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Physical Security Information Management Market Analysis | Coherent Market Insights

Read here the latest updates on the Physical Security Information Management Market Analysis published by CMI team

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Physical Security Information Management Market Analysis | Coherent Market Insights

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. PHYSICAL SECURITY INFORMATION MANAGEMENT MARKET ANALYSIS • Physical Security Information Management Market, by Component (Software (Off the Shelf(On Premise and Cloud Based) and Customized(On Premise and Cloud Based)) and Service (Installation/ System Integration, Operation and Maintenance and Consulting and Training)),  by End-Use Industry (Residential, Retail, BFSI, Telecom and IT, Transportation and Logistics, Government and Defense Sector, Hospitality, Industrial, Manufacturing, Energy and Utility, Healthcare and Others),  and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

  3. The global Physical Security Information Management Market was accounted for US$ 1,626.3 Mn in terms of value in 2019 and is expected to grow at CAGR of 18.7% for the period 2019-2027.

  4. Market Drivers • Rising demand for centralized security systems is expected to drive growth of the global physical security information management market during the forecast period Increasing incidences of security breaches have increased the demand for enhanced and effective operational control over disparate physical security systems. Many large organizations are deploying complex security systems due to a lack of communication with other systems. Furthermore, many organizations are focused on the development of centralized security, in order to achieve consistent levels of security, accessibility across all sites, and enhanced remote monitoring. For instance, in July 2016, the City of Cleveland, Ohio, the U.S. deployed converged security and information management software developed by Vidsys, Inc. based in Vienna, Virginia, the U.S. to secure the city during the Republican National Convention event. This security management platform would enable the city to create a video database for real-time updates across multiple locations.  

  5. High adoption of PSIM across emerging economies is expected to propel the global physical security information management market growth over the forecast period Many emerging economies are adopting PSIM solutions, owing to rising demand for enhanced security systems to minimize vulnerabilities and efficiently identify and rectify intrusions. Moreover, this demand is increasing due to a rise in hybrid cyber/physical threats faced by organizations. Thus, these factors are expected to support the global physical security information management market growth over the forecast period.

  6. North America region dominated the global Physical Security Information Management Market in 2019, accounting for 34.0% share in terms of value, followed by Europe, Asia Pacific, Middle East and Africa and Latin America.

  7. Market Restraints • High cost related to the deployment of PSIM solutions is expected to hamper the global physical security information management market growth over the forecast period For efficient and effective deployment of PSIM systems, a security system that supports PSIM is required. The standalone security system requires updates, in order to implement the PSIM solution. Since the cost of updating these security systems is high, which discourages end users to adopt PSIM solutions, especially small and medium-sized enterprises. Thus, these factors are expected to hamper the market growth over the forecast period. • Availability of competitive security solutions is expected to hinder growth of the global physical security information management market Although PSIM offers advanced security solutions to industries, the penetration of these systems is still ongoing. Other competitive security systems such as video management systems (VMS) and access control systems (ACS) are majorly adopted across the globe and expected to restrict the market growth. This is owing to integration capabilities offered by VMS solutions.

  8. Market Opportunities • Integration of PSIM with the Internet of Things (IoT) can provide major business opportunities Internet of Things (IoT) is an evolving and cutting-edge technology that helps to send and receive data from internet-enabled devices. Integrating PSIM with IoT presents lucrative opportunities to extend solution and service offerings and develop enhanced security solutions. Moreover, integration of IoT with PSIM would offer advanced connectivity to disparate security systems such as sensors video surveillance cameras, access control systems, and other security systems such as alarm systems, and deliver enhanced security management platforms. • Use of AI to boost surveillance can present lucrative growth opportunities in the near future Artificial intelligence is another evolving technology that can open new avenues for solutions providers. AI can be used to enhance surveillance process, thereby improving overall security and reduce breaches. Furthermore, AI can reduce cost required for deployment of PSIM solutions as well as human errors.

  9. Market Trends • Growing focus on empowering security personnel can offer major growth opportunities : Situational awareness and situation management are major focus areas of organizations. Many enterprises are providing high-quality performance in security applications. Moreover, provision of mobile and centralized applications have enabled organizations to deliver an effective method for security personnel and field employees to handle situations and incident with organizations’ best practices. • Increasing emphasis on safe city projects : Many city governments across the globe are focused on adopting PSIM solutions for high-security applications namely safe city programs and critical infrastructure protection. Moreover, emphasis on the development of smart cities in emerging economies is increasing. Similarly, city administrations, governments, and the defense sector are investing and deploying centralized security systems namely PSIM for efficient management of security incidents and response management to these situations. For instance, New York City’s Department of Information Technology and Telecommunications (DoITT) has integrated its Emergency Communications Transformation Program (ECTP) with PSIM solutions for enhanced public safety call recording and incident management.

  10. Regulations • Europe • Europe has critical infrastructure protection policies and critical information infrastructure policies to enhance the operational focus on security-related concerns • In Europe, a number of initiatives are developed for addressing security of public electronic communication networks and services. Moreover, European Programme for Critical Infrastructure Protection (EPCIP) has been developed for effective implementation of security policies.

  11. Value Chain Analysis • The PSIM ecosystem is mainly divided into three models: vendors, system integrators, and end-users • Vendors: • Some of the vendors are delivering complete PSIM solutions and services, including customized and off-the-shelf (COTS) products to the industries. These vendors include standalone PSIM solution and service providers, PSIM integration providers and third-party solution providers. Standalone PSIM vendors provide complete services and solutions from requirement gathering to the maintenance of PSIM systems after deployment. Moreover, the integration of existing security systems such as access control, sensors, video management systems and others with PSIM systems is implemented by these vendors. Many PSIM vendors partner with system integrators to deliver best-fit solutions to the businesses. Thus, PSIM vendors can deliver their solution to the businesses through system integrators or third-party vendors or directly to the customers.

  12. System Integration: • System integrators are trusted advisors in this value chain who have expertise in security sub-systems. System integrators delivers the required PSIM solutions to the customers directly or from vendors to the businesses. System integrators analyze the existing system environment to identify the integration requirements and evaluate security operations to identify strategic plans, procedures, and security policies for the deployment of complete situation management solutions. System integrators or third-party vendors deploy PSIM solutions from vendors to their customers. Similarly, system integrators can further take solutions from other system integrators or third-party vendors for the deployment of PSIM. • Application/ End-users: • For deployment, end-users analyze the security requirements for new solutions or integrated solutions for their existing systems, and implement PSIM solutions by contacting PSIM vendors directly or through system integrators or third-party vendors • Between the forward and backward integration scenarios, the forward scenario is often adopted for the implementation of PSIM solutions across various industries.

  13. Segment information: • In global physical security information management Market, by Component, Software sub-segment dominated the global market in 2019, accounting for 56.2% share in terms of value, followed by Service.

  14. Competitive Section • Key players operating in the global physical security information management market area Mer, Inc., AxxonSoft, NEC Corporation, Genetec, Inc., CNL Software Ltd., Milestone Systems A/S, VidSys, Inc., S2 Security Corporation, Tyco International Ltd. (Proximex Corporation), videoNEXT Federal, Inc., NICE Systems Ltd., and Intergraph Corporation.

  15. Key Developments • Key companies in the market are focused on partnerships and collaborations, in order to enhance the market presence. For instance, in September 2019, CNL Software, a U.K.-based PSIM solutions provider, partnered with Cepton Technologies to boost automation of threat detection, tracking, and escalation in real-time using the latest PSIM. • Major companies in the market are involved in product launches, in order to expand the product portfolio. For instance, in January 2020, VidSys, Inc. introduced the latest version of its security software platform named ‘VidSys Enterprise 2020 R1.0.’

  16. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Reference : https://www.coherentmarketinsights.com/market-insight/physical-security-information-management-market-3638

  17. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

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