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The physical security information management market has been forecast to increase at a compound annual growth rate (CAGR) of 30.34% over the period to 2015.
Key factors contributing to this market growth include the increasing number of smart cities, along with the increasing rate of market consolidation.
Physical security information management (PSIM) is a category of software that provides a platform and applications created by middleware developers, designed to integrate multiple unconnected security applications and devices and control them through one comprehensive user interface.
It collects and correlates events from existing disparate security devices and information systems (video, access control, sensors, analytics, networks, building systems, etc.) to empower personnel to identify and proactively resolve situations.
PSIM integration enables numerous organisational benefits, including increased control, improved situation awareness and management reporting. Ultimately, these solutions allow organisations to reduce costs through improved efficiency and to improve security through increased intelligence.
Governments around the world have started developing smart cities in response to the increase in the number of security threats. Smart cities are equipped with the latest security technologies such as video surveillance, access cards, and biometrics to ensure the safety of the inhabitants.
These technologies may be employed at commercial as well as residential complexes. With numerous security technologies being employed, it becomes imperative to be able to manage and monitor all the security devices. PSIM is able to address this need; therefore, there is a demand for PSIM in smart cities.
Major players currently dominating the physical security information management market include CNL Software Inc., NICE Systems Ltd., and VidSys Inc.
For more information on the physical security information management market, see the latest research: Physical Security Information Management Market
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