Market Trends of Global Physical Security Information Management Industry
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.
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Europe to Hold the Largest Market Share
- Europe accounted for the major share of the Physical Security Information Management market. Many incidents in the United Kingdom demonstrated the need for PSIM platforms to investigate criminal activity incidents.
- The UK government and allied regulatory bodies have taken many measures to establish new surveillance laws and regulations. During the forecast period, this is expected to drive market growth. For example, before the Covid 19 pandemic, the UK government announced a new security standard for surveillance cameras to combat attacks launched by infected camera systems, pushing manufacturers of surveillance camera systems and components to ensure that surveillance equipment is protected from unauthorized access by default.
- Furthermore, as Britain's CCTV policy has changed over time, the installation of video surveillance equipment in public locations for national security, such as anti-terrorism. According to CCTV.co.uk, there is currently one CCTV camera for every 14 persons in London, with the city having roughly 627,707 CCTV cameras. It is also projected that one million cameras will be installed in London alone. During the forecast period, this is expected to provide an opportunity for information management systems.
- In September 2021, Abloy UK introduced the CIPE Manager access management system at International Security Expo 2021. Abloy BEAT, the keyless Bluetooth padlock, the electromechanical PROTEC2 CLIQ, and Abloy's high physical security management mechanical master key systems are among them. This range of digital-physical access solutions can be combined to meet virtually any requirements, providing flexible, scalable, and compliant security.
- Furthermore, the German government is heavily investing in smart city and smart transportation projects, which drive the application of PSIM through the Internet of Things (IoT) platforms to monitor city infrastructures and assist in critical service management, such as traffic flow and parking. These cities employ the generated smart data to address longer-term development decisions focused on environmental sustainability. Thus, innovative city activities include solution capabilities to improve community safety and are predicted to create enormous opportunities for market vendors.
- In August 2021, TrackTik, an innovative and rapidly growing provider of physical security workforce management software, announced the launch of Data Lab. It is a partner-friendly open platform and the first in a series of revolutionary tools that enable security companies to make better-informed business decisions by monitoring key performance indicators through easy-to-use, customized function-based dashboards.
- Furthermore, numerous PSIM companies are extending their presence in the country. For example, in March 2021. AxxonSoft has opened its 12th office in Europe, in France. The new department will also help with sales and operations in France and surrounding areas. This is projected to increase opportunities for PSIM solution sales in the European Region.
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