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According to the latest report by IMARC Group, titled “Physical Security Information Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global physical security information management market size reached US$ 1,019.1 Million in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 2,419.3 Million by 2027, exhibiting a CAGR of 14.70% during the forecast period (2022-2027).
Market Summary
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