The Physical Security Information Management (PSIM) market revenues were estimated at $2.3 billion in 2021 and are anticipated to grow at a CAGR of 16.7% from 2022 to 2032.
That’s according to a recently published Future Market Insights report that predicts that by the end of 2032, the market is expected to reach $12.6 Billion.
Rising digitisation and rigorous regulatory standards such as the Health, Safety, and Environment standards are driving the adoption of PSIM, particularly in the energy and utility industries, to meet regulatory requirements.
Key takeaways from the study:
- Global Physical Security Information Management Market is expected to reach a market size of $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 $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.
One of the key end goals in all of these businesses has always been to minimise 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.
For example, ARES Security Corporation is transforming nuclear power plant security and operations by utilising 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.