PHYSICAL SECURITY INFORMATION MANAGEMENT MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics- Drivers

1. Rising demand for centralized security systems is expected to drive growth of the global physical security information management market during the forecast period

Increasing incidences of security breaches have increased the demand for enhanced and effective operational control over disparate physical security systems. Many large organizations are deploying complex security systems due to a lack of communication with other systems. Furthermore, many organizations are focused on the development of centralized security, in order to achieve consistent levels of security, accessibility across all sites, and enhanced remote monitoring. For instance, in July 2016, the City of Cleveland, Ohio, the U.S. deployed converged security and information management software developed by Vidsys, Inc. based in Vienna, Virginia, the U.S. to secure the city during the Republican National Convention event. This security management platform would enable the city to create a video database for real-time updates across multiple locations.  

2. High adoption of PSIM across emerging economies is expected to propel the global physical security information management market growth over the forecast period

Many emerging economies are adopting PSIM solutions, owing to rising demand for enhanced security systems to minimize vulnerabilities and efficiently identify and rectify intrusions. Moreover, this demand is increasing due to a rise in hybrid cyber/physical threats faced by organizations. Thus, these factors are expected to support the global physical security information management market growth over the forecast period.

Market Dynamics- Restraints

1. High cost related to the deployment of PSIM solutions is expected to hamper the global physical security information management market growth over the forecast period

For efficient and effective deployment of PSIM systems, a security system that supports PSIM is required. The standalone security system requires updates, in order to implement the PSIM solution. Since the cost of updating these security systems is high, which discourages end users to adopt PSIM solutions, especially small and medium-sized enterprises. Thus, these factors are expected to hamper the market growth over the forecast period.

2. Availability of competitive security solutions is expected to hinder growth of the global physical security information management market

Although PSIM offers advanced security solutions to industries, the penetration of these systems is still ongoing. Other competitive security systems such as video management systems (VMS) and access control systems (ACS) are majorly adopted across the globe and expected to restrict the market growth. This is owing to integration capabilities offered by VMS solutions.

Market Opportunities

1. Integration of PSIM with the Internet of Things (IoT) can provide major business opportunities

Internet of Things (IoT) is an evolving and cutting-edge technology that helps to send and receive data from internet-enabled devices. Integrating PSIM with IoT presents lucrative opportunities to extend solution and service offerings and develop enhanced security solutions. Moreover, integration of IoT with PSIM would offer advanced connectivity to disparate security systems such as sensors video surveillance cameras, access control systems, and other security systems such as alarm systems, and deliver enhanced security management platforms.

2. Use of AI to boost surveillance can present lucrative growth opportunities in the near future

Artificial intelligence is another evolving technology that can open new avenues for solutions providers. AI can be used to enhance surveillance process, thereby improving overall security and reduce breaches. Furthermore, AI can reduce cost required for deployment of PSIM solutions as well as human errors.