Incident And Emergency Management Market Will Generate New Growth Prospects In The Next Upcoming Years With The Huge Demand, Business Strategies And High Cagr By 2026

Incident Management Solutions Gauge High Demand for COVID-19 Contact Tracing

Emergency response management measures are being implemented to contain the spread of coronavirus (COVID-19). Contact tracing, monitoring, and tracking are helping healthcare institutions gain situational awareness. Thus, companies in the incident and emergency management market are capitalizing on incremental opportunities, since European countries such as France and many states in India including Delhi and Maharashtra are under study for a second wave of the pandemic. Healthcare institutes are using software and other tools to improve their reporting capabilities.

Critical incident management solutions are in high demand to enable contact tracing and simplify data entries during the ongoing COVID-19 outbreak. Effective designs of incident planning and procedures are generating value-grab opportunities for companies in the incident and emergency management market. Thus, emergency managers can leverage their critical thinking and solve problems in unique events.

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Real-time ICS Incident Management Software Enable Consistent Reporting and Analytics

eCommerce has opened up a plethora of opportunities for the sale of incident and emergency management software. Several online portals compare prices and features of software to help customers take informed decisions. As such, D4H Readiness & Response company is gaining popularity for its real-time ICS (Internet Connection Sharing) incident management software, which enables consistent incident reporting and analytics.

The incident and emergency management market is estimated to expand at a favorable CAGR of ~7% during the forecast period. The proliferation of cloud in software solutions is emerging as a key market driver. Companies are innovating in mobile-friendly emergency management systems that provide tools for shared situational awareness and real-time communication. They are providing incident command software that improve interoperability and facilitate accountability tracking.

Insider Threat Programs Aid in Incident Detection at Government and Private Sector Organizations

The incident and emergency management market is expected to reach the valuation of US$ 47 Bn by the end of 2030. However, incident handling and response teams face several challenges such as issues in incident detection and stringent global privacy laws, which are likely to impede market growth. For instance, security incidents occur in several forms such as configuration, alteration, and unauthorized entries in premises. Hence, companies in the incident and emergency management market should increase the availability of programs for insider threats, since study shows that most employees feel vulnerable to insider attacks.

Apart from security incidents, companies are tapping into revenue opportunities in disaster management. For instance, IEM is gaining global recognition as one of the largest disaster management firm, which works with private sector organizations and government agencies.

AI-enabled Software Deploy Extreme Weather Forecasts and Asset Information Management

Tech giants such as IBM are posing as a stiff competition for emerging players in the incident and emergency management market. However, many software buyers are changing their perspective by keeping price as a deciding factor. Companies in the incident and emergency management market are increasing the availability of competitively priced software solutions to gain an edge over established market players. For instance, the Noggin Integrated Safety and Security Platform is gaining recognition for its end-to-end emergency management features and asset information monitoring.

Automation is bringing about a significant change in the incident and emergency management market. Emergency managers are using software to collaborate and command teams and resources in order to gain situational awareness. Future plans and checklists for extreme weather forecast using machine learning (ML) and artificial intelligence (AI) are being preferred by software buyers.

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Incident and Emergency Management Market: Overview

  • According to Transparency Market Research’s latest research report on the global incident and emergency management market for the historical period 2018–2019 and the forecast period 2024–2030, the incident and emergency management market is anticipated to reach value of US$ 47 Bn by 2030, expanding at a CAGR of ~7% throughout the forecast period
  • The incident and emergency management market is growing at a tremendous pace, owing to stricter government regulations globally. Several countries have been enforcing strict regulations, with respect to disaster management policies, to improve the readiness of each organization to deal with such untoward incidents.
  • Moreover, incident and emergency management prepares personnel to tackle such incidents in an effective and systematic manner leading to lesser panic among civilians

Increase in Natural Disasters Worldwide: A Key Driver

  • The number of natural disasters has increased over the past 20 years. Imbalance in the environmental cycle and rising global warming have led to the occurrence of natural disasters, such as tsunamis, storms, and earthquakes. A critical component of any successful rescue operation in natural disasters is time to know the precise location of the disaster. The rising frequency of natural disasters across the world is set to boost the incident and emergency management market. For instance, according to the United Nations, in the year 2018 alone, approximately 60 million people were affected by extreme weather events round the world, thousands of lives were lost due to earthquakes, volcanic activities and tsunamis, and millions of people were evacuated as a result of drought, earthquakes, and storms. All these factors are likely to accelerate the incident and emergency management market.
  • The impact of this driver is likely to be high, as the losses are high. Incident and emergency management is demanded across the globe to reduce the risk of loss due to natural disasters. The impact is expected to be medium in the long-term with rise in adoption of incident and emergency management.