PSIM: Key market research findings
- Smart city projects to drive growth in the market
- The Americas to dominate the market geographically
- Key vendors – CNL Software, Qognify, Tyco International, and VidSys
Technavio’s market research analysts predict the global PSIM market to grow at a CAGR of almost 15% between 2016 and 2020. The recent increase in the number of smart city projects across the globe is stimulating a rise in the demand for physical security information management (PSIM) deployments. PSIM integrates video footage from traffic control cameras and public space video surveillance cameras to create a unified situation picture in the control room. The rising number of smart city projects across the globe and the substantial investments in these projects will drive the PSIM market during the forecast period. During 2015, the Americas dominated the global PSIM market by accounting for almost 35% of the overall market share. Investments by governments in the enhancement of security and safety of critical infrastructures and public services and the growing adoption of PSIM by corporates are factors that will fuel growth in the PSIM market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the PSIM segments based on the end-user.
“The integration of social media in PSIM is the latest trend in the global market. PSIM platforms constitute a category of software that comprises of applications and platforms created by middleware developers. Such software is designed to incorporate multiple security applications and devices to control them through a single, comprehensive user interface. By connecting social media to the PSIM environment, PSIM users will be able to generate more information for decision-making,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
By 2020, the critical infrastructure segment is likely to continue its market dominance with a share of more than 48%. This sector includes ports, airports, roads and rail networks, and educational institutions. The upsurge in investments by governments for the development of infrastructure is resulting in the improvement of the safety and security of the transportation networks, leading to growth in the global PSIM market for critical infrastructure in the coming years.
CNL Software, Qognify, Tyco International, and VidSys are the prominent vendors in the global PSIM market. The global PSIM market is highly fragmented owing to the presence both large and pure-play vendors in niche segments such as software and services. The competition among the vendors is likely to intensify with increasing mergers and acquisitions and market consolidation.
A more detailed analysis is available in the Technavio report, Global PSIM Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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