Global Incident and Deviation Management Solutions Market Size, Share 2019-2025
Posted by nabeel on January 27th, 2021
The global incident and deviation management solutions market is estimated to grow significantly during the forecast period. The rising demand for streamlined incident and deviation management solutions in the pharmaceutical and energy industry is primarily contributing to significant market growth. Pharmaceutical companies need to continually alert about the conformance to the product standards and industry requirements. Unexpected problems that affect materials, product, and processes can have considerable financial impacts. Therefore, in case of deviation, it is essential to settle it in an effective and compliant manner. To mitigate the risks associated with unexpected events in the pharmaceutical manufacturing process, streamlined deviation management software is used to capture, validate, and examine product and process deviations.
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The simple initiation form of deviation handling and quality risk management software allows a pharmaceutical company to quickly capture information such as event description, source, classification, and category, type, and representation of impacted products and batches. This allows to automatically trigger alerts or adjust workflows for high-risk or critical products deviations. The software offers analysis of trends that allows companies to monitor low-risk deviations and thereby take action to prevent problem earlier they occur.
In the energy sector, the utilities are significantly focusing on emergency response operations owing to the increasing cyber-attacks in the industry. This results in the emerging demand for incident management solutions that offer situational awareness regarding cyber threats, risk evaluation, physical threats, and compliance with standards, including North American Electric Reliability Corporation Critical Infrastructure Protection (NERC CIP). As per the US Energy Information Administration (EIA), electric power for the US customers was interrupted for an average of 7.8 hours (470 minutes) in 2017, which is approximately double the average total duration of interruptions reported in 2016. Increasing power outages result in the loss to the profitability of utility firms. As a result, the companies are focusing on keeping the incident response plan to potentially manage outages and non-outage problems. This can be managed by incident management solutions that keep track of information associated with power network disturbances and predicting tripped devices.
The US energy utilities should conform with the National Institute of Standards and Technology (NIST) framework. It can be led by an incident management solution through metrics and reports, and a library of pre-built playbooks for sharing with regulators and regional councils. It enables to track incidents across networks, facilities, and regions, to identify attackers and recurring threats. Therefore, incident management software can play a vital role to track and manage security incidents, which is significantly required for today’s energy infrastructure. Owing to these potential benefits, the demand for these solutions is estimated to grow significantly in these application areas. This, in turn, is driving the global incident and deviation management solutions market.
Global Incident and Deviation Management Solutions Market- Segmentation
Global Incident and Deviation Management Solutions Market– Segment by Region
Rest of the World
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About the Authornabeel
Joined: November 26th, 2020
Articles Posted: 337
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