CHICAGO, Feb. 2, 2023 /PRNewswire/ -- The Incident and Emergency Management Market will grow from an estimated USD 121.4 billion in 2022 to USD 163.6 billion by 2027, at a compound annual growth rate (CAGR) of 6.2%, according to a new report by MarketsandMarketstm. The increased natural disasters are expected to boost the market. Moreover, disparities in costs of incident and emergency management systems may hinder the market growth.
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By solution, emergency/mass notification to account for the largest market size during forecast period
The solution includes various software and applications for chats, instant messages, terminal emulators, and file transfer programs for the seamless delivery of notifications and alerts. The emergency/mass notification solution enables organizations to quickly inform the masses in a particular area, building, or commercial installation about the occurrence of an emergency and the most likely action that should be taken. The mass notification system sends alerts through cell phone notifications, apps, emails, and texts to notify the masses individually and reduce the panic and chaos among them. The system can further help propagate messages, advising rescue and relief agencies and law enforcement agencies about the due course of engagement during an emergency. There has been a heightened demand for MNS to protect, alert, and inform people in an emergency. Mass notification systems are designed to protect, alert, and inform resources and people with critical alerts (natural disasters, HAZMAT) when it matters most.
By vertical, energy and utilities to grow at the highest CAGR during forecast period
A natural disaster is a global phenomenon that severely impacts people and resources. Such adverse events have a major impact on energy and utilities companies and cause disruptions in their services, creating significant ripple effects. The energy and utilities vertical comprises thermal, nuclear, solar, wind, and hydropower plant infrastructure, which are of acute importance to the country. Hence, these vertical plays a major role in the growth of various developing and developed countries.
Business alerts and notifications related to power outages, work shifts, and workflow management are also provided by incident and emergency management solutions, specifically in the energy and utilities sector, for streamlining business operations and enabling robust business continuity. These solutions further help emergency and security teams to execute evacuation or emergency management activities more efficiently.
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By region, North America to account for the largest market size during forecast period
The global Incident and Emergency Management Market is dominated by North America, which is considered the most advanced region in terms of the adoption of advanced incident and emergency management technologies. In recent years, this region has been increasingly exposed to man-made disasters, such as terrorist attacks, strikes and protests, and chemical attacks. These issues have pushed the region to adopt incident and emergency management solutions and services. Post the terrorist attacks; the DoD issued stringent norms related to the installation and management of mass notification systems in industrial enterprises, public installations, and defense installations. Most of the US law enforcement agencies, such as federal agencies, the Marine Corps, the US army, and defense, have deployed mass notification systems for instant intelligent alerts and better and quick response management. Governments are focusing on incidents and emergency management in their countries. For example, the Government of Canada is extending the use of its incident management system Long-Term Care Table mandate, which is also expected to drive the growth of the Incident and Emergency Management Market.
The major vendors in the Incident and Emergency Management Market are Honeywell (US), Lockheed Martin (US), Motorola Solutions (US), Siemens (Germany), NEC (Japan), IBM (US), Hexagon (Sweden), Collins Aerospace (US), Esri (US), LTIMindtree (India), Johnson Controls (Ireland), Alert Technologies (US), Everbridge(US), The Response Group (US), Haystax Technology (US), MetricStream (US), BlackBerry (Canada), Eaton (Dublin), Veoci (US), Noggin (Australia), 4C Strategies (Sweden), Resolver (Canada), ARCOS (US), Juvare (US), LogicGate (US), and OnSolve (US).
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