IMARC Group, a leading market research company, has recently releases report titled “Physical Security Information Management Market Report by Type (Solution, Services), Deployment Mode (On-premises, Cloud-based), End Use Industry (BFSI, Transportation and Logistics, Government and Defense, Retail, Energy and Utilities, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global physical security information management market.
How Big Is the Physical Security Information Management Market?
The global physical security information management market size reached US$ 1,362.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 4,372.2 Million by 2032, exhibiting a growth rate (CAGR) of 13.42% during 2024-2032.
Factors Affecting the Growth of the Physical Security Information Management Industry:
- Increasing Concerns about Security Threats:
The rising frequency and sophistication of security threats, including physical breaches, thefts, and vandalism, drives the demand for robust security solutions. Moreover, organizations across various sectors, including government, healthcare, banking, and retail, are increasingly investing in physical security information management (PSIM) solutions to enhance their ability to detect, respond to, and mitigate security incidents effectively. As the need for comprehensive security measures continues to grow, the adoption of PSIM solutions is expected to rise accordingly, ensuring proactive security posture in the face of evolving threats.
- Integration of Security Systems:
The complexity of modern security environments, characterized by diverse security systems and technologies, necessitates the integration and interoperability of these systems to improve overall security effectiveness. PSIM solutions offer a centralized platform for integrating and managing multiple security systems, such as video surveillance, access control, intruder detection, and alarm systems. By providing a unified view of security operations and facilitating streamlined workflows, PSIM solutions enable organizations to enhance situational awareness, optimize resource allocation, and improve response times to security incidents, fostering a more cohesive and proactive security strategy.
- Regulatory Compliance Requirements:
Regulatory mandates and industry standards related to security and data protection drive organizations to implement comprehensive security measures, including PSIM solutions, to ensure compliance. Regulations such as GDPR, HIPAA, PCI DSS, and various industry-specific security standards require organizations to implement adequate safeguards to protect sensitive information and assets from unauthorized access, theft, or compromise. PSIM solutions help organizations achieve compliance by providing real-time monitoring, auditing capabilities, and incident response functionalities, thereby mitigating the risk of non-compliance penalties and reputational damage. As regulatory requirements continue to evolve and tighten, the adoption of PSIM solutions is expected to remain strong among organizations seeking to maintain compliance and mitigate security risks, ensuring adherence to regulatory frameworks and industry best practices.
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Leading Companies Operating in the Global Physical Security Information Management Industry:
- Advancis Software & Services GmbH
- AxxonSoft
- easypsim AG
- ela-soft GmbH (Gretsch-Unitas GmbH)
- Everbridge Inc.
- Genetec Inc.
- Hexagon AB
- Johnson Controls International PLC
- Milestone Systems A/S (Canon Inc.)
- OCTOPUS Systems
- Prysm Software
- Qognify Inc.
- Verint Systems Inc.
Physical Security Information Management Market Report Segmentation:
By Type:
- Solution
- Services
Solution represents the leading segment due to the comprehensive suite of security functionalities offered, including incident detection, response management, and reporting capabilities.
By Deployment Mode:
- On-premises
- Cloud-based
On-premises account for the largest market share owing to the perceived control and security it provides organizations over their sensitive security data and infrastructure.
By End Use Industry
- BFSI
- Transportation and Logistics
- Government and Defense
- Retail
- Energy and Utilities
- Others
Government and defense hold the majority of the market share on account of the stringent security requirements and the need for centralized management of complex security systems and protocols within these sectors.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the physical security information management market is attributed to its technologically advanced infrastructure, high adoption of security solutions, and stringent regulatory environment driving the need for comprehensive security management solutions.
Global Physical Security Information Management Market Trends:
The global physical security information management market is primarily driven by the increasing complexity and sophistication of security threats worldwide that prompts organizations across various industries to invest in comprehensive security solutions like PSIM. These solutions offer advanced capabilities for incident detection, response management, and reporting, enabling organizations to enhance their security posture and mitigate risks effectively.
Moreover, the rising adoption of integrated security systems and technologies necessitates the implementation of PSIM solutions to centralize and manage diverse security systems such as video surveillance, access control, and intrusion detection, thus fueling market growth. Furthermore, stringent regulatory requirements and industry standards related to security and data protection has escalated the demand for PSIM solutions among organizations seeking compliance, thereby stimulating market growth.
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