PSIM software continues to see strong growth despite increased competition

June 2014 News & Events

A new report from IHS reveals that the world market for PSIM (Physical Security Information Management) software is estimated to have been worth $160.3 million in 2013.

The PSIM market, while being a small segment of the larger security and fire market, continues to enjoy 20% and higher growth rates, and will do so until at least 2018. This growth is being driven in part by end-­users utilising PSIM software platforms as a tool to enforce compliance of both internal policies and external legislative requirements.

Despite these growth rates, confusion surrounding what constitutes PSIM software remains. Competing products such as command and control platforms, advanced video management software and security integration platforms have muddied the water as their capabilities and functionality have expanded into what was once considered PSIM’s territory of situational awareness and situation management.

One of the key selling points in previous years for PSIM platforms was their ability to connect and integrate multiple disparate systems, both security and non-security. It is this connectivity and integration aspect to PSIM which has been eroded over the past two years, with many other products being able to offer various integrations to expand their software’s reach. PSIM software has thus had to shift its USP away from this integration aspect.

Customers that are buying PSIM now are really coming with a top-down view, with a need to improve their security operations.

That said however, the market has grown in line with expectations from the previous edition of the report, with the market being $7,5m larger in 2013 than previously expected.

For more information contact IHS, +44 1933 402 255, [email protected], www.ihs.com





Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

Highest increase in global cyberattacks in two years
Information Security News & Events
Check Point Global Research released new data on Q2 2024 cyber-attack trends, noting a 30% global increase in Q2 2024, with Africa experiencing the highest average weekly per organisation.

Read more...
SAFPS issues SAPS impersonation scam warning
News & Events Security Services & Risk Management
The Southern African Fraud Prevention Service (SAFPS) is warning the public against a scam in which scammers pose as members of the South African Police Service (SAPS) and trick and intimidate individuals into handing over personal and financial information.

Read more...
Strong industry ties set Securex South Africa apart
News & Events Training & Education
Securex South Africa, co-located with A-OSH EXPO, Facilities Management Expo, and Firexpo, is a meeting place of minds, where leading security, safety, fire, and facilities professionals come together, backed by strong ties with the industry’s most influential bodies.

Read more...
Connected commercial drone market to reach US$37.3 billion
News & Events Commercial (Industry) IoT & Automation
The global market for connected commercial drones is forecast to grow from US$18.6 billion in 2024 at a compound annual growth rate (CAGR) of 15% to reach US$37.3 billion in 2029

Read more...
Phishing attacks through SVG image files
Kaspersky News & Events Information Security
Kaspersky has detected a new trend: attackers are distributing phishing emails to individual and corporate users with attachments in SVG (Scalable Vector Graphics) files, a format commonly used for storing images.

Read more...
Fully-integrated browser AI
News & Events
Opera Mini now provides all its smartphone users with its own free built-in browser AI, Aria, including AI chat, Ask Aria and image generation. According to an Opera survey, 80% of South Africans want AI tools integrated into their browser.

Read more...
Amendments to the Private Security Industry Regulations
Technews Publishing Agriculture (Industry) News & Events Associations
SANSEA, SASA, National Security Forum, CEO, TAPSOSA, and LASA oppose recently published Amendments to the Private Security Industry Regulations regarding firearms.

Read more...
Local innovation driving excellence in FM
Securex South Africa News & Events
As organisations seek cost-effective, sustainable, and high-quality solutions, home-grown facilities management innovation is proving to be a critical driver of operational efficiency and long-term success.

Read more...
PIV-ready High Sec Controller 7000
News & Events
Gallagher Security announced the release of the latest addition to its controller product range; the High Sec Controller 7000, which incorporates all the core functions of the C7000 Standard variant released less than 18 months ago.

Read more...
The impact of GenAI on cybersecurity
Sophos News & Events Information Security
Sophos survey finds that 89% of IT leaders worry GenAI flaws could negatively impact their organisation’s cybersecurity strategies, with 87% of respondents stating they were concerned about a resulting lack of cybersecurity accountability.

Read more...