Physical Security Information Management Market Size Analysis By Growth, Emerging Trends and Future Opportunities
The physical security information management market was valued at USD 495.73 million and it is expected to reach USD 1151.93 million, registering a CAGR of 14.7%, during the forecast period. Some of the major drivers of the market’s growth include increasing government initiatives for investment in safe city infrastructure in developing countries. The need for 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.
– A growing need for centralized control of disparate security solutions for organizations that drives the market. A rise in security breaches on a 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, it results in a reduction in operational costs and time.
– Physical security systems are increasingly adopting AI to achieve greater product differentiation in the market. For instance, in 2019, Evoteq and Johnson Controls combined their ICT capabilities to introduce an end-to-end integrated AI platform to create smart buildings and districts.
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– 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 ongoing COVID-19 outbreak has started a new cycle of recession, which is expected to certainly reduce the demand for physical security systems. As the video surveillance systems are more depended on the OEMs from China and component manufacturer, the vendors in the physical security industry is looking forward for adapting to COVID-19 outbreak. For instance, access control readers, which are capable of eliminating physical contact through mobile phones, are estimated to witness rapid increase. This may further create a demand for PSIM solutions across the industries in recent years.
Key Market Trends
Transportation and Logistics has Significant Share in the Market
– The 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 governments 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.
Physical Security Information Management Market Size Analysis By Growth, Emerging Trends and Future Opportunities 2022-2031
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