The increasing demand for centralized control and management of disparate devices and information systems among enterprises has led to the rapid evolution of the physical security information management (PSIM) market. A physical security information system encapsulates an integrated platform and a series of applications by vendors and system integrators (SI) to collect data and correlate events to help organizations identify problems and proactively solve them.
Over the past decade, a large number of organizations of all sizes have adopted PSIM solutions to gain increased control over business operations, achieve situational awareness, and effectively manage compliance and reporting.
Recently, video management system (VMS) vendors, SIs, and third-party vendors have collaborated in providing end-users high-end integrated security solutions to meet clients’ needs, which has kept the market fairly competitive. Automation in PSIM systems has brought significant reduction in operational costs, thereby boosting the market growth. The global physical security information management market is expected to rise at an impressive CAGR of 18.7% during the period to reach US$3,832.6 mn by the 2024.
The research analysis is conducted with the help of inputs from across a wide spectrum of stakeholders such as business executives, budding entrepreneurs, market leaders, industry veterans, global associations, and CIOs. The strategically motivated insights help companies form evidence-based decisions.
The physical security information management market is primarily driven by the increasing value proposition achieved by the adoption of an integrated and intelligent platform and security system amongst enterprises in various industries. The alarming rise in security breaches in organizations managing business operations and critical consumer data has propelled the PSIM market.
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The emergence of smart cities, coupled with the increasing focus of governments on reforms in urban development, has spurred the demand for end-to-end, IP-based PSIM solutions. In addition, several safe city programs by public organizations in developing economies have stimulated the demand for PSIM. The soaring need for security and monitoring of transportation activities in the logistics industry has accelerated the deployment of PSIM solutions, thereby boosting the market.