PSIM Market Set to Grow from $3.5 Billion to $4.3 Billion by 2029
The global Physical Security Information Management (PSIM) market is expected to expand from USD 3.5 billion in 2024 to USD 4.3 billion by 2029, achieving a Compound Annual Growth Rate (CAGR) of 4.6% during this period.
These are predictions stated by the research company MarketsandMarkets and according to the report this growth is driven by the integration of cloud-based solutions and advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and blockchain. Cloud-based PSIM solutions provide remote accessibility and cost savings, while AI, ML, and blockchain enhance automation, threat detection, and secure data exchange. These advancements meet the demand for scalable, cost-effective, and efficient security solutions, significantly expanding the PSIM market.
SMEs and Cybersecurity: 43% of Cyber-Attacks Target Small and Medium Businesses
The rapid adoption of PSIM by Small and Medium-sized Enterprises (SMEs) is driven by the increasing recognition of robust security measures to combat cyber threats. Nearly 43% of cyber-attacks target SMBs, highlighting the critical need for effective security solutions in this sector. However, SMEs often face budget constraints and resource limitations, making them more vulnerable to security breaches.
Investing in tailored PSIM solutions, which include video surveillance, access control, and alarm management, has become a priority for SMEs. These solutions enable efficient monitoring and response to security incidents. Cloud-based PSIM options are particularly attractive to SMEs due to their affordability, scalability, and ease of deployment. By adopting PSIM technologies, SMEs can enhance their security posture, reduce cyber risks, and protect their assets and operations in the evolving digital landscape.
