The market for global physical security information management market (PSIM) appears to be highly fragmented in terms of competition. The top two market players, Tyco International and NEC Corporation, account for a major share in the global market, finds a report by Transparence Market Research (TMR). The prominence of these leading companies can be attributed to their efforts aimed at greater penetration in the global market, with an emphasis on providing delivery and service centers through their well-established networks, particularly in Asian developing economies.
Some of the other key companies operating in the market for physical security information management are Milestone Systems A/S, Intergraph Corporation, CNL Software Ltd., Vidsys, Inc., and Mer, Inc. These companies are not only offering a diverse range of products to attract consumers, but are also gaining a strong foothold in the regional markets, obstructing the entry of international players. Several companies are inclined towards strategies such as acquisition, collaborations, and mergers. One such recent acquisition took place in August 2016, wherein Arcon Informatica S.A., a Brazil-based firm, was acquired by NEC Corporation.
The global market for physical security information management was pegged at US$823.1 mn in 2015. Growing at a favorable CAGR of 18.7% over the forecast period 2016-2024, the market will achieve a revenue worth US$3,832.6 mn by the end of 2024, according to the findings of TMR.
Transportation and Hospitality Sectors to Generate Significant Demand
The transportation and logistics segment is slated to attain a major share in the PSIM market over the next few years, as the need for security and monitoring of transportation activities has increased. In order to gain critical infrastructure and duty-free areas, transportation and logistics companies are increasingly deploying PSIM solutions. A considerable demand is also exhibited by the hospitality segment, owing to the rapid advancement of the hotel industry and hospitality infrastructure. The demand for PSIM solutions in this segment will grow at a promising CAGR of 19.1% over the forecast period between 2016 and 2024.
Based on geography, the North America region dominated the scenario, accounting for a massive 36% share in the global PSIM market in 2015. This region will continue to grow steadily because of the presence of a large number of vendors, coupled with high industrial activities. However, it might undergo a minor decline in share towards the end of the forecast period. Asia Pacific is projected to witness rising demand for these solutions. An abundance of opportunities presented by the countries of Asia Pacific can be attributed to the rising necessity of centralized management, numerous smart city projects, and infrastructural development in this region.
Smart City Projects to Drive Growth Worldwide
PSIM software solutions will witness an upsurge in demand on account of the growing number of smart cities, which require these solutions for ensuring the safety of the residents. The prevailing physical security and cyber security threats are also driving growth. Recently, there has been a substantial demand for centralized control over different security systems for improving efficiency. This will contribute towards the market expansion. Several other major factors such as emphasis of business enterprises on incident management and situational awareness, the need to create real-time platforms over multiple locations, and improving remote and wireless accessibility are aiding the growth of the global physical security information management market.
The information presented in this review is based on a Transparency Market Research report, titled, “Physical Security Information Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.
Key segments of the PSIM market
PSIM Market, by Component
- Off-the Shelf
- On Premise
- On Premise
- Off-the Shelf
- Installation/ System Integration
- Operation & Maintenance
- Consulting & Training
PSIM Market, by End-user
- Telecom and IT
- Transportation and Logistics
- Government and Defense Sector
- Industrial Manufacturing
- Energy and Utility
PSIM Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America
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