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Physical Security Information Management Market Size - By Component (Software, Services), Application (BFSI, Government and Defense, Healthcare, Transportation & Logistics, Retail, Energy & Utilities), Deployment Type, Enterprise Size & Forecast, 2024 - 2032

  • Report ID: GMI9834
  • Published Date: Jun 2024
  • Report Format: PDF

Physical Security Information Management Market Size

Physical Security Information Management Market size was valued at USD 2.8 billion in 2023 and is estimated to register a CAGR of over 7% between 2024 and 2032. Integrating Artificial Intelligence (AI) and Machine Learning (ML) into security systems not only boosts threat detection capabilities but also streamlines response procedures. Cloud-based solutions are increasingly favored for their scalability and accessibility. The prioritization of data privacy and compliance drives the advancement of encryption and anonymization functionalities. Moreover, there's a growing emphasis on enhancing user experience through intuitive interfaces and seamless mobile integration.
 

Physical Security Information Management Market

For instance, in March 2023, Advancis launched the latest version of its Physical Security Information Management (PSIM) software, WinGuard X5. This update includes a modern kernel and numerous new features aimed at enhancing security capabilities. WinGuard X5 serves as a platform for consolidating access control and existing IT systems through centralized identity management, offering a comprehensive solution for managing physical security across various environments.
 

There is a growing demand for centralized control in the physical security information management market, arising from the increasing complexity of security infrastructures. Consolidating diverse security systems into a single platform improves operational efficiency. This approach streamlines monitoring, management, and response procedures, reducing the need for manual intervention and minimizing potential human errors. As organizations seek to optimize their security operations, the appeal of centralized control as a means to enhance efficiency continues to drive adoption and innovation in the industry.
 

The significant upfront investment required for implementing integrated security solutions poses a challenge for many organizations. The initial costs associated with hardware, software, and infrastructure can be prohibitive, particularly for small & medium-sized businesses with limited budgets. Additionally, the ongoing expenses for training personnel and maintaining the system further strain financial resources. This financial barrier may deter potential adopters from investing in comprehensive security solutions, limiting the market's growth potential.
 

Physical Security Information Management Market Trends

The market is witnessing the increasing adoption of cloud-based solutions. Cloud-based physical security information management systems offer scalability, flexibility, and cost-effectiveness compared to traditional on-premises solutions. Organizations are leveraging cloud technology to access advanced security functionalities without the need for extensive infrastructure investment, aligning with the broader trend of digital transformation across industries.
 

For instance, in April 2024, Verkada and HiveWatch unveiled an integration, merging Verkada's cloud-based video and access control solutions with HiveWatch's Global Security Operations Center (GSOC) operating system. Through these combined forces, customers can efficiently manage multiple videos and access control feeds within a single platform without the need for additional hardware. This collaboration enhances scalability and boosts operational efficiency, offering a seamless experience for security management across various environments.
 

A notable growth shaping the landscape is the integration of AI and Machine Learning (ML) technologies. These advancements enable PSIM systems to analyze vast amounts of data from various sources, enhancing threat detection capabilities and automating response processes. By leveraging AI & ML algorithms, organizations can proactively identify anomalies, predict security incidents, and optimize resource allocation, thereby strengthening overall security posture and resilience against emerging threats.
 

Physical Security Information Management Market Analysis

Physical Security Information Management Market, By Component, 2022-2032 (USD Billion)

Based on component, the market is divided into software and services. In 2023, the software segment accounted for a market share of around 70%. Software advancements in the sector focus on enhancing user experience and accessibility. Developers are prioritizing intuitive interfaces and user-friendly designs to simplify navigation and operation for security personnel. Additionally, there is a growing emphasis on mobile integration, allowing users to access and manage security systems remotely via smartphones and tablets.
 

Such developments aim to improve operational efficiency and responsiveness in dynamic security environments. For instance, in September 2022, AxxonSoft released Axxon PSIM, a software platform that integrates video surveillance, video analytics, management, electrical/security alarm systems, and custom business printing solutions. This modular PSIM enables a security solution that selects the right model according to the specific needs of the site, integrates with a variety of security devices & systems, and supports material delivery and delivery without requiring investment.
 

Physical Security Information Market Revenue Share, By Application, 2023

Based on application, the physical security information management market is categorized into BFSI, government & defense, healthcare, transportation & logistics, retail, energy & utilities. The BFSI segment accounted for a market share of around 25% in 2023. In the BFSI segment, there is a shift towards unified security management platforms. Organizations seek to streamline operations by integrating diverse security systems, enhancing threat detection, and optimizing response capabilities. With stringent regulatory requirements and the increasing sophistication of cyber threats, the adoption of advanced security solutions becomes imperative, ensuring robust protection of assets, data, and customer information.
 

This growth underscores the importance of proactive security measures, leveraging technologies like AI and biometrics. As financial institutions adapt to evolving risks, the focus remains on comprehensive solutions that offer real-time insights, ensuring resilience against emerging threats while maintaining regulatory compliance and customer trust.
 

North America Physical Security Information Management Market, 2022-2032 (USD Million)

North America dominated the global physical security information management market with a major share of over 33% in 2023. In North America, there is a growing emphasis on cybersecurity measures within PSIM solutions. With the increasing frequency and sophistication of cyber threats, organizations are prioritizing robust security measures to protect sensitive data and systems. This trend involves the integration of advanced encryption protocols, intrusion detection systems, and other cybersecurity features into PSIM platforms to safeguard against cyber-attacks and data breaches.
 

Across Europe, particularly in the UK, France, Italy, and Germany, there is a notable trend toward regulatory compliance and data privacy within PSIM solutions. With the implementation of stringent data protection regulations, such as GDPR, organizations are increasingly focused on ensuring compliance and safeguarding personal & sensitive information. This trend involves the integration of features, such as data encryption, access controls, and audit trails, into PSIM platforms to align with regulatory requirements and enhance data security measures.
 

The Asia Pacific region is witnessing increased smart city initiatives, driving the demand for advanced PSIM solutions. Governments and urban planners are investing in integrated security systems to enhance public safety and infrastructure resilience. This trend involves the deployment of PSIM platforms capable of aggregating data from various sensors and IoT devices, enabling proactive monitoring and rapid response to security incidents in urban environments.
 

Physical Security Information Management Market Share

Avigilon Corporation, Genetec Inc., and Honeywell International Inc. holds a significant market share of 25% in physical security information management industry, Avigilon Corporation distinguishes itself in the market through its focus on high-definition video surveillance solutions. Leveraging advanced video analytics and AI-powered technologies, the company offers comprehensive security solutions tailored to the needs of various industries including retail, transportation, and critical infrastructure.
 

Genetec Inc. stands out with its integrated security platform that encompasses video surveillance, access control, and Automatic License Plate Recognition (ALPR). Its emphasis on open architecture & interoperability enables seamless integration with third-party systems, providing customers with flexible and scalable security solutions tailored to their specific requirements.
 

Physical Security Information Management Market Companies

Major players operating in the physical security information management industry are:

  • Avigilon Corporation
  • AxxonSoft
  • CNL Software
  • Genetec Inc.
  • Honeywell International Inc.
  • Johnson Controls
  • Milestone Systems A/S
  • Qognigy (acquired by Hexagon)
  • Verint Systems Inc.
  • Vidsys, Inc.
     

Physical Security Information Managements Industry News

  • In December 2023, Genetec unveiled an updated edition of its primary integrated security platform, Security Center, embracing a continuous delivery approach for swift innovation. This release introduced improvements, such as enhanced mapping functionalities, to enhance operator experiences in extensive deployments and simplified authentication configuration, laying the groundwork for advanced workflow capabilities aimed at simplifying system administration.
     
  • In February 2023, AlertEnterprise introduced its Guardian AI Chatbot, leveraging the power of OpenAI's ChatGPT platform, to revolutionize the landscape of physical security. This chatbot offers instant access to crucial physical access and security insights through rapid queries & prompts.
     

The physical security information management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and from 2021 to 2032, for the following segments:

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Market, By Component

  • Software
  • Services

Market, By Deployment Type

  • On-premises
  • Cloud

Market, By Enterprise Size

  • Large enterprises
  • SMEs

Market, By Application

  • BFSI
  • Government & defense
  • Healthcare
  • Transportation & logistics
  • Retail
  • Energy & utilities
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America 
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia
    • Rest of MEA

 

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of physical security information management reached USD 2.8 billion in 2023 and is set to witness over 7% CAGR from 2024 to 2032, owing to the rising security threats, and increasing adoption of smart technologies.

The software component segment in the physical security information management industry accounted for 70% share in 2023, due to the rising need to enhance user experience and accessibility.

The BFSI application segment recorded 25% share in 2023, driven by the growing need to streamline operations by integrating diverse security systems, enhance threat detection, and optimize response capabilities.

North America market accounted for more than 33% share in 2023, led by the increasing frequency and sophistication of cyber threats.

Physical Security Information Management Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 10
  • Tables & Figures: 330
  • Countries covered: 25
  • Pages: 280
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