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Study: PSIM market to grow to $2.8b by 2021

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Thursday, July 12, 2012

A couple days after PSIM maker VidSys touted one aspect of the new Frost & Sullivan PSIM study, F&S itself today sent out a release about this study.

The projections are most interesting part of the release, I think. F&S projects the global PSIM market is set to grow from a $142.9 million in 2011 to a $2.79 billion by 2021.

When I spoke to VidSys CTO James Chong the other day, he said that his company’s commercial business is on the rise. The Frost & Sullivan study says that’s the way it’s going to go. Revenue generation from will shift from solely to include more critical infrastructure to first responders and commercial entities in the future.  

The biggest driver will be “word of mouth” about PSIM capabilities, the study says.  Frost and Sullivan even gave that phrase its very own acronym—“WOM.”  That’s a new one for me.

There’s not a lot of WOM yet, because most enterprises are still grappling with the convergence of physical security and IT security.  

From the news release: "The majority of security integrators are focused on solutions they are used to and their unwillingness to learn information technology and implement software products is restraining the PSIM market," explains [Krzysztof] Rutkowski. "This is a major challenge because awareness of customers may not be improved by the systems integrators."

As such, being a well established player in the PSIM and security market is crucial for market success. Value added products will be able to capture more of the market share.

"Being well recognized in the market sends a positive message to the customers on expertise and future reliability in terms of installation and upgrades support," says Rutkowski. "Another key aspect to success is the value a PSIM provider can add to the solution i.e. a computer-aided dispatch (CAD) option or a command and control (C2) centre."

The study advises video and access control systems companies to "tie up with PSIM players" to avoid being edged out.
 

VidSys says PSIM market maturing

VidSys founder says new Frost & Sullivan PSIM categories helps educate market
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07/11/2012

VIENNA, Va.—While there is still some confusion in the market about what constitutes a “true PSIM” and what’s merely a “PSIM wannabe,” the market is maturing and demand is growing, James Chong, founder and CTO of PSIM provider VidSys, told Security Systems News.

New Vidsys CEO says being a stand-alone company is optimal

Michael P. Jackson, a former high-level government official and independent board member, named CEO and chairman
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02/22/2012

VIENNA, Va.—Michael P. Jackson, the newly named CEO of Vidsys, believes that the PSIM provider is perfectly situated as a stand-alone business to grow.

TechSec 2012 preliminary educational program announced

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09/22/2011

ORLANDO, Fla.—Details of the TechSec 2012 educational program were announced by conference organizers on Sept. 20, the second day of the ASIS show here.

Cisco invests in VidSys

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09/16/2011

VIENNA, Va.–VidSys, a major PSIM provider based here, announced today it has closed a recent round of funding that includes Cisco.

Collaborating and constantly adapting: The World Trade Center security team at work

Diebold and DVS secure site for 10th anniversary observance on 9/11/11 and beyond
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09/08/2011

NEW YORK—The World Trade Center security team of engineers from Ducibella, Venter & Santore and integrators from Diebold spend a lot of time together.
They have official meetings at least twice a week to track progress. Since the collaboration began early this spring, long days have been the norm. And, with the Sept. 11 opening of the Memorial site approaching, longer days along with unofficial dinner and breakfast meetings are increasingly common.

Genetec’s Security Center integrates with intrusion panels

Bosch is first of several manufacturers product will integrate with
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06/02/2011

MONTREAL—Genetec’s unified security platform, Security Center 5.0, can for the first time integrate with intrusion panels, the company announced May 18.
“We’ve integrated with intrusion panels before, but it’s always been a custom integration,” said Jimmy Palatsoukas, Genetec senior product manager. “Now it’s an off-the-shelf feature.”

CNL Software Continues Expansion, Appoints Vice President of Marketing

SSN Staff  - 
05/24/2011

INDIANAPOLIS, Ind.—CNL Software, a provider of Physical Security Information Management (PSIM) software, on May 11 announced the appointment of John Menzel as vice president of marketing.

Honeywell and Boeing integrate

Honeywell will provide PSIM-type solution to HIS dealers
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04/14/2011

In a deal designed to enable its HIS dealers to do more complex systems integration jobs and provide more customized solutions, Honeywell announced at ISC West that it will integrate its security and building management platform with Boeing’s VSOC, it’s PSIM-type solution.

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