The demand for effective physical security information management solutions and services has significantly increased globally in the past few years, owing chiefly to the rising demand for centralized control over disparate security systems across several industries. The growing deployment of PSIM solutions and services has led to an increased presence of pure PSIM vendors, system integrators, and third party vendors across the world. Due to this PSIM software and service providers are facing strong competition in global market.
Competition in the market is expected to significantly intensify in the next few years owing to the foray of many new services and solutions providers. However, the ample growth opportunities presented by the market will help provide sustainable returns. Transparency Market Research estimates that the global PSIM market will exhibit a remarkable 18.7% CAGR over the period between 2016 and 2024. As a result, the market, valuing at US$823.1 mn in 2015, will rise to US$3,832.6 mn by 2024.
Demand Expected to Rise Promisingly across Hospitality and Transportation Sectors
Accounting for a share of 11.6% in 2015, the government and defense sector held the dominant position in the global PSIM market and is expected to grow at an exponential CAGR of nearly 20% during forecast period. The rising focus on the development of smart cities and government initiatives such as safe city programs are anticipated to contribute in the growing adoption of PSIM software and services across the world.
The segment of educational institutions, religious buildings, and stadiums collectively held the second leading position in the global PSIM market with a share of around 10.0% in 2015. This is linked to the rising cyber and physical security threats posed by terrorists and illegal organizations around the globe.
Over the next few years, the segment of transportation and logistics is expected to generate high demand for PSIM software and services due to increasing need for security and monitoring of transportation activities. Furthermore, transportation and logistics companies are deploying PSIM solutions to secure duty-free areas and critical infrastructures. The demand for PSIM solutions and services in the hospitality segment is also projected to grow at a healthy pace, at an estimated CAGR of 19.1%, during the forecast period. The adoption of PSIM software in the hospitality sector is increasing owing to the increased need to provide protection to the rapidly expanding hotel infrastructures in several emerging economies.
Global Market to Continue to be Dominated by North America
In terms of geography, North America leads, grabbing a significant portion of the pie, and is followed by Europe and Asia Pacific, which together account for nearly half of the global market.
North America held around 36% of global PSIM market in 2015 is expected to exhibit strong growth over the forecast period as well, but witness a slight decline in its share in the global market by 2024.
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The increasing deployment of PSIM software across a large number of industries is a key factor driving strong growth of the PSIM market in North America. Moreover, the robust presence of PSIM vendors and system integrators is also leading to the increased adoption of PSIM software and services in the region. The PSIM market in North America is expected to expand at an 18.3% CAGR over the period between 2016 and 2024. The PSIM markets in Europe and Asia Pacific, on the other hand, are expected to marginally outpace North America, with an 18.7% and 19.3% CAGRs over the same period, respectively.
Asia Pacific is projected to be a high-growth market for PSIM software and services owing to the rising cyber and physical security threats and the rising demand for centralized management and control of disparate security systems across the region. Increased usage in smart city projects to enhance the performance of security applications for implementation of safe city initiatives and critical infrastructure protection is a key growth factor of the Asia Pacific PSIM market.
Some of the key players in the global PSIM market are NEC Corporation, CNL Software Ltd., VidSys, Inc., Tyco International Ltd. (Proximex Corporation), NICE Systems Ltd., Mer, Inc., Intergraph Corporation, videoNEXT Federal, Inc., S2 Security Corporation, Milestone Systems A/S, Genetec, Inc., and AxxonSoft.
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