PSIM Market 2019 —
Security is of utmost importance in all homes, enterprises, business organizations, and government buildings. A large building will have multiple types of security infrastructure installed. A Physical Security Information Management (PSIM) system brings together all these security applications using a software solution with a user interface. This makes the whole security network very easy to monitor and security breaches can be addressed quickly. PSIM helps improve control, makes personnel aware of security situations easily, and also reduces security monitoring costs in the long run.
These days, most organizations need to comply with certain security standards for them to exist safely. Governments around the world are also investing heavily in security infrastructure. Places that are ISO certified have stringent regulatory standards to be met. For all these reasons, the global PSIM market will keep growing and will keep getting bigger. According to this report, the size of this market is USD 990 million in 2019 and this is set to increase to a staggering USD 3250 million in 2024.
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There will be a compound annual growth rate (CAGR) of 21.9% too in terms of revenue. With the implementation of PSIM systems, there will be a lesser dependency on manual monitoring and this eliminates human error easily. This report analyzes the market status in terms of global outlook, regional levels, and with respect to key players in the market.
The market segmentation is approached by the report in 3 different ways. Based on the key players, this report covers 10 different companies worldwide. CNL, Tyco International, Axxon Soft, Genetec, NICE Systems, and Vidsys are included in the report. The companies are analyzed based on current market share, projected growth, potential competitors, and market value.
Based on the type, the report talks about PSIM+, PSIM, and PSIM Lite models. The features of these models vary and the report talks about industries that prefer the different types of PSIM systems and the growth percentage of these models.
When it comes to segmentation by application, the report covers in detail critical infrastructure, first responders, commercial, military, and other areas where PSIM can be used.
There are five major regions where PSIM is used. North America, especially the United States of America has enjoyed a very high market share in the past and this will continue to dominate the market in the forecast period of 2019 to 2024. Europe falls next in the line based on the market share. China is a fast growing space and will grab a major part of the industry’s demand in the forecast period. The demand and supply in other regions like Asia-Pacific, South America, and the Middle East and Africa are also discussed.
CNL software is a leading PSIM software provider. In September 2019, this brand announced a technology based partnership with Cepton Technologies, which is a 3D sensing solution based out of Chicago. This partnership will make features like threat detection and escalation automated in the PSIM tool.
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