The Physical Security Information Management Market revenues were estimated at US$ 2.3 Billion in 2021 and are anticipated to grow at a CAGR of 16.7% from 2022 to 2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 12.6 Billion.
Rising digitization and rigorous regulatory standards such as the Health, Safety, and Environment standards are driving the adoption of PSIM in the energy and utility industries to meet regulatory requirements. One of the key end goals in all of these businesses has always been to minimize costs and risks while preserving end-product quality and timeliness. The installation of new energy-generating facilities is expected to fuel the growth of this sector.
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ARES Security Corporation is transforming nuclear power plant security and operations by utilizing robotic technology that can help or replace personnel in physical security, technical, and service activities at present and future Advanced and Small Nuclear Reactors (A/SNR).
ARES announced that the Department of Energy has awarded it US$ 200 Thousand for Small Business Innovation Research Phase 1 Grant. This project will concentrate on the physical security challenges associated with A/SNR size, design, physical layout, operations, and the possibility of being located in remote places with fewer staff than massive nuclear power plants or other large-scale energy sources.
Energy plants are huge and distantly located, making monitoring challenging. People can get around perimeter protection and even barge their way past access-restricted doors. This is where remote monitoring technologies, like video surveillance help businesses.
CCTV cameras make it considerably easier for operations or security personnel to see who enters and departs the facility. Guards who work long shifts may grow fatigued, lose attention, and become sidetracked by false alarms. When security cameras are augmented with advanced video analytics, security becomes considerably easier.
Key Takeaways from the Market Study:
- Global Physical Security Information Management Market is expected to reach a market size of US$ 2.7 Billion by 2022.
- The Software segment is expected to have the highest CAGR rate of 17.4% during the forecast period.
- United States is expected to remain the most dominant market with an absolute dollar growth opportunity of US$ 1.3 Billion during 2022 – 2032.
- The market in South Korea is set to experience the highest CAGR of 19.2% during the 2022-2032 forecast period.
Competitive Landscape:
The market is fiercely competitive, where key players are increasingly focused on obtaining a competitive advantage. The key companies in the Physical Security Information Management Market are focused on R&D and collaborations to produce innovative technological solutions.
- In April 2022, SureView Systems, a provider of open response systems for security operations, and Calipsa, a market leader in deep-learning-driven video analytics for false alarm reduction, announced a merger of their cloud-based flagship products. Calipsa’s software increases security control centers’ ability to process and respond to video alarm events when combined with SureView’s next-generation PSIM technology.
- In January 2022, With the support of EURAZEO, Prysm Software, a key developer of PSIM software solutions and security systems, joined the VITAPROTECH group, the French market leader in premium security solutions for sensitive sites. The VITAPROTECH firm boosts its expansion in security software solutions and strengthens its monitoring business by acquiring Prysm Software. The open-standards-based solutions give significant flexibility and ease of deployment, assuring end-client independence and unifying heterogeneous settings. The firm has more than 150 partners globally who have been educated on its PSIM platform AppVision.
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More Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the Physical Security Information Management Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Physical Security Information Management Market by Component (Software, Service), By End-Use (Residential, Retail, BFSI, Telecom & IT, Transportation & Logistics, Government & Defense Sector, Hospitality, Industrial Manufacturing, Energy & Utility, Health Care, Others) across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Market Segments Covered in Physical Security Information Management (PSIM) Market Analysis
By Component:
- Software
- Off-the-Shelf
- On-premise
- Cloud-based
- Customized
- On-premise Physical Security Information Management
- Cloud-based Physical Security Information Management
- Service
- Installation/ System Integration
- Operation & Maintenance
- Consulting & Training
- Off-the-Shelf
By End-Use:
- Residential
- Retail
- BFSI
- Telecom & IT
- Transportation & Logistics
- Government & Defence Sector
- Hospitality
- Industrial Manufacturing
- Energy & Utility
- Health Care
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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