Dublin, April 23, 2024 (GLOBE NEWSWIRE) -- The "Physical Security Information Management (PSIM) Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The latest market analysis on the global Physical Security Information Management (PSIM) sector reveals a significant projected increase in market value, from $1.48 billion in 2023 to an anticipated $3.16 billion by 2028. This robust growth, calculated at a compound annual growth rate (CAGR) of 16.1%, reflects the critical demand for advanced security solutions in the face of rising cyber threats and the expansion of smart city projects worldwide.
European Market Dominance with Asia-Pacific Regions Showing Rapid Growth
The historical performance of various regions within the PSIM market has positioned Europe at the forefront in terms of market size in 2023. However, the Asia-Pacific region is identified as the fastest-growing market, indicating a dynamic shift in global security needs and technological adoption.
Key Market Drivers and Trends
A detailed market analysis emphasizes several pivotal elements influencing the market, such as:
- A rise in cybercrime leading to bolstered demand for PSIM solutions. These platforms are essential in preventing losses from cyber activities, which have sharply risen over the past few years.
- Smart city initiatives are increasingly integrating advanced PSIM systems to enhance public safety and city management capabilities, thus driving greater adoption.
- Advancements in the Internet of Things (IoT) are enabling more sophisticated security system integrations, contributing significantly to market growth.
- Innovations from key market players that focus on distributed software solutions. These cutting-edge offerings are designed to streamline security operations over vast and complex environments.
The comprehensive report includes diverse security system sectors such as access control, electronic article surveillance, and fire detection. These systems cater to an array of industry verticals, including banking and financial services, government defense, and retail sectors, among others.
The PSIM market research encapsulates essential insights, including market size, regional dominance, market segment details, and competitive landscape analysis. The report is poised to serve as an invaluable resource for organizations looking to navigate the evolving terrain of physical security information management.
Recognizing the significance of the PSIM market, major corporations continue to strategize through acquisitions and product innovations, demonstrating the importance of PSIM systems in current and future security infrastructure.
The global security landscape is experiencing a transformative phase, with rapid urbanization, growing enterprise risk management focus, and enhanced incident response methodologies reshaping the demands on security information management systems.
As the world becomes increasingly interconnected and reliant on sophisticated network infrastructures, the PSIM market's projections underscore the crucial role these systems will play in securing assets, infrastructure, and populations across the globe.
Companies Profiled:
- CNL Software Ltd.
- Genetec Inc.
- VidSys Inc.
- Verint Systems Inc.
- NICE Systems Ltd.
- Johnson Controls International plc
- Prysm Software Limited
- AxxonSoft Limited
- Milestone Systems A/S
- Hexagon AB
- Advancis Software & Services GmbH
- VideoNEXT Network Solutions Inc.
- KapLogic Corporation
- Everbridge Inc.
- Octopus System Pvt. Ltd.
- Qognify Inc.
- Kova Corporation
- Pelco Incorporated
- ASCVid Holdings LLC
- Access Control Technologies
- Mindtree Limited
- Tyco Security Products
- Quantum Secure Inc.
- Intergraph Corporation
- Honeywell Security Group
- Maxxess Systems Inc.
- Bosch Security Systems
- Salient Systems Private Limited
- Dahua Technology Co. Ltd.
- Proximex Corporation
Report Scope
Markets Covered:
- By Type: Access Control Systems; Electronic Article Surveillance; Fire Detection Systems; Intrusion Detection Systems; Computer Aided Dispatch Systems; Other Types
- By Deployment Mode: Cloud Based; On-Premises
- By Industry Vertical: Banking, Financial Services And Insurance (BFSI); Energy And Utilities; Government And Defense; Transportation And Logistics; Retail; Other Industry Verticals
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
For more information about this report visit https://www.researchandmarkets.com/r/39eqv6
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