According to IMS Research, the world market for PSIM (Physical Security Information Management) software is estimated to have more than doubled between 2009 and 2011 but, it remained below $100 million in 2011. The research firm says it has identified limited awareness, as well as confusion around the definition of PSIM and what it does, as the greatest inhibitors of its market growth.
Research manager and report author Niall Jenkins said in a statement: “Growth forecasts for PSIM software revenues in 2012 and 2013 are lower than previously expected. In general, the industry has required time to get its message across to potential customers and this remains a challenge. There has also been a lack of new entrants in the market to drive marketing and education of the potential benefits of the technology. This is unusual for new technology markets and is directly related to the upfront cost and resource required to build a PSIM platform creating a high barrier to entry.”
However, IMS predicts that the software’s long-term opportunities are still strong, particularly in Latin America, the Middle East, India and China. By 2104, the market will be on track with previous forecasts, according to Jenkins.