PSIM market has however more than doubled between 2009 and 2011
Worldwide Physical Security Information Management (PSIM) software market has remained bellow $100m in 2011 with lack of awareness standing before the growth, according to a new report.
According a report by IMS Research, PSIM market has however more than doubled between 2009 and 2011.
Apart from lack of awareness, confusion over the definition of PSIM software and what its functions stands as a key barrier before its growth.
IMS Research manager and report author Niall Jenkins said 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," Jenkins said.
"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."
"By 2014, the market is predicted to be back on track with previous forecasts." Jenkins added.
"Customer referrals will continue to be a strong sales generator with vendors specialising in specific vertical markets by accident as much as by design.
"A number of vendors have also identified healthcare and high-end commercial as emerging markets for the platform, offering new opportunities for well-placed vendors in the future."