In 2022, the revenues for the Physical Security Information Management (PSIM) Market reached approximately US$ 2.7 Billion. A recent report by Future Market Insights suggests that this market is poised for significant growth, with an expected Compound Annual Growth Rate (CAGR) of 16.7% from 2022 to 2032. By the end of 2032, it’s projected to soar to a valuation of around USD 12.6 Billion.
The surge in digitization and the imposition of strict regulatory standards, notably in health, safety, and environmental domains, are propelling the adoption of PSIM across industries, particularly in energy and utilities. These sectors are under pressure to comply with regulations while minimizing costs and risks and ensuring the quality and timeliness of their products and services. Moreover, the expansion of energy-generating facilities is foreseen to drive further growth in this market.
ARES Security Corporation is at the forefront of transforming security and operations within nuclear power plants. They’re leveraging robotic technology to augment or even replace personnel in various security, technical, and service roles, particularly in both present and future Advanced and Small Nuclear Reactors (A/SNR).
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Recently, ARES received a US$ 200 Thousand grant from the Department of Energy for their Small Business Innovation Research Phase 1 project. This initiative aims to address the unique physical security challenges associated with A/SNRs, considering factors such as their size, design, physical layout, operational needs, and the potential of being situated in remote locations with limited staffing compared to traditional 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 that work long in 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 USD 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 USD 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 to obtain 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 centres’ 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.
Key Players:
- NEC Corporation
- VidSys, Inc.
- Intergraph Corporation
- NICE Systems Ltd.
- VideoNEXT Federal, Inc.
- AxxonSoft
- SureView Systems
- Prysm Software
- Vitaprotech
- Honeywell International Inc.
- Cisco System Inc.
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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
About Future Market Insights (FMI)
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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