Physical Security Information Management (PSIM) has the distinction of being both the most talked about and the least understood of the wealth of security technologies. If users understood, industry pundits say, everyone would buy in.
Analysis from Frost & Sullivan, titled “Global Physical Security Information Management Market,” puts PSIM market revenues at $142.9 million for 2011, growing substantially to 2.7 billion by 2021. The biggest inhibitor of growth is lack of end-user awareness, the report found.
“There is confusion in the market because PSIM encompasses more than just systems,” said Jamie Wilson, security marketing manager (EMEA) at NICE Systems in a talk at IFSEC Global in Birmingham, UK.
At the same time, it will be increasingly important for organizations going forward. Simply defined, PSIM tells organizations what’s happening, where it is happening, and how to respond, said Wilson. That’s a much bigger job than ever before.
The current reality is increasingly complicated. Said Wilson:
Previously, security threats were largely low-volume, contained, and simple. Now, we are seeing in present and future that security needs to be of critical importance as complex, sophisticated attacks emerge. The PSIM market is focusing on the insights, relevancy, and real-time analysis. These kind of changes have started to make PSIM much more important to everyone in the industry.
Further, PSIM is being used to support collaboration between public and private entities in situations, for example, where a private camera might be included in a public system. “Increasingly, PSIM is adding additional intelligence and being able to scale,” Keith Bloodworth, CEO of CNL Software added during the presentation.
Finally, PSIM is gaining recognition for being able to support a compelling story about return on investment (ROI). Although traditionally accused of being expensive, PSIM is now demonstrating value through real-world use cases, said Bloodworth. For example, the London underground system was able to get transit riders back on schedule within two hours of a suicide incident because the PSIM provided investigators, in minutes rather than hours, the information they needed to understand the situation.
PSIMs provide end-users the ability to do more for less and to get better use out of data. “We are seeing PSIM being a catalyst for managing multiple video management systems, as well as access control systems,” Bloodworth said, predicting that the market will soon offer modular solutions that allow organizations to choose the appropriate level of functionality for the organization.
By integrating a variety of subsystems, PSIM platforms are able to save organizations money and offer advanced situational management, said Wilson. “PSIMs save time, money and resources. It offers adaptive workflows for policy compliance and requires minimal training.”
Does your organization use PSIM? If so, let us know your results. If not, let us know what’s holding you back.
Related posts:
- Why PSIM Hasn’t Taken Off… Yet
- Putting the ‘Security’ in PSIM
- Does Anyone Really Know What PSIM Is?
- Key trends driving PSIM discussions
- PSIM in practice: the King’s Cross Station security upgrade project
- PSIM: a practical reality for SMEs?
- PSIM worth $2.7 billion to security sector by 2021
Free Download: The Video Surveillance Report 2023
Discover the latest developments in the rapidly-evolving video surveillance sector by downloading the 2023 Video Surveillance Report. Over 500 responses to our survey, which come from integrators to consultants and heads of security, inform our analysis of the latest trends including AI, the state of the video surveillance market, uptake of the cloud, and the wider economic and geopolitical events impacting the sector!
Download for FREE to discover top industry insight around the latest innovations in video surveillance systems.
