CHICAGO, May 9, 2024 /PRNewswire/ — The Physical Security Information Management (PSIM) Market will grow in the future due to increased emphasis on cybersecurity measures, expansion into broader use cases beyond traditional security, and integration with emerging technologies like AI and IoT. Growth in the market will also be fueled by cloud-based solutions, improved user interfaces, and compatibility with other systems, especially in developing nations where infrastructure development is concomitant with growing security concerns.

The global Physical Security Information Management Market size is projected to grow from USD 3.5 billion in 2024 to USD 4.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period, according to a new report by MarketsandMarkets™. The integration of cloud-based solutions and advanced technologies like AI, ML, and blockchain has propelled the rapid growth of PSIM adoption. Cloud-based PSIM solutions offer remote accessibility and cost reductions, while AI, ML, and blockchain integration automate processes, enhance threat detection, and secure data exchange. These combined advancements in PSIM systems cater to organizations’ demands for scalable, cost-effective, and efficient security solutions, driving significant expansion in the PSIM market.
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Scope of the Report
Report Metrics
Details
Market size available for years
2020-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion) 
Segments Covered
Offering, Software Type, Deployment Mode, Organization Size, Vertical, And Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America 
Companies covered
Major vendors in the global Physical Security Information Management Market include Hexagon AB (Sweden), Honeywell (US), Hikvision (China), Everbridge (US), Axxonsoft (Ireland), Genetec (Canada), Advancis (Germany), Entelec (Belgium), Verint (US), Vidsys (US), Nanodems (US), Eagle Eye Networks (US), Bold Group (US), Primion (Germany), Persistent Sentinel (US), Prysm Software (France), SureView Systems (US), easypsim (Switzerland), Veracity Solutions (Scotland), AARMTech (India), Octopus (Israel), Network Harbor (US), Fast Systems (Switzerland), Integrated Security Systems (ISS) (US), and Gretsch-Unitas Deutschland (Germany). 
Based on the organization size, SMEs are to grow at the highest CAGR during the forecast period.
The exponential growth of SMEs in the PSIM market is attributed to the escalating recognition of the critical importance of robust security measures to combat cyber threats. With nearly 43% of cyber-attacks targeting SMBs, the imperative for effective security solutions among smaller enterprises is evident. However, SMEs often encounter budget constraints and resource limitations, heightening vulnerability to security breaches. Consequently, investing in tailored PSIM solutions has become a priority. These solutions, encompassing video surveillance, access control, and alarm management, empower SMEs to monitor and respond to security incidents efficiently. Moreover, the affordability, scalability, and ease of deployment of cloud-based PSIM options are particularly appealing to SMEs. By embracing PSIM technologies, SMEs bolster their security posture, mitigate cyber risks, and safeguard assets and operations against evolving threats in today’s digital landscape.
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By software type, video management accounts for the highest market size during the forecast period.
The video management software type holds the largest market share in the PSIM market due to its indispensable role in modern security systems. With the proliferation of CCTV cameras globally, there’s a heightened demand for VMS solutions to handle and manage footage from numerous cameras efficiently. VMS systems are renowned for their open-platform design, enabling seamless integration of various camera types and brands and advanced features like motion detection and video analytics. When integrated with PSIM software, VMS delivers multiple benefits, including real-time video feed monitoring from multiple cameras and automation of video management processes. Leading companies such as ISS provide PSIM software with integrated video management capabilities, offering organizations enhanced security intelligence and operational efficiency through centralized management of video surveillance systems. This convergence of technology ensures robust protection for organizations and their assets, driving the dominance of video management software in the PSIM market.
By region, Asia Pacific is to grow at the highest CAGR during the forecast period.
The Asia Pacific region is growing at the fastest rate in the PSIM market due to several key factors driving the demand for integrated security solutions. Rapid economic growth and technological advancements, particularly in IoT proliferation and smart city initiatives, necessitate efficient management of diverse security systems, prompting the adoption of PSIM. Moreover, substantial government investments in critical infrastructure projects further underscore the need for comprehensive security solutions like PSIM to safeguard valuable assets effectively. The increasing awareness among organizations about the benefits of PSIM in managing complex security environments is fueling its adoption across various sectors, including transportation, energy, and public safety. These factors collectively contribute to the rapid growth of the PSIM market in the Asia Pacific region, positioning it as a frontrunner in the adoption of integrated security solutions.
Top Key Companies in Physical Security Information Management (PSIM) Market:
Hexagon AB (Sweden), Honeywell (US), Hikvision (China), Everbridge (US), Axxonsoft (Ireland), Genetec (Canada), Advancis (Germany), Entelec (Belgium), Verint (US), Vidsys (US), Nanodems (US), Eagle Eye Networks (US), Bold Group (US), Primion (Germany), Persistent Sentinel (US), Prysm Software (France), SureView Systems (US), easypsim (Switzerland), Veracity Solutions (Scotland), AARMTech (India), Octopus (Israel), Network Harbor (US), Fast Systems (Switzerland), Integrated Security Systems (ISS) (US), and Gretsch-Unitas Deutschland (Germany) are the key players and other players in the Physical Security Information Management Market.
Recent Developments
In December 2023, Genetec announced a new version of its flagship unified security platform, Security Center, embracing a continuous delivery model for rapid innovation. Enhancements included new mapping features for smoother operator experiences in large deployments and simplified authentication setup, setting the stage for advanced workflow capabilities to streamline system management.In November 2023, Hikvision introduced HikCentral Professional 2.5, an upgraded integrated security management software. This release offers versatile add-on applications through the App Market, expanding functionalities for diverse business needs. The software enhances operational efficiency with simplified operations, user-friendly interfaces, and strong integration capabilities using OpenAPIs for seamless system integration and third-party device management.In March 2023, Advancis introduced WinGuard X5, a vendor-neutral PSIM software featuring a new core and advanced capabilities. Built on the Advancis Open Platform (AOP), it supports third-party development for customized interfaces and functions. This release empowered users to scale deployments flexibly and extend functionalities with modern APIs.In September 2022, AxxonSoft introduced Axxon PSIM version 1.0, a comprehensive software platform integrating video surveillance, AI video analytics, access control, fire/security alarm systems, and industry-specific solutions. This modular PSIM enables tailored security solutions, selecting required modules for site-specific needs, offering integration with diverse security devices and protocols, and supporting limitless scalability and reliability for large-scale deployments.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=133712085
Physical Security Information Management (PSIM) Market Advantages:
A centralised management interface can be created by integrating several security systems, including video surveillance, access control, intrusion detection, and fire alarms, using PSIM platforms’ extensive integration capabilities.Operators can improve their situational awareness with the use of PSIM systems, which offer real-time monitoring and analysis of security incidents. PSIM systems enable quick decision-making and provide a comprehensive picture of security issues by combining data from many sources.The incident response processes are made more efficient by PSIM platforms’ sophisticated automation and workflow management features. By effectively prioritising and managing warnings, operators can minimise the impact of security threats and reduce reaction times.PSIM solutions are made to grow with businesses, adapting to shifting demands in terms of operations, infrastructure, and security specifications. They provide customisation and setup flexibility to accommodate different security protocols and environments.Through the facilitation of communication and information exchange, PSIM systems encourage cooperation between departments, external stakeholders, and security personnel. Coordination of reactions to security crises is made possible by integrated communication solutions, which promote efficiency and teamwork.PSIM platforms offer audit trails, reporting features, and documentation capabilities to assist organisations in meeting regulatory requirements. They reduce legal and financial risks by allowing organisations to prove compliance with security requirements and legislation.Long-term cost benefits are achieved by PSIM systems through the centralization of security operations and resource utilisation optimisation. They reduce the need for duplicate systems, lessen the requirement for manual intervention, and improve operational effectiveness, all of which lower total costs.Report Objectives
To define, describe, and forecast the Physical Security Information Management Market based on – offering, software type, deployment organization size, vertical, and region.To define, describe, and forecast the Physical Security Information Management Market by – offering, software type, deployment organization size, vertical, and region.To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin AmericaTo analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market.To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Physical Security Information Management Market.To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Physical Security Information Management Market.To profile the key players of the Physical Security Information Management Market and comprehensively analyze their market size and core competencies in the market.To track and analyze competitive developments, such as new product launches, mergers and acquisitions, and partnerships, agreements, and collaborations in the global Physical Security Information Management Market.Browse Adjacent Market: Information Security Market Research Reports & Consulting
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LONDON, May 9, 2024 /PRNewswire/ — CyXcel, a leading cybersecurity business with operations in the UK and North America, announces the appointment of Simon Church as Chief Strategy Officer. A 35-year veteran of the technology industry, Church brings a wealth of cyber expertise and commercial development to the role. Church’s appointment solidifies CyXcel as a pioneering force in combining security, regulatory, and legal expertise for established companies and those expanding into new markets, ensuring protection and recovery of their critical business assets.

As Chief Strategy Officer, Church will spearhead CyXcel’s strategic initiatives to drive innovation, foster partnerships, and accelerate growth opportunities. His appointment underscores CyXcel’s commitment to fortifying its strategic offering and enhancing its position as a leader at the nexus of risk analysis, response management and incident resolution. His vast experience in go-to-market strategies and M&A will be instrumental in driving CyXcel’s growth and expansion initiatives.
Church has held executive leadership positions at market-leading cybersecurity and technology companies such as Maxive Cyber Security (acquired by Thales), Optiv, Vodafone, NTT Security, Verisign, and NetIQ. His experience includes strategic roles  in identity management, networking, and managed services and he brings a strong track record of delivering commercial growth, including leading on commercial acquisitions. 
In addition to his role at CyXcel, Church serves as Chair of Xalient, a UK-headquartered converged cyber, identity, and networking managed services company. He is also a Board member and strategic advisor to Redshift, as well as a Board member at beqom. Furthermore, Church serves on the Advisory Board of Glasswall, a UK-based security technology company.
Ed Lewis, CyXcel Co-Founder and Managing Partner commented:
“Simon’s unparalleled expertise and proven track record will be invaluable as we continue to innovate and deliver pioneering solutions to our clients worldwide. With Simon’s strategic leadership, we are poised to achieve new heights in our mission to safeguard enterprises and navigate the complex geopolitical, regulatory and legal implications of ever-evolving cyber threats.”
Simon Church said:
“I’m thrilled to be joining such an experienced and ambitious team and the CyXcel offer is unlike any I’ve ever seen. CyXcel has already established itself as a trusted partner in empowering organisational awareness and responsiveness to the financial, existential, and strategic complexities of global cyber threats. I look forward to delivering rapid growth around the world by developing and executing initiatives that provide unparalleled protection and value to our clients.”
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ARMONK, N.Y., May 9, 2024 /PRNewswire/ — IBM (NYSE: IBM) today announced the availability of IBM Copilot Runway, a new offering from IBM Consulting designed to help enterprises create, customize, deploy and manage copilots including Copilot for Microsoft 365. With the new offering, clients will be able to seamlessly integrate copilots’ generative AI into their organizations in order to enhance productivity and drive business success. IBM Consulting has also formed a dedicated practice of consultants with Microsoft copilot skills, credentials and expertise to guide clients on their AI transformation journey.

As part of the new offering, IBM will work with clients to build custom copilots that can be tailored to fit the needs of specific business scenarios and efficiently deployed to help reduce the time and effort often required for implementations. IBM will initially focus on helping clients across priority use cases, including customer and field service, employee experience, and procurement and finance – as well as specific industries, like financial services, retail and CPG, government, and supply chain. These use cases will include:
The Procurement and Finance Contract Copilot which assists specialists in extracting valuable insights from contracts.The Customer Service and Field Service Copilot which gives agents and technicians access to self-service options and a time-saving generative AI search.The Employee Experience Copilot which is designed to enhance employee engagement.                                                                            IBM and Microsoft already serve clients across a variety of industries with a range of AI solutions and services. In fact, IBM Consulting worked with Virgin Money to develop and launch Redi, a conversational virtual assistant that helps credit card customers in the Virgin Money credit card app. Redi, powered by Virgin Money’s suite of Microsoft Copilots, is a testament to the power of partnership.
“Our customers tell us how much they enjoy interacting with Redi in the Credit Card app,” said Adam Paice, Head of Digital Proposition, Virgin Money. “Our partnership with IBM has helped us to get the most out of Microsoft Copilot to find a balance between innovation and control.”  
IBM Consulting is also scaling its Microsoft copilot capabilities and capacity across its network of Global Innovation Centers on each continent. For example, these capabilities are being used to co-create solutions with clients at IBM Consulting’s new IBM-Microsoft Experience Zone in Bangalore, India – a first of its kind in our collaboration.
At the Experience Zone, clients from around the world and across industries are working together with IBM Consulting in various technology stations to co-ideate and co-create generative AI-powered solutions – leveraging Microsoft technologies, including Copilot. Later this year, IBM Consulting plans to open additional IBM-Microsoft Experience Zones in Romania, U.K. and U.S., where clients in these regions can explore the power of Copilot. In addition IBM and Microsoft hosted a second client-focused hackathon with 800 participants, including clients and experts to build solutions leveraging Microsoft copilot – with winners to be announced this quarter.
“As IBM and Microsoft strengthen our partnership, we’re poised to empower more clients with Microsoft Copilot, supercharging productivity and boosting creativity through the power of generative AI,” said John Granger, Senior Vice President, IBM Consulting. “Our dedicated IBM Consulting Microsoft practice, along with Copilot-focused Experience Zones around the world, help us meet clients where they are and bring them the right generative-AI-enabled solutions for their businesses.”
“Clients need the right partners and technology to scale AI responsibly across the enterprise,” said Dinis Couto, General Manager of Global Partner Solutions for Microsoft. “With IBM’s dedicated group of Microsoft Copilot experts, we’re confident we can help more clients unlock the full potential of generative AI for their businesses.”
IBM purchased Copilot for Microsoft 365 for its practitioners. To continue building on the partnership, IBM has also invested in growing its team of experts and capabilities through acquisitions, like Neudesic and Bluetab.
IBM Consulting practitioners work with a range of leading AI software technologies and multiple models from both IBM and its strategic partners like Microsoft. IBM data and AI consultants typically employ multiple models, each applied to a specific use case. Different models can be optimized for specific tasks, enhancing performance and efficiency.
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About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service.
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