Global Physical Security Information Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Physical Security Information Management Market Analysis

The Global Physical Security Information Management Market is expected to grow at a CAGR of 18% over the forecast period (2022 to 2027).

• The Internet of Things is an evolving and advanced technology that helps send and receive data from Internet-enabled devices. Moreover, integrating PSIM with IoT presents lucrative opportunities to extend solution and service offerings and develop enhanced security solutions. In addition, combining the Internet of Things with PSIM offers advanced connectivity to diverse security systems, such as sensors, video surveillance cameras, access control systems, and other security systems, such as alarm systems. It delivers enhanced security management platforms for smart city projects.
• Furthermore, many government regulations fuel the adoption of smart technologies and smart infrastructure. For instance, the UK government is proposing a significant package of regulatory changes, public funding, and new legislation to bring total fiber and 5G connectivity to the United Kingdom by 2023. Apart from that, New York, Florida, Miami, and Michigan are the areas that will have the highest deployment of Vehicle-to-Vehicle/Vehicle-to-Infrastructure (V2X) technologies, owing to government initiatives to boost road safety and accelerate the development of autonomous vehicles.
• Physical security information management is essential in protecting and safeguarding restricted areas with a wide range of security hardware. These solutions allow gathering vital information about any incident in high-threat targets and high-security environments, such as government buildings and security systems. The collection, analysis, verification, resolution, reporting, and audit trail are some of the significant capabilities of PSIM that consist of collecting data from different security systems and analyzing them for critical information that helps to empower personnel to act proactively.
• Moreover, being a middleware software platform, it helps monitor multiple security devices across sensors, access control portals, video surveillance, and network analysis of building systems, along with applications to control them through one compound user interface. Additionally, PSIM solutions help eliminate the manual monitoring of IT infrastructure, enabling quick identification of flaws in the security system, which may help the end-users save time and money simultaneously promoting its adoption.
• With the recent COVID-19 pandemic, the physical security management market is predicted to grow significantly. Security tools and solutions are widely adopted because organizations implement remote work access in many countries while under lockdown. Furthermore, the ongoing COVID-19 pandemic has triggered a new period of recession, projected to decrease demand for specific physical security systems. As video surveillance systems rely more on Chinese OEMs and component manufacturers, physical security market vendors anticipate the COVID-19 outbreak. For instance, access control readers, which can eliminate physical contact through mobile phones, are estimated to increase rapidly. This may increase the demand for PSIM solutions across industries in the coming years.
• Moreover, a security system that supports PSIM is necessary for the efficient and effective deployment of PSIM systems. To implement the PSIM solution, the standalone security system must be updated. Because the cost of maintaining these security systems is high, end users, particularly small and medium-sized businesses, are discouraged from implementing PSIM solutions. As a result, these factors will likely impede market growth over the forecast period.

Physical Security Information Management Industry Segments

• Physical security information management (PSIM) is software that provides a platform for applications created by middleware developers, designed to integrate multiple unconnected security applications and devices and control them through one comprehensive user interface. 
• All the PSIM solutions that enable integration (connecting all physical security systems), correlation and verification (identifying a breach and alerting the security personnel), visualization, workflow, and analysis are considered part of the study.

Report scope can be customized per your requirements. Click here.

Physical Security Information Management Market Trends

This section covers the major market trends shaping the Physical Security Information Management Market according to our research experts:

Government and Defense Have Significant Shares in the Market

• Many governments worldwide have been looking forward to implementing PSIM solutions to improve their current security systems beyond simple video surveillance. There is increasing pressure on the governments to escalate the adoption of physical security management systems to protect citizens against the threat of terror attacks. Major industry verticals trust the adoption of PSIM solutions for altering the behavior of employees to yield better results.
• For instance, the United States federal government identified the need for improving the physical security of its facilities and integration with logical networks. Due to various security incidents, federal agencies realized that their current video surveillance systems could not adequately protect their facilities because they lack support for facial recognition and video analytics and are not aligned with the federal enterprise IT architecture.
• Emerging nations worldwide, such as the Indian government, are pushing hard for public projects, including installing video surveillance equipment for city surveillance, traffic monitoring, railways, and education. Moreover, the growing investments for greenfield foreign direct investment is also expected to drive the markets growth. For instance, according to UNCTAD, The number of announced greenfield foreign direct investment (FDI) projects worldwide in 2021 is 14,710. 
• According to IFSEC Global, a media production company based in London, the London government is consulting on how to regulate construction products' use better to ensure that fire protection is prioritized. It has already proposed creating a new standards committee to provide impartial advice on new standards and guidance for construction products. London was one of the world's most surveilled cities, with more than 690,000 surveillance cameras, helping the government keep its residents safe and its public areas secure.
• Smart cities are the future of urban living as they harness the power of digital technologies, data, and design thinking to boost the efficiency and effectiveness of city services. Implementing physical security information management systems is essential for developing smart cities, as these systems are used for public safety.

To understand key trends, Download Sample Report