IMS report: limited awareness curbs growth for PSIM
WELLINGBOROUGH, U.K.—Although the global market for PSIM software is estimated to have more than doubled between 2009 and 2011, according to a report from IMS Research, figures remained below $100 million in 2011, with limited awareness identified as the greatest inhibitor of market growth.
In addition to limited awareness of the platform, confusion regarding the definition of PSIM and its function were also cited as inhibiting factors.
“Growth forecasts for PSIM software revenues in 2012 and 2013 are lower than previously expected,” said Niall Jenkins, research manager and author of the report. “In general, the industry has required time to get its message across to potential customers and this remains a challenge.”
Jenkins added that a lack of new entrants to the market, which has led to less marketing and education about the platform, is another impediment to growth, along with high upfront cost and resources required to build PSIM platforms, which he describes as a “barrier to entry.”
The future, he says in the release, will be vendors specializing in specific vertical markets, “by accident as much as by design.”