Global Physical Security Information Management Market Size

Physical Security Information Management (PSIM) Market Analysis

The Global Physical Security Information Management Market size is estimated at USD 1.66 billion in 2024, and is expected to reach USD 3.53 billion by 2029, growing at a CAGR of 16.24% during the forecast period (2024-2029).

• 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.