Incident And Emergency Management Industry Opportunities, Growth Potential
Posted by Sakshi Mishra on April 1st, 2021
The growth prospects of the incident and emergency management market 2020 seem considerably high as it can reach an approximate valuation of USD 115 Billion by 2023, reports Market Research Future (MRFR). The market expansion is set to be at a rate of 5% between 2017 and 2023 (which is the review period).
Top Drivers and Main Restraints
It is impossible to prevent natural disasters by mere human efforts, however incident and emergency management is the best option for limiting any type of loss after such an event. This holds true since incident and emergency management helps the personnel prepared to tackle these kinds of events effectively and systematically, resulting in less panic among civilians. Incident and emergency management market component types such as solutions including HAZMAT, perimeter intrusion detection, and emergency/mass notification system are observing huge demand across a broad range of industries, which can mean bright future prospects.
The market’s tremendous growth pace is also the result of the rapid formation of stringent government regulations all over the world. Countries across the globe are enforcing strict rules that pertain to disaster management policies, with the aim to ensure the readiness of the organizations during untoward events. A majority of enterprises provide training to their employees, boosting the awareness with regard to incidents like fire as well as natural disaster among others. Companies are also installing a vast array of safety devices to mitigate such hazards. All these efforts by government and organizations can translate to considerable growth for the incident and emergency management industry during the evaluation period.
The world today is not safe from various terrorist attacks, which forces government authorities to impose stricter and more advanced incident and emergency management systems. Various countries like India, France and the U.K have formed special military groups to handle these incidents, whereas organizations are using the services of professional agencies to train their employees about the procedures needed to be followed.
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The primary segments listed in the report are solution, system, professional service, simulation, communication tool and device as well as industry vertical.
The solution types covered are CBRNE/hazmat solution, Geospatial technology solution, situational awareness solution and disaster recovery solution.
System-wise market segments are emergency notification system/mass notification system, web based emergency management system, application system and surveillance system.
The professional services available in the market are emergency operation center (EOC), consulting, training, public information service and design and integration.
Simulation-dependent segments are incident and evaluation simulation tool, hazard propagation simulation tool, traffic simulation system, and others.
The market segmentation, with respect to communication tool and device, comprises satellite phone, first responder tool, emergency response radar and vehicle-ready gateway (GPS/ Cellular/Wi-Fi).
Industry vertical making extensive use of incident and emergency management services are government and defense, IT & telecommunication, transportation and logistics, energy and utilities, BFSI, hospitality, manufacturing, aviation, healthcare and life-science, among others.
The regional study of the market for incident and emergency management includes Asia Pacific or APAC, Europe, North America, and the Rest of the World or RoW.
Taking into account the increasing pace of natural disasters along with the surge in terrorist attacks, the North American market for incident and emergency management can note emergence of profitable opportunities in the approaching years. The rapid increase in smart cities also boosts the demand for intelligent surveillance and evacuation systems, which boosts the growth of the regional industry. The government in the U.S. and Canada are increasingly installing massive number of CCTV cameras to ensure safety of the public, which is yet another factor that promotes the market growth for incident and emergency management in the region.
The APAC market can record the fastest expansion rate in the years ahead, on account of the growth in natural disasters like earthquakes, tsunamis, cyclones, as well as surge in terrorist attacks. The market also observes frequent technological advancements, and a rise in the number of strict regulations enforced by the government, which compels organizations to deploy the best-in-class mechanics for disaster management. Japan, India and China are undoubtedly the biggest gainers in the regional market for incident and emergency management. India is projected to spend close to USD 120 billion in the improvement of airport infrastructure as well as aviation navigation services in the next decade, making it a country with high growth potential in the regional market.
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About the AuthorSakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512
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