Transparency Market Research delivers key insights on the global incident and emergency management market. In terms of revenue, the global incident and emergency management market is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global incident and emergency management market.
Increase in economic loss due to rise in terrorism, natural calamities, and implementation of government initiatives and regulations for public safety are the main factors driving the global incident and emergency management market. The report analyzes the global incident and emergency management market and provides estimates in terms of revenue (US$ Mn) from 2018 to 2030.
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Incident and Emergency Management: Market Drivers
There is an increasing adoption of data analytics technology for incident and emergency management. The data analytics technology plays a significant role in monitoring, preparing, and analyzing missions in real time due to the rising trend in the direction of incident and emergency management. This technology, coupled with social and mobile technology is used to integrate and streamline daily incidents, natural disasters, and emergencies taking place across the world. Moreover, government agencies are using the data analytics technology to enhance emergency management and recovery and preparation in order to manage incidents that are taking place. This, in turn, is expected to boost the impact of this driver during the forecast period.
For instance, the IBM Corporation is working with government and public safety organizations across the world to implement the data analytics technology to improve response planning in the wake of natural disasters.
Key Challenges Faced by Incident and Emergency Management Market Players
The hardware structure prone to single point of failure may restrain the growth of the incident and emergency management market. The early warning system is highly prone to non-functionality with reference to single point failure in the infrastructure or the design of the monitoring and warning system. The whole system is composed of multiple components such as seismometer, accelerometer, alarm system, and GPS module, which are dependent on each other for functionality as well as for prediction. Although the components are manufactured to work optimally in harsh conditions, even a single component failing to perform its task within the early warning system leads to high possibility of system failure, which may lead to huge losses due to natural disasters. This can restrain the growth of the incident and emergency market. The impact of this restraint is likely to be medium in short term and medium term in the current environmental cycle. Furthermore, the impact is likely to be low in the long term due to advancement in technology, resulting in a better solution to manage emergency situations as well as system failure.
Incident and Emergency Management Market: Prominent Regions
In terms of region, the global incident and emergency management market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominated the incident and emergency management market in 2019, with majority revenue share and is expected to continue its dominance over the forecast period from 2018 to 2030. The deployment rate of the system for Asia Pacific is highest due to lack of infrastructure and technology and to manage such risks. In addition, globally, Asia Pacific is the region where floods and earthquakes hit most frequently and the damage within the region is very high compared to other regions. Hence, Asia Pacific holds prominent share of the incident and emergency management market. The incident and emergency management market in Asia Pacific is expected to reach US$ 14,113.4 Mn by 2030 from US$ 5,347.0 Mn in 2019, expanding at a CAGR of 9.4% during the forecast period. The North America incident and emergency management market is expected to reach US$ 12,501.1 Mn by 2030 from US$ 6,403.5 Mn in 2019, and expand at a CAGR of 6.3% during the forecast period. The climate in North America is becoming warmer and drier, which has led to increase in floods and the droughts.
Flood monitoring systems have the potential to reduce the risk of loss and therefore, are being adopted to take preventive measures. Thus, North America is expected to hold significant share of the incident and emergency management market. The United States is expected to dominate the incident and emergency management market, as despite a large wetland in the region, 17% of all the urban land in the United States is located in the “100-year” or high-risk flood zone. The western part of the United States is highly prone to flood. The deployment in the U.S. is highest within North America to reduce the risk of damage.
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The report provides in-depth segment analysis of the global incident and emergency management market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the incident and emergency management market.
Incident and Emergency Management Market: Key Players
Key players operating in the global incident and emergency management market are Campbell Scientific, Early Warning Labs, LLC, ESRI, Everbridge, GeoSIG Ltd, Güralp Systems Ltd., Hanwell Inc., Honeywell International Inc., HWM-Water Ltd, Internationals Business Machines Corporation, Jenlogix, Kinemetrics, Inc., Lockheed Martin Corporation, Motorola Solutions, Inc., NEC Corporation, Pessl Instruments GmbH, Riverside Technology, Inc., Siemens AG, TomTom N.V., and Trimble Inc.
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