The global demand for physical security information management (PSIM) software is growing rapidly due to its ability to connect standalone security systems. This enables smoother business operations, improved situational awareness and response capabilities, and significantly reduces costs by maximising the potential of the deployed systems. The market will continue to expand due to increasing end-user awareness on the benefits of PSIM software and the development of Internet protocol infrastructure that allows these solutions to be used almost anywhere.
New analysis from Frost & Sullivan, Global Physical Security Information Management Market Assessment, finds that the market earned revenues of $195.7 million in 2013 and estimates this to rocket up to $835.6 million in 2022. The study covers the application segments of mass transport, commercial, safe cities and first responders, government, oil and gas, utilities, and border and maritime. Safe cities and first responders, mass transport, and commercial are currently the key revenue-generating segments.
"PSIM software is becoming popular as it has strong standard operating procedures (SOPs) embedded into it," said Frost & Sullivan Aerospace & Defence Research Analyst Krzysztof Rutkowski. "This not only serves to minimise errors but also ensures that companies, utilities, government institutions and other bodies comply with security regulations, which in essence allows companies to reduce legal disputes with insurance companies."
However, the fear of temporary disruption to security operations that can occur during the installation of PSIM software lowers market adoption. Further, the need to update all the standalone security systems in order to implement the PSIM software is boosting costs, preventing small organisations from adopting these solutions.
"Vendors must roll out robust, easy-to-use PSIM with well-defined migration processes and present an existing client base that can recommend the solutions to other companies," stated Rutkowski. "They must also build partnerships with system integrators across different geographies and market segments to ensure that the solution reaches interested end users, generates new business, and develops a solid market position."
If you are interested in more information on this study, please send an email to Edyta Grabowska, Corporate Communications, at edyta.grabowska[.]frost.com.
Global Physical Security Information Management Market Assessment is part of the Security (defense.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Global Cyber Security Market Assessment, Global Border and Maritime Security Market Assessment, Assessment of the Civil Security Market in India, and Global Mass Transport Security Market Assessment. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Global Physical Security Information Management Market Assessment / M9BC-23