PSIM Market Overview:
PSIM market is projected to reach USD 3590 million by the end of 2021, growing at a CAGR of 35.11%.
Physical security information management is a software solution that enables the middleware developers to implement a single user interface that integrates different unconnected security devices and their controls. It can help in gathering and comprehending the information from the video, access control, sensors, analytics, networks, building systems, etc. to empower the individuals to resolve tough situations.
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The advantages offered by this physical security information management are numerous. It can help improve the control over systems along with the reports management and enhanced awareness for security. The growing concerns for robust security infrastructure across different organizations are the main reason for the development of PSIM interface. The increase in efficiency and security through enhances the intelligence of the PSIM integration can curb the operational and maintenance expenses of the organizations. The PSIM software includes six different functions like collection, analysis, verification, resolution, reporting and audit trail.
Drivers and Restraints:
The increasing focus on smart cities and a centralized security system in developing nations is the principal factor driving the global PSIM market. Additionally, the growing number of cyber-attacks and security breaches in various industries, concern for data confidentiality, improvement in technology and new discoveries, growing economic standards of the countries, increasing investments on security by leading organizations, recent government standardization and other factors are also supplementing to the market growth. However, the high prices of PSIM software and availability of alternate solutions like access control systems and video management systems are hampering the market expansion.
Based on geography, North America accounts for the largest portion of the PSIM Market owing to the technological advances and availability of key players in the region. The European and Asia Pacific regions are also expected to register huge growth in the upcoming years due to the increasing investments in strengthening the security.
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Some of the major key players of PSIM Market are CNL Software, NICE Systems Ltd., Tyco international, NEC Corporation, Vidsys, Inc, AxxonSoft, Genetec, Intergraph Corporation, Milestone System, PRYSM Software, and Verint Systems are some of the leading companies in the market. Of these, NEC Corporation and Tyco International are two most popular companies of PSIM market. The top four companies account for almost 36% of the total global revenue.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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