Physical Security Information Management (PSIM) Market Size, Share, Demand, Growth Analysis
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.
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The expansion of physical security information management is propelled by the imperative for organizations to fortify their defenses against increasingly sophisticated threats. With the convergence of cyber and physical risks, the demand for robust PSIM solutions grows.
Additionally, the necessity for streamlined operations and enhanced situational awareness across diverse security systems drives the adoption of PSIM, enabling organizations to proactively address evolving security challenges while optimizing resource allocation and response capabilities.
What is physical security information management (PSIM)?
According to Noggin, A physical security information management system is a software platform that integrates security applications and devices, controlling them through a single interface. The importance of PSIM is that in integrating security devices and presenting all their relevant information into a single view, the physical security information management software improves detection efficiency and effectiveness. That contributes to greatly improved situational awareness and decision support.
Competitive overview:
The physical security information management market is led by some of the globally established players, such as Hexagon AB (Sweden), Honeywell (US), Hikvision (China), Everbridge (US), Axxonsoft (Ireland), Genetec (Canada), Advancis (Germany), Entelec (Belgium), Verint (US), and Vidsys (US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies these players use to increase their market presence.
Everbridge (US) is a global software provider specializing in critical event management solutions for enterprises and governments worldwide. The company's platform enables organizations to anticipate, mitigate, respond to, and recover from critical events, protecting people and assets with integrated solutions. Its suite of products covers risk intelligence, mass notification, crisis management, public warning, safety connection, travel protection, incident management automation, E911 compliance, and internal communications. Everbridge's solutions focus on enhancing resilience, maintaining business continuity, ensuring smart security, optimizing digital operations, and safeguarding public safety across various industries. Operating globally, the company provides comprehensive critical event management solutions to help organizations protect their people and maintain operational continuity. In the realm of PSIM, Everbridge offers a Control Center, integrating safety and security systems for complete situational awareness and operational control. The platform automates decision-making, accelerates response times, and ensures compliance with standard procedures, preventing information overload and keeping stakeholders informed during critical events.
Advancis (Germany) is a leading global player in the Physical Security Information Management (PSIM) sector, operating across Europe, the Middle East, and North America. The company specializes in developing a command-and-control management platform aimed at consolidating disparate security systems. Its flagship product, WinGuard, functions as an open integration platform, enabling users to control and manage multiple security systems through a unified interface. This PSIM solution enhances incident handling capabilities in security control rooms. Advancis also offers the Advanced Identity Manager (AIM), which integrates various access, identity, and biometrics systems into a unified platform for synchronizing logical and physical access privileges. The company caters to a diverse clientele spanning critical infrastructure, banking, healthcare, data centers, energy, transportation, retail, governmental agencies, education, parking facilities, leisure parks, and casinos. Furthermore, Advancis also provides its customers with comprehensive global support, training, professional services, and life cycle assistance.
In addition to the prominent vendors, some other key players, such as 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), Octopus (Israel), Network Harbor (US), Fast Systems (Switzerland), Integrated Security Systems (ISS) (US), and Gretsch-Unitas Deutschland (Germany), are also evolving in the physical security information management market.
According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with physical security information management solutions and services, which would assist businesses in boosting market revenue.
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