According to a new report, the physical security information management (PSIM) market is estimated to grow by $3.21 billion from 2020 to 2025, at a compound annual growth rate (CAGR) of 22.15%.
The report from Technavio says that North America is estimated to contribute 32% to the growth of the global market over the forecast period. The availability of adequate IT and business infrastructure, stringent regulations on IT security compliance and governance and the high adoption of cloud-based IT security solutions and services are driving the growth of the regional market.
The market is driven by factors such as the emergence of smart cities, the need to mitigate criminal activities and terrorist attacks and regulatory compliance. However, large infrastructural requirements are hindering market growth, the report says.
Some of the major vendors in this physical security market include AxxonSoft Inc., Everbridge Inc., Genetec Inc., Hexagon AB, Johnson Controls International Plc, NICE Ltd., Robert Bosch GmbH, Siemens AG, Verint Systems Inc. and Vidsys Inc.