Global Physical Security Information Management Market to Reach US$ 2,779.7 Million by 2028, Impelled by Rising Incidences of Cybercrimes

According to the latest report by IMARC Group, titled “Physical Security Information Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global physical security information management market size reached US$ 1,189.3 Million in 2022. Physical security information management (PSIM) refers to software integrated with security applications and information devices controlled by a common user interface. It collects and correlates events from existing security and information systems such as video, access control, sensors, analytics, and building systems, enabling professionals to identify and resolve situations accurately. It also provides increased safety control while lowering costs and improving security systems. As a result, PSIM solutions are widely utilized in various organizations to enhance the safety and security of assets and employees.

Global Physical Security Information Management Market Trends:

The market is primarily driven by the growing instances of cybercrimes as PSIM solutions are extensively used to safeguard the sensitive data of organizations. In addition, the increasing product adoption in the oil and gas sector, where the risk of burglaries, thefts, and explosions is extremely high, represents another major growth-inducing factor. Besides this, various educational institutions rely on PSIM software to protect confidential information about students, staff, courses, programs, facilities, and fiscal activities and minimize the risk of data and campus security infringement. This, coupled with the rising utilization of PSIM solutions in the healthcare sector to safeguard sensitive information of patients from unauthorized access, is positively influencing the market growth. Moreover, governments of numerous countries are deploying PSIM solutions in municipalities, city surveillance systems, and traffic control solutions to keep track of suspicious events and improve the safety and security of the public, which is contributing to the market growth. Furthermore, various product innovations, advancements in wireless technology, and the growing product adoption in the transportation and logistics sector to handle security operations in complex environments are some of the other factors anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 2,779.7 Million by 2028, exhibiting a CAGR of 14.56% during the forecast period (2023-2028).

Market Summary

• On the basis of the type, the market has been bifurcated into solutions and services.
• Based on the deployment mode, the market has been segmented into on-premises and cloud-based.
• The market has been categorized based on the end use industry into BFSI, transportation and logistics, government and defense, retail, energy and utilities, and others.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the industry has also been examined, with some of the key players being Advancis Software & Services GmbH, AxxonSoft, easypsim AG, ela-soft GmbH (Gretsch-Unitas GmbH), Everbridge Inc., Genetec Inc., Hexagon AB, Johnson Controls International PLC, Milestone Systems A/S (Canon Inc.), OCTOPUS Systems, Prysm Software, Qognify Inc. and Verint Systems Inc.

Report Scope:

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