Physical Security Information Management Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Type, and Application

Physical Security Information Management Market size was valued at USD 1945.58 Million in 2023 and the total Physical Security Information Management Market revenue is expected to grow at a CAGR of 15.52 % from 2024 to 2030, reaching nearly USD 5341.33 Million.

Physical Security Information Management (PSIM) is software platform design to integrate and manage multiple unconnected security applications, allowing automation of workflows and processes, and providing centralized control over security devices through unified user interface. Its primary purpose is to enhance security effectiveness by allowing entities to promptly and efficiently respond to security issues. PSIM achieves this by integrating various security systems and device, such as surveillance cameras, access control systems, alarm systems, fire and intruder detection systems, video analytic into single, cohesive platform.

Physical Security Information Management market experienced substantial growth due to increasing need for comprehensive security solutions across various sector. This market includes software that integrate diverse security systems, offering enhanced monitoring, control, and analysis capabilities. Driving factor for growth of Physical Security Information Management market include rising complexity of security systems, growing threat landscape, and need for real-time incident response. Organization are increasingly adopting PSIM solutions to streamline security operation, enhance situational awareness, and improve incident response time. Integration of advanced technologies such as AI, IoT, and data analytics within PSIM solutions fuel Physical Security Information Management market growth by providing more sophisticated and automated security management capabilities.

The development in Physical Security Information Management market is rebranding of Qognify under Hexagons Safety, Infrastructure & Geospatial division. This move signifies Hexagons commitment to innovation in physical security and public safety. Qognifys integration into Hexagons portfolio enhances capability of organizations to safeguard assets and communities by providing comprehensive video management and PSIM solutions. Combined strength of Qognifys products and Hexagons public safety solutions offers customers enhanced situational awareness, streamlined operations, and improved risk mitigation.

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Market Dynamics:
Technological Advancement drive the market growth:

Rapid advancement in technologies such as LiDAR, AI, and ICT propeled growth of Physical Security Information Management market. LiDAR technology enhance accuracy of intrusion detection system by providing detail 3D mapping & realtime object tracking. AI & machine learning algorithm allow predictive analytic and automated threat detection, allowing for quicker and more accurate responses to security incident. For instance, AI-powered video analytic identify unusual behavior or object in surveillance footage, alerting security personnel instantly. ICT advancement facilitate seamless integration of various security system, improving data sharing and communication across platform. This convergence of advanced technology enhance effectiveness of PSIM solutions and makes them indispensable for modern security infrastructure.

Rising incidence of security threat, including terrorism, cyber-attack, driven demand for robust Physical Security Information Management market. Organization is increasingly recognizing need for comprehensive security management system to protect their asset, infrastructure, and personnel. For example, airport and government building are prime target for terrorist activity and require sophisticated security solutions to mitigate risks. PSIM system at Athens International Airport, implemented by Intracom Telecom, leverage advanced data integration and analysis capabilities to enhance situational awareness and response times. By automating detection and management of security incident, PSIM solutions help organizations prepare for and respond to potential threats more effectively, ensuring safety and operational continuity.

Need to comply with stringent regulatory requirements and standards is significant driver for adoption of Physical Security Information Management market. Government and regulatory bodies have established various mandates and guidelines to ensure safety and security of public and private infrastructure. For instance, ISO 27001 certification, achieved by Everbridge Control Center, sets benchmark for information security management, requiring organizations to implement comprehensive security measures. Compliance with such regulations necessitates use of advanced PSIM systems that integrate and manage data from multiple security devices and ensure adherence to security protocols. This regulatory pressure compels organizations to invest in PSIM solutions to avoid penalties and enhance its security posture.

Need for Integrated Security Solutions drive market growth:

Increase complexity of security environment underscore need for security solution that provide unified approach to threat management. Traditional security system operate in silos, making it challenging to gain comprehensive view of security incident. Physical Security Information Management market solution address this challenge by integrating various security system, including video surveillance, access control, and intrusion detection, into single platform. For example, Siemen Siveillance Viewpoint PSIM integrate multiple safety and security system, offering holistic understanding of situation for faster and more informed decision-making. This integrated approach streamline operation, reduce response time, and enhance security effectiveness, making PSIM solution essential for modern security management.

Organization are adopting Physical Security Information Management market to enhance their operational efficiency & streamline security management processes. By providing centralize platform for monitoring and managing security incident, PSIM system reduce complexity & workload for security personnel. For example, Vidsys Enterprise offer improved situational awareness and automated reporting features, enabling security teams to quickly identify and respond to incidents. The integration of multiple security systems into single interface simplifies management of security data, allowing for more efficient resource allocation & faster response time. This operational efficiency not only enhance security but also reduce cost and improves organizational performance.

Global trend towards development of smart cities is significantly driving demand for Physical Security Information Management market. Smart cities require advanced security and surveillance systems to manage complex and interconnected infrastructure effectively. PSIM solutions provide necessary tools to integrate and analyse data from various source, enhancing situational awareness and incident response. For example, Hexagons rebranding and integration of Qognifys physical security solutions reflect increasing need for innovative security technology in smart city project. Ability to integrate public safety solutions with physical security systems create powerful ecosystem that enhance security and safety of urban environment. As cities continue to adopt smart technologies, demand for comprehensive PSIM solutions is expected to drive Physical Security Information Management market growth.
Physical Security Information Management Market Segment Analysis:
Based on Application, Physical Security Information Management market was dominated by Government and Defense segment, holding significant Physical Security Information Management market share of 23.8% in 2023. This segments dominance is attributed to critical need for comprehensive security solutions to protect national assets and infrastructure. Following this, BFSI (Banking, Financial Services, and Insurance) sector accounted for 19.3% of market share, driven by increasing requirement for robust security measures to safeguard sensitive financial data and assets. Transportation and Logistics segment held 15.4% market share, reflecting growing adoption of PSIM solution to ensure safety and security of transportation network and logistic operation. Industrial Manufacturing, with 11.9% market share, is also increasingly integrating PSIM systems to enhance security of manufacturing facility and supply chain. Government and Defense segment is expected to continue its dominance due to ongoing investments in security infrastructure, while BFSI and Transportation and Logistic sector are projected to witness significant growth in Physical Security Information Management market adoption.
Physical Security Information Management Market Regional Insights:
Physical Security Information Management market is predominantly led by North America, accounting for 33.54% of market share in 2023. This dominance is attributed to extensive adoption of advanced security solutions across various sectors, including government, defense, and commercial industries. North Americas emphasis on technological advancements and substantial investment in security infrastructure have fortified its leading position. Europe follows with 24.21% market share in 2023, driven by stringent regulations and heightened focus on public safety and critical infrastructure protection. Regions proactive approach to integrating innovative security solutions is evident in various smart city initiative and large-scale security projects. Asia Pacific, holding 28.10% of market share, is expected to experience significant growth due to rapid urbanization, increased infrastructure development, and rising security concerns in emerging economies such as China and India. Regions substantial investments in smart city projects and deployment of advanced security technologies will likely propel its Physical Security Information Management market growth, potentially challenging North Americas dominance in near future. For instance, Chinas extensive surveillance network and Indias growing focus on smart city initiatives exemplify regions commitment to enhancing security measures. As Physical Security Information Management market evolves, North America is anticipated to maintain its lead due to ongoing innovations and high adoption rates, while Asia Pacific is poised to grow rapidly, driven by economic development and infrastructural advancements.



Competitive Landscape:

Initiative by Intracom Telecom to deploy its PSIM system at Athens International Airport (AIA) marks significant advancement in airport security. Leveraging its SISC2 platform, project aims to enhance operational awareness by integrating various data sources and automating security responses. This comprehensive approach not only improves intrusion detection but also streamlines incident management, crucial for mitigating risks from both human and natural threats. By fortifying AIAs security infrastructure with state-of-the-art technology, Intracom Telecom sets new standard in airport security solutions, potentially influencing similar upgrades globally, thereby driving market growth in physical security information management sector.

On January 11, 2024, Everbridge, Inc. announced significant milestones for its Physical Security Information Management (PSIM) solution, Control Center, including securing ISO 27001 certification and winning four industry awards. At 25th anniversary of Intersec Dubai, Everbridge will demonstrate its Control Center solution and new Control Center Responder mobile app, which extends control room capabilities to field responders. This innovative app enables real-time access to alerts and enhances incident management through improved communication and response times, ensuring organizational resilience by efficiently managing critical events and protecting employees and facilities.

On April 7, 2024, Hexagons Safety, Infrastructure & Geospatial division announced rebranding and full integration of Qognify into its corporate identity, signaling new era in physical security innovation. Following Hexagon's acquisition of Qognify in April 2023, this move consolidates Qognify as Physical Security business unit within Hexagon. Leveraging Qognifys robust video management and security solutions alongside Hexagon's broad portfolio, integration aims to enhance situational awareness, operational efficiency, and risk mitigation for over 4,000 global organizations. This strategic alignment underscores Hexagons commitment to advancing public safety technologies and expanding market presence through synergistic capabilities and customer-centric solutions.

On June 20, 2024, Intracom Telecom announced commencement of Physical Security Information Management (PSIM) system project for Athens International Airport (AIA). Leveraging its SISC2 platform, Intracom Telecom aims to integrate unified operational picture, enhancing situational awareness across AIAs critical infrastructure. System utilizes advanced capabilities for data integration, processing, and analysis of kinematic and positioning data, bolstering intrusion detection and automating alarm triggers in AIAs security operations centers. This proactive approach strengthens AIAs resilience against potential man-made threats and natural disasters.

MMR Physical Security Information Management Market Report Offers:

The MMR Market Report provides comprehensive import-export data from 2021 to 2023, offering a clear view of the market scenario. This data allows stakeholders to understand trade dynamics and market trends. Additionally, the report includes detailed pricing information for Global Physical Security Information Management by application from 2018 to 2023. This historical pricing data helps in analysing cost trends and market fluctuations. Furthermore, the report features a forecast of the Global Physical Security Information Management Market size, projected in million by type, from 2023 to 2030, based on value. By examining this data, readers can gain insights into the market's growth trajectory, potential demand for different types of Physical Security Information Management, and the overall market outlook. This information is crucial for making informed business decisions and strategic planning in the Physical Security Information Management industry.
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Global hysical Security Information Management Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 1945.58 Mn.


Forecast Period 2024 to 2030 CAGR:
15.52%
Market Size in 2030:
US $ 5341.33 Mn.


 Segments Covered:
by Type
Services
Software


by  Application
BFSI
Transportation and Logistics
Government and Defense
Industrial Manufacturing
Healthcare
IT and Telecom
Energy and Utility
Others



Physical Security Information Management Market, by Region:
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Physical Security Information Management Market, Key Players:
1. Everbridge, Inc
2. Advancis Software & Services GmbH
3. Entelec
4. Obious technologies
5. AxxonSoft, Inc
6. Ela-soft GmbH
7. Genetec Inc
8. VideoNEXT
9. Hexagon AB
10. HID Global Corporation
11. Intergrated Security Manufacturing Ltd.
12. Prysm Software
13. Verint Systems Inc.
14. VidSys, Inc.
15. Johnson Controls International PLC
16. Easypsim
17. Milestone systems A/S
18. Qognify
19. Visual Management Systems Ltd.
20. i2V Systems Pvt. Ltd
21. Reliable Fire and Security
22. Network Harbor
23. KOVA Corporation
24. Octopus Systems
25. Codra

FAQs:
1. What are the growth drivers for the Market?
Ans. Technological Advancement drive the market growth and is expected to be the major driver for the Physical Security Information Management Market.

2. What is the major opportunity for the Market growth?
Ans. Need for Integrated Security Solutions drive market growth and is expected to be the major opportunity in the Physical Security Information Management Market.

3. Which country is expected to lead the global Market during the forecast period?
Ans. North America is expected to lead the Market during the forecast period.

4. What is the projected market size and growth rate of the Market?
Ans. The Physical Security Information Management Market size was valued at USD 1945.58 Million in 2023 and the total Physical Security Information Management Market revenue is expected to grow at a CAGR of 15.52 % from 2024 to 2030, reaching nearly USD 5341.33 Million.

5. What segments are covered in the Physical Security Information Management Market report?
Ans. The segments covered in the Market report are by Type, Application, and Region.