Global Physical Security Information Management (PSIM) Market 2019-2023

About this market
Enterprises need to comply with certain government regulations such as HIPAA. GDPR, the Sarbanes-Oxley (SOX) Act, GLBA, PCI DSS, and the International Organization for Standardization (ISO) 17799. Thus, PSIM solutions play a major part in assisting enterprises to comply with the regulatory requirements. PSIM solutions can support enterprises to comply with the regulations as mandated by HIPAA. PSIM directly supports the SOX requirements for policy enforcement, fraud reduction, compliance auditing, and risk assessment. By streamlining the management of access rights and user identities, automating the enforcement of the segregation of duties and policies, and automating time-consuming reports and audits, PSIM solutions help enterprises in establishing strong security policies across the enterprise and simultaneously reduce the overall cost of compliance. analysts have predicted that the physical security information management (PSIM) market will register a CAGR of over 18% by 2023.

Market Overview

Emergence of smart cities
Smart cities must address the issue of public safety and mitigate crime holistically to provide a high quality of life to the people. PSIM solutions enable the efficient use of resources to ensure the safety and security of smart city infrastructure, the safety of citizens, and promote a safe and secure city environment. Therefore, several smart cities are adopting advanced PSIM solutions.
Networking and connectivity issues in cloud-based PSIM
As the PSIM solutions depends on the availability and quality of the network connection. one of the major requirements for the efficient performance of cloud-based solutions is a strong and robust network connection. However, developing regions and some parts of the developed regions are still plagued with slow and inconsistent network connections. The unavailability of proper network connections will result in cloud-based PSI M services and applications being unprotected and prone to cyber-attacks.
For the detailed list of factors that will drive and challenge the growth of the physical security information management (PSIM) market during the 2019-2023, view our report.

Competitive Landscape

The physical security information management (PSIM) market appears to be fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.