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Physical Security Information Management Market by Type (Services and Solution), Deployment Mode (Cloud Based Model and On-Premise Model), and Industry Vertical (Banking, Financial Services and Insurance (BFSI), Energy & Utilities, Government & Defense, Transportation & Logistics, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

A08131
Pages: NA
Feb 2021 | 133 Views
 
Author(s) : NA
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Physical Security Information Management Market Insights

Physical Security Information Management (PSIM) is a software platform that integrates several non-linked security systems, controlling them via a comprehensive consumer interface. It collects and corelates events from existing safety devices and information systems, which includes sensors, access control, analytics, networks, and building systems to empower people to precisely identify and resolve situations. Eventually, these solutions permit organizations to reduce costs and achieve advanced efficiency and enhances protection through multiplied intelligence. The PSIM software system has six features, which include collection, analysis, verification, resolution, reporting, and audit trail. The major difference between PSIM based integration software and other forms of physical security system integration is the capability to connect systems at data level. 

Market scope and structure analysis:

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2019

Forecast period

2021–2027

Forecast units

Value (USD)

Segments covered

Type, Deployment Mode, Industry Vertical, and Region

Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of LATAM) and Middle East and Africa

Companies covered

Major players analyzed include CNL Software Ltd., Genetec Inc., Hexagon AB, Johnson Controls International Plc., NEC Corp., NICE Ltd, Robert Bosch GmbH, Verint Systems Inc., and Vidsys Inc.,

 

Impact of COVID-19 on Physical Security Information Management Market: 

  • The ongoing COVID-19 outbreak has started a new phase of recession, which is expected to certainly reduce demand for physical security systems.
  • Video surveillance systems are more depended on the original equipment manufacturers (OEMs) from China and component manufacturers. 
  • For instance, access control readers, which can eliminate physical contact through mobile phones, are estimated to witness rapid increase. This may further create a demand for PSIM solutions across industries in the future.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increase in security breach on a broad scale across the globe in organizations is expected to drive demand for PSIM software market. Rise in use of IP-based cameras for video surveillance and technological advancements and deployment of wireless technology in security systems are current trends influencing the market in next few years. However, high cost related to deployment of PSIM solutions is expected to hamper growth of the PSIM market. Contrarily, adoption of IoT based security systems with cloud computing platforms and adoption of ‘as-a-service’ model are opportunistic factors for physical security information management market.

Increase in security breach

Rise in security concerns among businesses worldwide is expected to increase demand for the PSIM market during the forecast period. The market is majorly driven by rise in need for security solutions in businesses. Growth in internet penetration worldwide leads to a greater number of security breaches, owing to which the demand for PSIM software solutions is rising globally. In 2018, there was a security breach every 44 seconds; the main targeted industries were retail, IT & telecommunication, and government.

For instance, in July 2016, the metropolitan of Cleveland, Ohio, U.S., deployed converged security and data management software developed by Vidsys, Inc. based in Virginia to protect the city during the Republican National Convention event. This security management platform enabled the city to create a video database for real-time updates across various locations.

High cost related to deployment of PSIM solutions

For effective and efficient deployment of PSIM systems, a security system that supports PSIM is required. Standalone security systems require updates to implement PSIM solutions. Moreover, cost of updating these security systems is high, which discourages end customers to adopt PSIM solutions, mainly small and medium size businesses. Hence, these factors are expected to hinder the market growth for PSIM during the forecast period. 

 

Key segments covered:

Segments

Subsegments

  Type

  • Services
  • Solution

  Deployment Mode

  • Cloud Based
  • On-Premises

  Industry Vertical

  • Banking, Financial Services and Insurance (BFSI)
  • Energy & Utilities
  • Government & Defense
  • Transportation & Logistics
  • Retail
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the physical security information management market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the physical security information management market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the physical security information management market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed physical security information management market analysis based on competitive intensity and how the competition will take shape in coming years. 
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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