The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Physical Security Information Management (PSIM) Global Market Report 2024, the physical security information management (PSIM) market is expected to show significant growth in the forecast period.

The physical security information management (PSIM) market has been expanding rapidly due to increasing security threats and technological advancements. This blog explores the current state, future projections, and key trends driving the growth of the PSIM market.

Current Market Overview

• Market Size in 2023: The PSIM market was valued at $1.48 billion.
• Growth Rate: Expected to grow to $1.74 billion by 2024, reflecting a CAGR of 17.3%.
• Historical Growth Drivers:
  • Security integration needs
  • Increased security threats
  • Regulatory compliance
  • Critical infrastructure protection
  • Operational efficiency

View More On The Physical Security Information Management (PSIM) Market Report 2024 – https://www.thebusinessresearchcompany.com/report/physical-security-information-management-psim-global-market-report

Future Market Projections

• Projected Market Size in 2028: The PSIM market is forecasted to reach $3.16 billion.
• Future CAGR: An anticipated CAGR of 16.1% over the forecast period.
• Growth Drivers:
  • Rising cybersecurity threats
  • IoT and smart city initiatives
  • Global urbanization trends
  • Focus on incident response and resilience
  • Enterprise risk management

Key Trends Shaping the Future

• Collaboration with Third-Party Systems: Enhanced integration with various security and management systems.
• Cybersecurity Measures for PSIM Platforms: Strengthening defenses against cyber threats.
• Scalability and Modular Solutions: Flexible and scalable PSIM solutions to meet diverse needs.
• Incident Response Automation: Automated responses to security incidents for faster resolution.
• User Training and Education: Emphasis on training users to effectively utilize PSIM systems.

Rising Cybercrime Incidents Fueling PSIM Market Growth

• Impact of Cybercrime: Increasing instances of cybercrime are driving the growth of the PSIM market.
• Cybercrime Statistics: According to the FBI, cybercrime complaints rose from 791,790 in 2020 to 800,944 in 2022, with losses increasing from $4.2 billion to $10.3 billion.
• PSIM Role: PSIM systems help secure networked systems and prevent cybercrime, providing comprehensive security solutions.

Integration of IoT Advancements Transforming PSIM Market

• IoT Integration: Advancements in IoT are significantly impacting the PSIM market.
• Recent Developments: In March 2023, Advancis launched WinGuard X5 and Advanced Identity Manager (AIM), integrating various security systems and IoT devices for comprehensive security management.
• WinGuard X5: An open integration platform that connects diverse security systems, enhancing operational efficiency.
• AIM: A platform that centralizes identity management by integrating access, identification, and biometrics systems.

Strategic Acquisitions Enhancing Capabilities

• Hexagon AB’s Acquisition of Qognify: In December 2022, Hexagon AB acquired Qognify, expanding its portfolio in physical security solutions for public safety, infrastructure, and transportation.
• Qognify’s Role: A provider of big data solutions for physical security, including PSIM software, enhancing Hexagon AB’s capabilities in real-time monitoring and security.

Market Segmentation

• By Type:
  • Access Control Systems
  • Electronic Article Surveillance
  • Fire Detection Systems
  • Intrusion Detection Systems
  • Computer-Aided Dispatch Systems
  • Other Types
• By Deployment Mode:
  • Cloud-Based
  • On-Premises
• By Industry Vertical:
  • Banking, Financial Services, and Insurance (BFSI)
  • Energy and Utilities
  • Government and Defense
  • Transportation and Logistics
  • Retail
  • Other Industry Verticals

Regional Insights

• Europe: The largest region in the PSIM market in 2023.
• Asia-Pacific: Expected to be the fastest-growing region during the forecast period.

Conclusion
The physical security information management (PSIM) market is on a strong growth trajectory, driven by rising security threats, technological advancements, and strategic industry moves. As organizations continue to prioritize security and operational efficiency, the PSIM market is poised for significant innovation and expansion, promising a secure future for critical infrastructure and enterprise environments.

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The Physical Security Information Management (PSIM) Global Market Report 2024  provides an in-depth analysis on the physical security information management (PSIM) market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the physical security information management (PSIM) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Physical Access Control System Global Market Report 2024

Physical Identity And Access Management Global Market Report 2024

Fingerprint Sensor Global Market Report 2024

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