The analysts forecast the global physical security information management market to grow at a CAGR of 14.82% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Integration of social media into PSIM will be a major trend in this market. Social media has given the PSIM operator a new source of data. Social media keyword prevalence, account management, and hashtag monitoring can give the PSIM operator a direct connection with people and their daily activities. Social media platforms such as Facebook, Twitter, and LinkedIn are often referred to as social data conduits in the security industry. They offer information streams that can be integrated into the real-time framework of PSIM platforms.
According to the report, one driver leading to the growth of this market is the use of mobile technology in PSIM. Mobile technology in PSIMs is likely to become mainstream as users become more accustomed to using apps to accomplish their daily tasks. Mobile apps that leverage the capabilities of smartphones can notify responders of events and keep security operations up-to-date with pictures and streamed video.
Further, the report states that the high total cost of ownership of PSIM solutions will be a major factor inhibiting this market's growth prospects.