The global physical security information management (PSIM) market
features an exceedingly fragmented competitive landscape, with the
top four companies collectively accounting for merely 36% of the
overall market in 2016, observes a recent report by Transparency
Market Research. The top two vendors in the market, namely NEC
Corporation and Tyco International, command prominent position in the
global market owing to their extensive global network of delivery and
service centers, especially in key emerging economies such as India,
China, and Brazil.
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Other key vendors in the global PSIM market, such as the emerging
companies CNL Software Ltd., Milestone Systems A/S, Mer, Inc.,
Intergraph Corporation, and Vidsys, Inc., stay ahead of the
competition with the help of a strong product portfolio. A large
number of domestic players hold strong positions in key regional
pockets, making it difficult for international players to strengthen
their foothold in these lucrative markets.
North America
Market to Remain Dominant Contributor
Transparency Market Research estimates that the physical security
information management market will expand at a remarkable 18.7% CAGR
over the period between 2016 and 2024. As a result, the market, which
had a valuation of US$823.1 mn in 2015, will rise to US$3,832.6 mn by
2024.
In terms of geography, North America presently leads, holding a
nearly 36% of the global PSIM market in 2015. Although the regional
market expected to exhibit strong growth over the forecast period and
retain its leading position, it will lose prominence to Asia Pacific
and Europe in terms of growth pace over the forecast period. Of the
key end users of PSIM solutions, the government and defense sector
held the dominant 11.6% of the market in 2016.
Rising Adoption
across Organizations Impelling Market Growth
The global demand for effective physical security information
management solutions is on a rise across the globe owing to a
plethora of factors. Among these, the factors expected to have a
lasting influence on market’s development include the increasing
development of smart city projects, especially across developing
economies, and the rising demand for centralized control over the
disparate security systems.
The rise in security breaches in organizations processing and
managing critical business and consumer data is leading to the demand
for a large number of security system deployments. PSIM systems are
good contenders for organizational security management purposes.
Their capability to provide an efficient centralized control over
disparate security systems, while also providing consistent levels of
security, better remote monitoring, and accessibility across all
sites, works in their favor, leading to the increased global demand.
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IoT Integration
to Encourage Product/Service Differentiation, Present Lucrative
Growth Opportunities
The high cost associated with PSIM solution deployment is a major
concern for the PSIM market. Furthermore, high adoption and extensive
penetration of competitive software solutions such as video
management systems and access control systems is expected to restrain
the PSIM market across the world.
Nevertheless, the rapid development of internet of things (IoT) is
expected to provide lucrative opportunities for the global PSIM
market. The integration of IoT with PSIM solutions provides
significant opportunities to extend solution and service offerings.
This integration would also allow global PSIM vendors to offer
additional services such as visualized services platform to enhance
the performance of PSIM solutions. The differentiation in product and
service offering through this strategy could emerge as the lucrative
growth opportunity for vendors.
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