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Incident and Emergency Management Market is Expected to Grow USD 115 Billion by 2023, at 5% of CAGR Between 2017-2023

iCrowdNewswire   Jan 7, 2021  10:52 AM ET

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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Market Segmentation 

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.

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