PUBLISHER: Grand View Research | PRODUCT CODE: 1575222
PUBLISHER: Grand View Research | PRODUCT CODE: 1575222
The global physical security information management market size was estimated at USD 3.40 billion in 2023 and is estimated to grow at a CAGR of 21.3% from 2024 to 2030. The incorporation of physical security information management (PSIM) into smart city projects is fueling substantial growth in the PSIM market. PSIM is crucial for smart cities, as it integrates security and traffic systems, improves traffic management, and boosts public safety monitoring. Moreover, the increasing complexity of security systems across various sectors has further accelerated the adoption of PSIM, which consolidates diverse security elements into unified interfaces. This integration improves real-time monitoring and incident response, effectively addressing contemporary urban security needs.
The rise in urbanization and the development of smart cities have further accelerated PSIM adoption, as these environments require advanced systems to manage and coordinate security and traffic operations seamlessly. Additionally, the growing emphasis on data-driven decision-making and the need for comprehensive security strategies across various sectors are driving demand for PSIM solutions. Overall, the PSIM market is expanding rapidly, driven by the need for greater efficiency, improved safety outcomes, and the ability to adapt to evolving security threats.
The new trends in this market are diversified by technology advancement and security landscape shift. Integration with AI/ML is one of the major trends in the PSIM world, allowing integration of more predictive analytics into security and quicker automated responses to potential threats. Additionally, cloud-based PSIM solutions are gaining popularity due to their scalability, flexibility, and reduced on-premise infrastructure requirements. The focus on cybersecurity within PSIM platforms is also growing, as organizations seek to protect physical security systems from digital threats. Furthermore, the rise of IoT devices in the security domain is creating demand for more sophisticated PSIM platforms capable of managing a larger and more diverse set of inputs. These trends reflect the ongoing evolution of PSIM as a critical component in modern security strategies across industries.
Global Physical Security Information Management Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global physical security information management market report based on deployment, organization size, application, end-use, and region: