“Global Physical Security Information Management (PSIM) Market to reach a market value of USD 4.7 Billion by 2031 growing at a CAGR of 14.6%”
The Global Physical Security Information Management (PSIM) Market size is expected to reach $4.7 billion by 2031, rising at a market growth of 14.6% CAGR during the forecast period.
IT & ITeS companies often house critical infrastructure, including data centers, server rooms, and network facilities, which are essential for their operations. Protecting these assets against physical security threats such as unauthorized access, theft, vandalism, and sabotage is paramount. PSIM solutions provide centralized management and control of security systems, enabling I.T. & ITeS companies to analyze, monitor and respond to security events effectively. Thus, the the IT & ITeS segment acquired 14% revenue share in the market 2023.
Modern security environments often comprise many disparate security systems and technologies, including video surveillance, access control, intrusion detection, fire alarms, biometric authentication, and perimeter security.
Additionally, in today's security landscape, threats can evolve rapidly, requiring swift and decisive action to mitigate potential risks. PSIM solutions offer real-time incident detection capabilities, enabling security personnel to identify and respond to threats promptly, thus minimizing the impact of security breaches.
However, the upfront costs associated with implementing PSIM solutions can be substantial, including expenses related to software licenses, hardware infrastructure, customization, integration with existing systems, and personnel training. Thus, high implementation costs are hindering the market's growth.
Based on deployment mode, the market is categorized into on-premises and clouds. The on-premises segment witnessed 35% revenue share in the market in 2023. Many organizations, particularly those in highly regulated finance, healthcare, and government industries, have strict data governance and compliance requirements.
Based on vertical, the market is classified into BFSI, IT & ITeS, government, healthcare, retail and eCommerce, residential, transportation & logistics, and others. In 2023, the BFSI segment attained 24% revenue share in the market.
Based on offering, the market is divided into software and services. The services segment acquired 35% revenue share in the market in 2023. PSIM solutions often require specialized knowledge and expertise for successful implementation and deployment.
On the basis of software type, the market is segmented into access control, video management, intrusion detection management, fire safety and alarms, GIS mapping systems, and HVAC. The video management segment recorded 31% revenue share in the market in 2023.
By organization size, the market is bifurcated into SMEs and large enterprises. In 2023, the large enterprises segment registered 70% revenue share in the market. Large organizations' size and complexity of operations usually result in complex security requirements.
Free Valuable Insights: Global Physical Security Information Management (PSIM) Market size to reach USD 4.7 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 31% revenue share in the market. Many countries in the Asia-Pacific region are experiencing rapid urbanization, leading to the development of smart cities and large urban areas.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.6 Billion |
| Market size forecast in 2031 | USD 4.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 14.6% from 2024 to 2031 |
| Number of Pages | 354 |
| Number of Tables | 580 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Offering, Organization Size, Deployment Mode, Vertical, Region |
| Country scope |
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| Companies Included | Hexagon AB, Honeywell International, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Everbridge, Inc., AxxonSoft, Genetec, Inc., Advancis Software & Services GmbH, Entelec Control Systems, Verint Systems, Inc. and Prysm Software (Vitaprotech group) |
By Offering
By Organization Size
By Deployment Mode
By Vertical
By Geography
This Market size is expected to reach $4.7 billion by 2031.
Rising integration of security systems are driving the Market in coming years, however, High implementation costs of PSIM restraints the growth of the Market.
Hexagon AB, Honeywell International, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Everbridge, Inc., AxxonSoft, Genetec, Inc., Advancis Software & Services GmbH, Entelec Control Systems, Verint Systems, Inc. and Prysm Software (Vitaprotech group)
The expected CAGR of this Market is 14.6% from 2024 to 2031.
The Software segment is leading the Market by Offering in 2023; thereby, achieving a market value of $2.8 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1.6 billion by 2031, growing at a CAGR of 13.8 % during the forecast period.
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