The physical security information management (PSIM) market is anticipated to grow at a significant CAGR of 16.0% during the forecast period (2022-2028). PSIM is a software category that serves as a platform for middleware developers to build applications that integrate and handle many disconnected security apps and devices through a single user interface. The major factor driving the growth of the market includes the increasing adoption of security tools and solutions as the deployment of remote work access amid lockdown in various countries increases. Furthermore, as a middleware software platform, it aids in the monitoring of different security devices such as sensors, access control portals, video surveillance, and network analysis of building systems, as well as apps to manage them, all through a single centralized user interface.
The global PSIM market is segmented based on the type, deployment type, and end-user. Based on the type, the market is sub-segmented into solutions and services. Based on the deployment type, the market is sub-segmented into on-premise and cloud. Based on the end-user, the market is sub-segmented into BFSI, transportation & logistics, government & defense, retail, energy & utilities, and others. Among these end-users, the transportation & logistics segment is expected to propel the growth of the market. PSIM technology is mostly used in the transportation & logistics industry to manage security activities in complex settings, including docks and ports, airports, and rail terminals. PSIM systems can successfully handle all of the varied sensor inputs, such as intrusion detection systems, smoke alarms, and various other digital and analog devices that are connected to the security network.
The market players are also contributing significantly to the market growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in January 2021, Fast Systems joined the Intel Partner Alliance, a trusted ecosystem that aids in the deployment of highly customized IoT solutions and the acceleration of market-ready IoT innovations. FAST Systems can use its scalable and interoperable technology to provide the best-performing IoT software to its demanding clients due to its partner alliance gold membership. Similarly, in September 2021, Changi Airport in Singapore teamed up with Gentec Inc. to deliver security technologies as part of a three-year security expansion and upgrading project. More PSIM solution integrations are possible as a result of these relationships.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Deployment Type
- By End-User
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Everbridge Inc., Qognify Inc., Vidsys Inc., AxxonSoft Inc., Verint Systems Inc., Genetec Inc., Hexagon AB, Johnson Controls International PLC, Easypsim AG, and Milestone Systems A/S, among others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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