market," states the report's summary.
Key highlights from report include the following:
- A growing need for centralized control of disparate security solutions for organizations that drives the market. A rise in security breaches in large scale across the globe in organizations is also expected to drive the market. An equivalent to 291 records was stolen or exposed every single second in the first half of 2018 according to Gemalto's Breach Level Index shows.
- Video analytics, which is a critical component of the solutions offered by PSIM, is now embedded in the camera to retrieve video clips needed for post-incident investigations and facial recognition. The third party vendors, analytics & PSIM technologies together comprise the end-user application. Moreover, results in a reduction of operational costs and time.
- Access control is one of the primary use cases of video processing-based surveillance. The Middle East region has been quick to adopt the latest facial recognition and license plate recognition technology. These solutions go into the realms of video analytics, recognizing the vehicle, make, model, type and color.
- Data sharing has also become a considerable issue for many of the cities, as the authorities try to interconnect security systems to achieve mass surveillance. The control center has a requirement for mass surveillance data, typically to control the situations, resulted in successful PSIM deployments. However, high deployment and integration costs might hinder the market growth.
The Transportation and Logistics verticals are expected to take a significant share in the market, according to the analyst. Other key market trends include the following:
- PSIM technology is being implemented in the transportation and logistics sector to handle security operations in complex environments, such as docks and ports, airports and rail terminals. PSIM systems can effectively manage all the different sensor inputs from intruder detection systems, smoke alarms, and various other devices that are attached to the security network, both digital and analog.
- PSIM technology gathers and combines data to create a holistic overview of a security environment along with the intelligence to control room operators. The rise in urbanization has increased traffic levels unprecedentedly. PSIM systems help government and organizations in determining traffic conditions by analyzing the data from traffic cameras, roadside sensors which is driving the market.
- Investment in intelligent transportation systems is expected to assist the PSIM market as security remains a challenge to keep the infrastructure safe for long term use. Moreover, with PSIM technology, it is possible to predict every possible combination of alarming situations or conditions that can occur on the road by analyzing the data from sensor inputs and applying analytics. Facial recognition and surveillance have become a norm to safeguard cities due to an increase in terror attacks globally which is also driving the market.
- PSIM is also a vital cog in the development of the intelligent transpiration systems, which rely on intelligent infrastructure. PSIM systems are able to react to parameters such as congestion levels, visibility levels between vehicles, surface temperatures, lane occupancy and vehicle classifications, which are used in predicting disasters.
The report finds that the United States holds the largest market share. As stated by the analyst, "As the US is one of the largest markets for technology-based solutions, it is expected to be a strong player, especially in the development and implementation of new technologies, which is related to security and surveillance. This implementation of new technologies is driven by the need for safer, cheaper, and improved disparate security systems. Moreover, most numbers of safe city projects in North America are in the United States and are federally funded, driven by the implementation of PSIM systems as counter-terrorism measures. New York spends USD 84.7 billion and Washington DC spends USD 7.6 billion."
The reports summary adds, "The safe city market in the region is expected to cross USD 80 Billion by the end of 2020. Such a huge market creates an opportunity for the vendors as the infrastructure critical for implementing such a solution are readily present in the region. Major players in the region have efficient and advanced software to deliver prevailing services related to analyzing captured surveillance data, which are driving the growth of the market exponentially in this region and have been critical for demand in the region."
The report concludes that the physical security information management market is fragmented owing to the presence of multiple players in the market. Within the market, the solution provider is dependent on other value chain enablers such as cloud service providers which impacts their revenue aspects. Vendors with multiple function and business units are better placed in the market as they have an extended reach in the supply chain and assist them to provide their services, finds the study. Some key players identified in the market include Johnson Controls International, Milestone Systems, and Genetec among others.