Physical Security Information Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted April 6, 2021 by statzyreports

The physical security information management market was valued at USD 588.5 million in 2020 and expected to reach USD 1350.3 million by 2026 and grow at a CAGR of 14.7% over the forecast period (2021 - 2026).

- A growing need for centralized control of disparate security solutions for organizations drives the market. A rise in security breaches in organizations on a large-scale, across the world, is also expected to drive the market. About 291 records were stolen or exposed every single second in the first half of 2018, according to Gemalto’s Breach Level Index.

- Video analytics, which is a critical component of the solutions offered by PSIM, is now embedded in the camera to retrieve video clips needed for post-incident investigations and facial recognition. The third-party vendors, analytics, and PSIM technologies comprise the end-user application. Moreover, embedding video analytics in camera can reduce operational costs and time.

- Physical security systems are increasingly adopting AI to achieve greater product differentiation in the market. For instance, in 2019, Evoteq and Johnson Controls combined their ICT capabilities to introduce an end-to-end integrated AI platform to create smart buildings and districts.

- Data sharing has also become a considerable issue for many of the cities, as the authorities try to interconnect security systems to achieve mass surveillance. The control center has a requirement for mass surveillance data, typically to control the situations, which resulted in successful PSIM deployments. However, high deployment and integration costs may hinder the market growth.

- The ongoing COVID-19 outbreak has started a new cycle of recession, which is expected to certainly reduce the demand for physical security systems. As the video surveillance systems are more depended on the OEMs from China and component manufacturers, the vendors in the physical security industry are looking forward to adapting to the COVID-19 outbreak. For instance, access control readers, which are capable of eliminating physical contact through mobile phones, are estimated to witness rapid increase. This may further create a demand for PSIM solutions across the industries in the coming years.

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Key Market Trends

Transportation and Logistics Have Significant Shares in the Market

- PSIM technology is being implemented in the transportation and logistics sector to handle security operations in complex environments, such as docks and ports, airports, and rail terminals. PSIM systems can effectively manage all the different sensor inputs from intruder detection systems, smoke alarms, and various other devices that are attached to the security network, both digital and analog.

- PSIM technology gathers and combines data to create a holistic overview of a security environment, along with the intelligence to control room operators. The rise in urbanization has increased traffic levels unprecedentedly. PSIM systems help governments and organizations in determining traffic conditions by analyzing the data from traffic cameras and roadside sensors, which is driving the market.

- Investment in intelligent transportation systems is expected to assist the PSIM market, as security remains a challenge to keep the infrastructure safe for long-term use. Moreover, with PSIM technology, it is possible to predict every possible combination of alarming situations or conditions that can occur on the road by analyzing the data from sensor inputs and applying analytics. Facial recognition and surveillance have become a norm to safeguard cities due to an increase in terror attacks globally, which is also driving the market.

- PSIM is also a vital cog in the development of the intelligent transpiration systems, which rely on intelligent infrastructure. PSIM systems can react to parameters, such as congestion levels, visibility levels between vehicles, surface temperatures, lane occupancy, and vehicle classifications, which are used in predicting disasters.

Europe to Hold the Largest Market Share

- Europe accounted for the largest share of the PSIM market. The United Kingdom witnessed many instances proving the need for PSIM platforms for investigating incidents in case of criminal activities.

- For instance, in June 2019, the UK government unveiled a new security standard for surveillance cameras, with the view to combat attacks launched by infected camera systems, in a move that may propel the manufacturers of surveillance camera systems and components to ensure that surveillance equipment is secure against unauthorized access by default.

- Similarly, in August 2019, King’s Cross estate in London admitted to using facial recognition technology, where it tracked thousands of people across the 67-acre development through CCTVs.

- In recent years, Germany witnessed an increase in the number of terror attacks, which forced the government to amend the existing regulations or bring about the new ones.

- For instance, in July 2019, the Hockenheimring motor racing circuit in Germany partnered with Bosch to protect the people and property at the events. Bosch implemented a state-of-the-art video security system, with more than 64 IP cameras that monitor the entrances and exits, the grandstands, and adjacent areas, as well as the entire racing circuit. All the cameras are networked via a central video management system.

Competitive Landscape

The physical security information management market is fragmented, owing to the presence of multiple players in the market. The solution provider is dependent on other value chain enablers, such as cloud service providers, which impacts their revenue aspects. Vendors with multiple functions and business units are better placed in the market, as they have an extended reach in the supply chain, which assists them in providing their services. Some key players in the market include Johnson Controls International PLC, CNL Software Ltd, and Genetec Inc.

- May 2019 - EVOTEQ and Johnson Controls combined their ICT capabilities to introduce an end-to-end integrated AI platform to create smart buildings and districts.
- Apr 2019 - Verint made several enhancements to its Situational Intelligence Platform, which helps organizations strengthen their security strategies while providing actionable intelligence to improve operations. The Situational Intelligence Platform provides a suite of integrated features that enable complete situational control in complex security environments.

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Issued By Statzy Market Research
Country India
Categories Electronics , Semiconductors
Tags physical security information management market , physical security information management market forecast , physical security information management market share , physical security information management market size
Last Updated April 6, 2021