According to a recently published Future Market Insights report, the Physical Security Information Management Market is expected to grow at a CAGR of 16.7% from 2022-2032. The market is expected to be worth $12.6 billion by the end of 2032.
Rising digitization and stringent regulatory standards such as the Health, Safety, and Environment standards are driving the adoption of PSIM in the energy and utility industries to meet regulatory requirements. One of the primary end goals in all of these businesses has always been to reduce costs and risks while maintaining end-product quality and timeliness. The installation of new energy-generating facilities is expected to fuel the growth of this sector.
ARES Security Corporation is revolutionising nuclear power plant security and operations by deploying robotic technology to assist or replace personnel in physical security, technical, and service activities at current and future Advanced and Small Nuclear Reactors (A/SNR).
ARES announced that the Department of Energy has awarded it US$ 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.
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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 US$ 2.7 Bn 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 Bn during 2022 – 2032.
- The market in South Korea is set to experience the highest CAGR of 19.2% during the 2022-2032 forecast period.
“During the projected period, the rise of digitization, smart city development, and government initiatives in defense and energy & utility sector are expected to drive the Physical Security Information Management market revenue.” comments a Future Market Insights analyst.
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.
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).
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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 (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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