The physical security information management (PSIM) market share is set to grow by USD 3.21 billion, progressing at a CAGR of 22.15% during the forecast period. Technavio's research report identifies and analyses the growth drivers that will boost the market growth. It also provides a thorough understanding of all the segments, trends, and challenges that are likely to have an impact on the future prospects of the market in focus.
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One of the key drivers that will boost this market is the need to mitigate criminal activities and terrorist attacks. In addition, the integration of IoT with physical security is the major physical security information management (PSIM) market trend that will positively impact market growth. However, the infrastructural requirements may hamper the market value.
Technavio’s research reports provide a comprehensive analysis of all the other factors that will drive market growth during the forecast period. In addition to market drivers, our research report also studies the latest trends and challenges that are likely to influence growth in the current market scenario. The detailed study of market drivers enables market players to leverage these factors to drive growth.
The physical security information management (PSIM) market is segmented by end-user (PEU, transportation, commercial, government and defense, and others) and geography (North America, Europe, APAC, MEA, and South America).
The physical security information management (PSIM) market size in the PEU segment will be significant during the forecast period. Factors such as the availability of adequate IT and business infrastructure, stringent regulations on IT security compliance and governance, and the high adoption of cloud-based IT security solutions and services will increase the market growth in North America. 32% of the market's growth will originate from North America during the forecast period. The US is the key market for physical security information management (PSIM) in North America.
The market is fragmented due to the presence of several players. AxxonSoft Inc., Everbridge Inc., Genetec Inc., Hexagon AB, Johnson Controls International Plc, NICE Ltd., Robert Bosch GmbH, Siemens AG, Verint Systems Inc., and Vidsys Inc. are some of the major physical security information management (PSIM) market vendors. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their position in the slow-growing segments.
The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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