On this website it feels like we’re running articles about what PSIM does, how it works and why you need to know about it every other day.
Defining PSIM
Last year, we got Peter Houlis to answer the question what is PSIM?
He wrote: “PSIM software platforms are designed to identify, verify and resolve emergency and business situations in real time by providing integration at data level and the organisation of multiple unconnected security and life safety devices and applications, in turn controlling them through one comprehensive user interface.”
In other words then, let me throw my own definition: PSIM is a custom-built software interface that shows the most important things you need to know about your security and fire systems across your business. It is most useful in large businesses and public institutions to process data from systems in different locations and can be deployed at a city-wide level.
Peter also saw PSIM as a bridge between the legacy analogue systems in buildings and the digital IP systems of today and tomorrow.
Unrealistic market predictions
Given the latest findings from IMS Research, the prediction of Frost & Sullivan back in July that PSIM would be worth around $2.7 billion by 2021 seems pretty ridiculous.
Frost & Sullivan’s findings indicated that PSIM was worth ‘around’ $142.8 million in 2011: about $50 million more than IMS Research think it was.
Obviously, these findings are just estimates, looking broadly at market trends, but a discrepancy of over 60% seems pretty massive, even to a casual observer.
IMS Research research manager, Niall Jenkins, is confident that by 2014 the market will be “back on track” with previous forcasts.
But why is PSIM off-track? Mr Jenkins said: “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.”
But seriously, what is PSIM?
Interestingly, CNL Software – who are among the more prominent PSIM system suppliers – link from their homepage straight to the Wikipedia article on PSIM. Clearly, they recognise that not enough people necessarily understand what service it is they’re providing.
That article provides an interesting 6-point summary, saying that PSIM needs to do the following:
