While physical security information management (PSIM) is still relatively new on the market, this commercial of the shelf (COTS) product holds tremendous potential. As awareness of the solution and its benefits to organisations increases, Frost & Sullivan expects PSIM exponential adoption on a global basis.
New analysis from Frost & Sullivan (defense.frost.com), Global Physical Security Information Management Market, finds that the market generated revenues of $142.9 million in 2011, which is likely to significantly increase by 2021 to reach $2.79 billion. Throughout the forecast period, there will be a shift in revenue generation from verticals. Currently, critical infrastructure is the leader but first responders and commercial entities are picking away at the pie. The study covers the following vertical markets: critical infrastructure, first responders, commercial and military.
Since physical security systems are scattered around facilities - different areas, sites and even continents - a solution that can unite these systems will offer great value to the customer.
"The PSIM solution is fully in line with globalisation and because it is a unified system, will be perceived as extremely valuable," notes Frost & Sullivan Research Analyst Krzysztof Rutkowski. "Since understanding the benefits of any security solution is necessary to implement it, the rising awareness on PSIM will transform this million-dollar market into a billion-dollar one by the end of the decade."
PSIM not only helps end users identify risks and determine its source, but also offers advice on how to react to events through situation analysis and rules associated to each situation. Such in-depth information is critical for businesses to ensure top-level security at all times. Once this solution proves its significance to the market, word of mouth (WOM) is expected do the rest.
For now, the main challenge remains the immaturity of the PSIM market. The security industry is still dealing with its shift to integration/convergence and IP, which is why most enterprises are unaware of PSIM. The lack of projects deployed also hinders WOM advertising and slows adoption.
"The majority of security integrators are focused on solutions they are used to and their unwillingness to learn information technology and implement software products is restraining the PSIM market," explains Rutkowski. "This is a major challenge because awareness of customers may not be improved by the systems integrators."
As such, being a well established player in the PSIM and security market is crucial for market success. Value added products will be able to capture more of the market share.
"Being well recognized in the market sends a positive message to the customers on expertise and future reliability in terms of installation and upgrades support," says Rutkowski. "Another key aspect to success is the value a PSIM provider can add to the solution i.e. a computer-aided dispatch (CAD) option or a command and control (C2) centre."
If you are interested in more information on this study, please send an email with your contact details to Joanna Lewandowska, Corporate Communications, at joanna.lewandowska[.]frost.com.
Global Physical Security Information Management Market is part of the Security Growth Partnership Service programme, which also includes research in the following markets: European Defence Support in Service Market Assessment, Global Border Control Market Assessment, Global Civil and Military Biometrics Market Assessment, Analysis of the Safe City Market and Future Opportunity Assessment, among others. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Global Physical Security Information Management Market / M83C-23