Global Incident & Emergency Management Market to Register a CAGR of 6.03% During 2019-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Mar 19, 2019--The “Incident and Emergency Management Market - Growth, Trends and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The Incident and Emergency Management Market was valued at USD 92.17 billion in 2018 and is expected to reach USD 130 billion by 2024, with a CAGR of 6.03% during the forecast period (2019-2024).
Governments are increasingly trying to develop intelligent mitigation plans to minimize the response time and damage caused by both natural and man-made disasters.
Climate change is leading to increased frequency and severity of extreme weather events across regions. Centre for Research on the Epidemiology of Disasters reported that the amount of flood and storm catastrophes have risen by 7.4 % annually, in recent times.
Among end-users, a few, like educational institutions and hospitality firms, have a lower level of awareness and deployment of such software solutions and are mostly into recovery post-incident. Such low adoption rates are likely to affect the market revenues over and during the forecast period.
Key Market Trends
Increase in Natural Disasters
As natural disasters increase in frequency and severity, their recovery costs are also significantly increasing year-by-year. Moreover, according to the National Oceanic and Atmospheric Administration (NOAA), in 2017, the United States had the costliest year ever, when it comes to natural disasters.
The country experienced 16 different events, that resulted in more than a billion dollars in damage each, with a total price tag of USD 306.2 billion. Thus, it is vital that organizations work to save lives, protect property, and build communities back stronger after disaster strikes.
In disaster recovery solutions, it is of paramount importance to have a fast, reliable, and secure form of communication. Communication requirements in a disaster recovery can benefit from the flexibility, versatility, and quick deployment of satellite networks, enabling responders to coordinate first response activities and command, control and communicate urgent information, quickly and efficiently.
Asia-Pacific is the Fastest Growing Region
Asia-Pacific is the fastest growing region, due to the growing disaster management, terrorist and cyber attacks in the region. With enhanced geographical zones and a high client base, the region is expected to exhibit strong growth in the studied market.
The region is the world’s most disaster-prone region, so disaster management is a significant priority. Over the years, most countries in the region have established national disaster management authorities and systems that are increasingly adopting the latest technologies and solutions.
Also due to an increase in the government expenditure on emergency and disaster management systems to safeguard people from disasters, the region has been witnessing a rise in the studied market software.
In April 2018, the Emergency Operations (EMO) unit at WHE/SEARO organized the WHO South-East Asia Regional and Country Offices Emergency Readiness training in India.
The existing players in the market, like IBM, NEC Corporation, and Honeywell among others are well penetrated and possess successful strategies to come up with new and differentiated products that would increase opportunities for them. Additionally, brand identity has a major influence in this market, as strong brands are considered to be synonymous with good performance.
However, with new companies supported and funded, like governments and others(for instance, TMC Technologies), the competition is expected to grow, overall, the competitive rivalry in the market is moderate and increasing. Some of the key players in Incident and Emergency Management Market are Hexagon AB, NEC Corporation.
Some of the key recent developments in the market are as follows:
- The Isle of Wight NHS Trust’s Ambulance Service (IoW Ambulance Service) has implemented Hexagon’s intergraph computer-aided dispatch (I/CAD) system. This industry-leading incident management solution will support the island’s emergency and non-emergency call handling and dispatch needs, enhance collaboration with neighboring services, and reduce costs.
- NEC Corporation announced the supply of wide-area disaster prevention system to the Meteorological, Climatological and Geophysical Agency of the Republic of Indonesia (Indonesia). This wide-area disaster prevention system will collect seismic intensity and waveform information obtained from seismometers newly installed at 93 sites across Indonesia.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Frequency of Natural Disasters
4.3.2 Stringent Government Regulations
4.4 Market Restraints
4.4.1 Low Awareness Levels and Disconnection between the Disaster Risk Reduction Policy and the Emergency Management in Practice
4.5 Value Chain Analysis
4.6 Industry Attractiveness Porters Five Force Analysis
5 Market Segmentation
5.1 By System
5.1.1 Web-based Emergency Management System
5.1.2 Emergency/Mass Notification System
5.1.3 Traffic Management System
5.1.4 Safety Management System
5.1.5 Disaster Recovery and Backup Systems
5.1.6 Other Systems
5.2 By Solution
5.2.1 Geospatial Solution
5.2.2 Disaster Recovery Solution
5.2.3 Situational Awareness Solution
5.3 By Service
5.3.1 Professional Service
5.3.2 Managed Service
5.4 By End User
5.4.3 Transportation and Logistics
5.4.6 IT and Telecom
5.4.7 Other End Users
5.5.1 North America
5.5.3 Asia Pacific
5.5.4 Latin America
5.5.5 Middle East and Africa
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Hexagon AB
6.1.2 NEC Corporation
6.1.3 Honeywell International Inc.
6.1.4 Alert Technologies Corporation
6.1.5 The Response Group
6.1.6 Veoci (Grey Wall Software LLC)
6.1.7 Eccentex Corporation
6.1.8 Haystax Technology
6.1.9 MissionMode Solutions Inc.
6.1.10 Resolver Inc.
6.1.11 NC4 Inc.
6.1.12 MetricStream Inc.
6.1.13 IBM Corporation
7 Market Investment Analysis
8 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/s6vv4j/global_incident?w=4
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PUB: 03/19/2019 07:17 AM/DISC: 03/19/2019 07:17 AM