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PSIM market to reach to US$3,832.6 mn by 2024 says report

US – Transparency Market Research estimates that the physical security information management market (PSIM) will expand at a remarkable 18.7% CAGR over the period between 2016 and 2024. As a result, the market, which had a valuation of US$823.1 mn in 2015, will rise to S$3,832.6 mn by 2024.

In terms of geography, North America presently leads, holding a nearly 36% of the global PSIM market in 2015. Although the regional market expected to exhibit strong growth over the forecast period and retain its leading position, it will lose prominence to Asia Pacific and Europe in terms of growth pace over the forecast period. Of the key end users of PSIM solutions, the government and defense sector held the dominant 11.6% of the market in 2016.

The global demand for effective physical security information management solutions is on a rise across the globe owing to a plethora of factors. Among these, the factors expected to have a lasting influence on market’s development include the increasing development of smart city projects, especially across developing economies, and the rising demand for centralized control over the disparate security systems.

The rise in security breaches in organizations processing and managing critical business and consumer data is leading to the demand for a large number of security system deployments. PSIM systems are good contenders for organizational security management purposes. Their capability to provide an efficient centralized control over disparate security systems, while also providing consistent levels of security, better remote monitoring, and accessibility across all sites, works in their favor, leading to the increased global demand.