Physical Security Information Management Market Size [2031]
Physical Security Information Management Market Size [2031]
Segments - Physical Security Information Management Market by Type (Software and Services), Deployment Mode (On-premises and Cloud-based), End-User (Government and Defense, Banking, Financial Services & Insurance, Transportation Logistics, Energy Utilities, Retail, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031.
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| Report ID :ICT-SE-5911
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Report Description
Physical Security Information Management Market Outlook 2031
The global physical security information management market size was USD 2.8 Billion in 2022 and is likely to reach USD 12.3 Billion by 2031, expanding at a CAGR of 16.6% during 2023–2031. The growing adoption of physical security information management solutions in various developing nations is anticipated to fuel the market.
Increasing requirements for protective measures against security breaches on various online platforms and networks are projected to boost the market during the assessment period. Rising instances of security breaches and data leaks have led to the increased need for centralized control over diverse physical security systems across large organizations. The expansion of various industrial verticals, such as banking, retail, and transportation, is contributing to the growth of the market.
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According to the report published by the National Retail Federation in 2023, the annual retail sales in 2022 were valued at USD 4.9 trillion, an increaseof 7% compared to 2021. This has exceeded the pre-pandemic retail sales growth, which was around 3.6%.
The integration of PSIM with the Internet of Things (IoT) is a major development that leads to advanced security solutions and service offerings. PSIM provides enhanced connectivity to different security systems by leveraging the power of IoT, enabling real-time monitoring and management of security incidents. Increasing demand for intelligent and scalable security solutions from businesses and organizations that adapt to changing threats and environments propels the market.
The COVID-19 pandemic hindered the market, due to the emergency lockdown and various restrictions imposed by governments across the globe.This led to the absence of workers in several industries. This, in turn, decreased the demand for physical security measures, thereby restraining the market.
Impact of Artificial Intelligence (AI) on Physical Security Information Management Market
The use of artificial intelligence is anticipated to provide substantial propulsion to the physical security information management market. AI helps in real-time threat detection through the use of video analytics to improve incident response and reduce the risk of false alarms. It facilitates predictive analysis and helps security professionals to address potential security breaches and enhance overall situational awareness in complex environments.
Physical Security Information Management Market Dynamics
Major Drivers
Surge in requirements for centralized security systems is expected to drive the market during the projection period. The increasing number of security breaches has made operational control crucial over diverse physical security systems. This encouraged many large-scale organizations to install complex security systems. Furthermore, many organizations are focusing on developing centralized security systems to ensure improved security, which is projected to fuel the market.
Existing Restraints
High cost associated with deploying PSIM solutions is likely to hamper the market during the forecast period. APSIM-supporting security system is required to efficiently deploy PSIM systems. Moreover, the stand alone security needsto be updated to implement these systems, making PSIM systems costly. Thus, end-use industries, particularly small and medium-sized enterprises, are discouraged from adopting PSIM solutions, which is projected to impede the market.
Emerging Opportunities
Incorporation of PSIM and the Internet of Things (IoT) is anticipated to provide substantial growth opportunities for the market. IoT is an evolving and advanced technology that enables internet-enabled devices to send and receive data. Integrating PSIM with IoT leads to the extension of solutions and service offerings, resulting in the development of enhanced security solutions.
Moreover, such integration provides advanced connectivity to different security systems, including video surveillance cameras, sensors, alarm systems, and access control systems, to deliver enhanced security management platforms.
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As per a survey published in September 2023, the number of IoT-enabled devices and security systems worldwide is estimated to reach 30 billion by 2030. IoT-enabled devices are extensively used in smart homes, smart cities, industrial security, and smart cars.
Scope of The Physical Security Information Management Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Physical Security Information Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Software and Services), Deployment Mode (On-premises and Cloud-based), and End-User(Government and Defense, Banking, Financial Services & Insurance, Transportation Logistics, Energy Utilities, Retail, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, MarketTrends, and Revenue Forecast |
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Key Players Covered in the Report |
VideoNext; NICE; NEC Corporation; Milestone Systems A/S; Mer Group; Hexagon AB; Genetec Inc.; Everbridge; AxxonSoft; and ASCVid Holdings, LLC. |
Physical Security Information Management Market Segment Insights
Type Segment Analysis
Based on type, the physical security information management market is bifurcated into software and services. The services segment is further segregated into operation & maintenance, installation/system integration, and consulting & training. The services segment is projected to hold the major share of the market during the projection period, due to the high demand for professional installation, maintenance, and consulting services for physical security.
Most organizations prioritize security and seek specialized services to manage their complex security systems. In addition, the high adoption of cloud-based physical security information management (PSIM) solutions for remotely monitoring and controlling the systems is expected to boost this segment during the assessment period.
Deployment Mode Segment Analysis
On the basis of deployment mode, the global market is divided into on-premises and cloud-based. The cloud-based segment is projected to register a considerable CAGR during the forecast period, owing to its cost-effectiveness and easy accessibility. Numerous organizations are adopting cloud-based PSIM solutions to streamline the complete operations and centralize the security data. In addition, increasing demand for remote monitoring solutions, with the surge in work-from-home corporate practices is anticipated to fuel the segment.
End-User Segment Analysis
On the basis of end-user, the physical security information management market is segmented into government and defense, banking, financial services & insurance, transportation logistics, energy utilities, retail, and others. The government and defense segment is anticipated to register a robust growth rate during the forecast period, due to the growing digitization in the government and defense sectors. PSIM facilitates an extensive overview of the entire security network and aids in managing vast security systems.
PSIM helps in improving situational awareness and streamlines the entire security operations, thereby ensuring that the information and critical assets are safe guarded effectively. The surge in the need for bolstering security systems in various nations worldwide is projected to have significant growth in the coming years.
The banking segment is anticipated to expand at a substantial CAGR, due to the high adoption of PSIM for real-time monitoring and integration of security systems. This technology allows banks to merge information from various sources, such as video surveillance cameras and access control systems, thereby streamlining the entire security process and making it efficient. This, in turn, is expected to boost the segment in the coming years.
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According to a survey report published in August 2023, about 1,829 cyber incidents were reported globally in the finance industry in 2022. As per the estimations, the number of cyber incidents was most noteworthy in 2021 since 2013.
Regional Outlook
In terms of region, the global physical security information management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the increasing security concerns and technological advancements. Rising threats and requirements for regulatory compliance are anticipated to boost the demand for PSIM in this region. Moreover, the adoption of cloud-based PSIM solutions for centralized security management is projected to boost the market.
The market in Asia Pacific is anticipated to grow at a rapid pace, owing to the rising awareness of security threats and the surge in demand for sophisticated security & surveillance systems. Growing investments in infrastructure and government initiatives for smart city development in emerging countries are likely to create immense opportunities in the market.
Segments
The physical security information management market has been segmented on the basis of
Type
- Software
- Services
Deployment Mode
- On-premises
- Cloud-based
End-User
- Government and Defense
- Banking
- Financial Services & Insurance
- Transportation Logistics
- Energy Utilities
- Retail
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- VideoNext
- NICE
- NEC Corporation
- Milestone Systems A/S
- Mer Group
- Hexagon AB
- Genetec Inc.
- Everbridge
- AxxonSoft
- ASCVid Holdings, LLC
Competitive Landscape
Key players competing in the global physical security information management market are VideoNext; NICE; NEC Corporation; Milestone Systems A/S; Mer Group; Hexagon AB; Genetec Inc.; Everbridge; AxxonSoft; and ASCVid Holdings, LLC.
These key market players adopt various development strategies,such as acquisitions, product launches, mergers, collaboration, partnerships, and production expansion, to get an edge over the competitors. For instance,
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In January 2020, VidSys, Inc., one of the prominent market players, launched a new iteration of its software for security called VidSys Enterprise 2020 R1.0. This is intended to make the management of enterprise security efficient and effective for the company.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Physical Security Information Management Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Physical Security Information Management Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Physical Security Information Management Market - Supply Chain
4.5. Global Physical Security Information Management Market Forecast
4.5.1. Physical Security Information Management Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Physical Security Information Management Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Physical Security Information Management Market Absolute $ Opportunity
5. Global Physical Security Information Management Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Physical Security Information Management Market Size and Volume Forecast by Types
5.3.1. Software
5.3.2. Services
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Physical Security Information Management Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Physical Security Information Management Market Size and Volume Forecast by End Users
6.3.1. Government and Defense
6.3.2. Banking
6.3.3. Financial Services & Insurance
6.3.4. Transportation Logistics
6.3.5. Energy Utilities
6.3.6. Retail
6.3.7. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Physical Security Information Management Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Physical Security Information Management Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Physical Security Information Management Demand Share Forecast, 2019-2026
8. North America Physical Security Information Management Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Physical Security Information Management Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Physical Security Information Management Market Size and Volume Forecast by Types
8.4.1. Software
8.4.2. Services
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Physical Security Information Management Market Size and Volume Forecast by End Users
8.7.1. Government and Defense
8.7.2. Banking
8.7.3. Financial Services & Insurance
8.7.4. Transportation Logistics
8.7.5. Energy Utilities
8.7.6. Retail
8.7.7. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Physical Security Information Management Demand Share Forecast, 2019-2026
9. Latin America Physical Security Information Management Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Physical Security Information Management Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Physical Security Information Management Market Size and Volume Forecast by Types
9.4.1. Software
9.4.2. Services
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Physical Security Information Management Market Size and Volume Forecast by End Users
9.7.1. Government and Defense
9.7.2. Banking
9.7.3. Financial Services & Insurance
9.7.4. Transportation Logistics
9.7.5. Energy Utilities
9.7.6. Retail
9.7.7. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Physical Security Information Management Demand Share Forecast, 2019-2026
10. Europe Physical Security Information Management Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Physical Security Information Management Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Physical Security Information Management Market Size and Volume Forecast by Types
10.4.1. Software
10.4.2. Services
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Physical Security Information Management Market Size and Volume Forecast by End Users
10.7.1. Government and Defense
10.7.2. Banking
10.7.3. Financial Services & Insurance
10.7.4. Transportation Logistics
10.7.5. Energy Utilities
10.7.6. Retail
10.7.7. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Physical Security Information Management Demand Share Forecast, 2019-2026
11. Asia Pacific Physical Security Information Management Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Physical Security Information Management Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Physical Security Information Management Market Size and Volume Forecast by Types
11.4.1. Software
11.4.2. Services
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Physical Security Information Management Market Size and Volume Forecast by End Users
11.7.1. Government and Defense
11.7.2. Banking
11.7.3. Financial Services & Insurance
11.7.4. Transportation Logistics
11.7.5. Energy Utilities
11.7.6. Retail
11.7.7. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Physical Security Information Management Demand Share Forecast, 2019-2026
12. Middle East & Africa Physical Security Information Management Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Physical Security Information Management Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Physical Security Information Management Market Size and Volume Forecast by Types
12.4.1. Software
12.4.2. Services
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Physical Security Information Management Market Size and Volume Forecast by End Users
12.7.1. Government and Defense
12.7.2. Banking
12.7.3. Financial Services & Insurance
12.7.4. Transportation Logistics
12.7.5. Energy Utilities
12.7.6. Retail
12.7.7. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Physical Security Information Management Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Physical Security Information Management Market: Market Share Analysis
13.2. Physical Security Information Management Distributors and Customers
13.3. Physical Security Information Management Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. VideoNext
13.4.2. NICE
13.4.3. NEC Corporation
13.4.4. Milestone Systems A/S
13.4.5. Mer Group
13.4.6. Hexagon AB
13.4.7. Genetec Inc.
13.4.8. Everbridge
13.4.9. AxxonSoft
13.4.10. ASCVid Holdings, LLC
Methodology
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