PSIM Market Tops $160M; Strong Growth Predicted Despite Competition
Growth attributed partly to end users utilizing the software platforms as a tool to enforce compliance of both internal policies and external legislative requirements.
AUSTIN, Texas – The world market for physical security information management (PSIM) software is estimated to have generated $160.3 million in 2013, according to a new report from research firm IHS.
Although it represents a tiny segment within the electronic security and fire/life-safety industry, PSIM continues to post 20% and higher annual growth rates, and is projected to do so until at least 2018. The growth is attributed in part by end users utilizing PSIM software platforms as a tool to enforce compliance of both internal policies and external legislative requirements, says Paul Bremner, a senior analyst for IHS.
Despite rising deployment, much confusion surrounding what constitutes PSIM software persists throughout the marketplace. Command and control platforms, advanced video management software and security integration platforms have exacerbated the confusion as their capabilities have expanded into what was once considered PSIM’s domain of situational awareness and situation management.
One of the key selling points in previous years for PSIM platforms was the 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, Bremner reports, with many other products being able to offer various integrations to expand their software’s reach.
Consequently, PSIM software providers have had to expand their unique selling proposition beyond integrating disparate systems.
In a press release, Bremner suggests: Customers that are buying PSIM now are really coming with a top-down view, with a need to improve their security operations in a cost effective, operationally efficient way, while improving the overall security of the environment they are working in. This is where the PSIM value proposition lies.
Still, the market has grown in line with expectations from IHS’ previous edition of its PSIM report, with the market being $7.5 million larger in 2013 than previously expected. Longer-term growth will be muted compared with previous expectations. The market’s long-term growth is limited by competing products successfully being deployed in the mid-tier, a market that has historically been out of reach for the high-end PSIM software platforms due to their prohibitive price tag.
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