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 physical security information management 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.
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.
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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.
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.
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