PSIM software demand set to rocket

Posted On 24 Mar 2014
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The global demand for physical security information management (PSIM) software is growing rapidly, owing to its ability to connect standalone security systems, according to Frost & Sullivan. This enables smoother business operations, improved situational awareness and response capabilities, and significantly reduces costs by maximising the potential of the deployed systems. The market will continue to expand due to increasing end-user awareness on the benefits of PSIM software and the development of Internet protocol infrastructure that allows these solutions to be used almost anywhere. A new analysis from Frost & Sullivan, Global Physical Security Information Management Market Assessment, finds that the market earned revenues of $195.7 million in 2013 and estimates this to rocket up to $835.6 million in 2022. The study covers the application segments of mass transport, commercial, safe cities and first responders, government, oil and gas, utilities, and border and maritime. Safe cities and first responders, mass transport, and commercial are currently the key revenue-generating segments. Krzysztof Rutkowski, Frost & Sullivan Aerospace & Defence Research Analyst explains,” PSIM software is becoming popular as it has strong standard operating procedures (SOPs) embedded into it. This not only serves to minimise errors but also ensures that companies, utilities, government institutions and other bodies comply with security regulations, which in essence allows companies to reduce legal disputes with insurance companies.” However, the fear of temporary disruption to security operations that can occur during the installation of PSIM software lowers market adoption. Further, the need to update all the standalone security systems in order to implement the PSIM software is boosting costs, preventing small organisations from adopting these solutions. ” Vendors must roll out robust, easy-to-use PSIM with well-defined migration processes and present an existing client base that can recommend the solutions to other companies,” concludes Rutkowski.” They must also build partnerships with system integrators across different geographies and market segments to ensure that the solution reaches interested end users, generates new business, and develops a solid market position.”

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.