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.
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COVID-19 Scenario Analysis:
➢ 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.
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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.
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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 benefits of the report:
➢ This study presents 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 Physical Security Information Management market is quantitatively analyzed to highlight the 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 the present and future competitive intensity of the market.
Leading Market Players:
Comprehensive analysis and profiles of the major market players such as
Hexagon AB, Robert Bosch GmbH, NEC Corp, Johnson Controls International Plc, CNL Software Ltd., Verint Systems Inc, Vidsys Inc, NICE Ltd, Genetec Inc.
These players have adored various strategies to increase their market penetration and strengthen their position in the industry. Current and future Physical Security Information Management market trends are outlined to determine the overall attractiveness of the market.
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