Integration of Social Media into PSIM Will Remain a Key Trend for the Global PSIM Market Until 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest research study released by Technavio, the global physical security information management (PSIM) market is expected to reach close to USD 22 billion by 2020.
This research report titled ‘Global PSIM Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. To calculate the market size, the study considers the revenue generated from the worldwide sales of the following:
- PSIM software (both stand-alone and integrated)
- Services (consultation, integration, software upgrade, and software patch)
The global PSIM market is segmented based on end-users into the following:
- Critical infrastructure (ports, airports, roads and rail networks, and educational institutions)
- Public safety (police and law enforcement, homeland security, border security, public events, and safe cities)
- Corporate enterprises (financial institutions, banks, manufacturing units, and retail and distribution firms)
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“Social media has given the PSIM operator a new source of data. Social media keyword prevalence, account management, and hashtag monitoring can give the PSIM operator a direct connection with people and their daily activities. Social media platforms such as Facebook, Twitter, and LinkedIn are often referred to as “social data conduits” in the security industry. They offer information streams that can be integrated into the real-time framework of PSIM platforms,” said Amrita Choudhury, one of Technavio’s lead analysts for IT security research.
Global PSIM market by end-user 2015 (% share)
• Critical infrastructure
• Corporate enterprises
• Public safety
Source: Technavio research
This sector includes ports, airports, roads and rail networks, and educational institutions. The critical infrastructure sector accounted for the largest market share of 48.15% in 2015. As the governments across the globe are substantially increasing their investments in the development of infrastructure, a significant portion of the spending is going toward the safety and security of the transportation networks. We expect an increase in the demand for the deployment of PSIM solutions in the critical infrastructure during the forecast period.
Corporate enterprises include financial institutions, banks, manufacturing units, and retail and distribution firms. The segment’s share will slightly decline by 2020. However, it has a high potential for growth. The increased adoption of PSIM solutions by retail shops is helping the segment. The number of criminal activities in corporate enterprises including retail stores, office buildings, banks, and warehouses is increasing drastically. Retail shops are the most impacted category, and they are hit by massive retail shrinkage and loss of credibility due to data breaches and leakages of customer personal data. Retail shrinkage, which is a critical issue faced by retailers, refers to the loss of a store’s inventory.
The public safety segment includes end-users such as police and law enforcement, homeland security, border security, public events, and cities. The segment will also grow rapidly owing to the increasing occurrences of natural disasters and criminal activities. Cities are considering new technologies to help police and law enforcement bodies to detect, understand, and address incidents in a more efficient and cost-effective way. As cities are competing to attract business, they make sure that they have efficient security systems in place to control and prevent adverse events. They are also investing heavily in physical security systems and solutions to ensure the safety of citizens and infrastructure.
Browse related reports:
- Global Physical Security Market in BFSI 2015-2019
- Global Physical Security Market 2015-2019
- Global Residential and Commercial Security Market 2016-2020
- Global Security Appliance Market 2016-2020
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