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The occurrence of unpredictable natural disasters due to the ever-changing climate conditions expected to drive the growth of the incident and emergency management market
The global incident and emergency management market size is expected to grow from an estimated value of USD 107.0 billion in 2019 to USD 148.5 billion by 2024, at a CAGR of 6.8% during the forecast period. The incident and emergency management industry is driven by various factors, such as growth in criminal activities and terrorist attacks, and the occurrence of unpredictable natural disasters due to the ever-changing climate conditions. However, the high false alarm rates can hinder the growth of the market.
The commercial and industrial segment is projected to grow at the highest CAGR during the forecast period
In incident and emergency management market, commercial and industrial verticals include retail and consumer goods, manufacturing, automotive, and real estate and construction. This vertical is prone to man-made disasters, such as fire, explosion, power outage, and equipment failure. The commercial and industrial vertical deploys incident and emergency management solutions in places such as shopping malls, restaurants, movie theatres, office complexes, and service stations.
The incident and emergency management solutions specifically designed for the commercial and industrial sector are instrumental in informing and warning the masses regarding possible natural disasters, building evacuations, fire outbreaks, accidents, power outages, weather information, alarm and emergency signaling, and also criminal activity in buildings or commercial space. The adoption of incident and emergency management solutions in the commercial and industrial sector is expected to witness significant growth during the forecast period. The use of incident and emergency management solutions and services in the commercial and industrial sector can be of great importance as this sector is more prone to disasters and emergencies.
The solution segment expected to account for the largest share during the forecast period
Organizations in the incident and emergency management market are deploying solutions to minimize the loss in case of an occurrence of any natural or man-made disaster. The solutions have been classified into the web-based emergency management system, emergency /mass notification system, disaster recovery and business continuity, perimeter intrusion detection, geospatial solutions, and fire and HAZMAT solutions.
These solutions are used for business and public safety, to deploy the right resources for emergency hit areas where the timely dispatch of units is essential. The major features offered by solutions above are scalability, flexibility, robustness, and interoperability. Various application areas, such as tsunami and earthquake warning system, remote weather monitoring system, traffic management, and CBRNE detection system, utilize incident and emergency management solutions.
APAC expected to grow at the highest rate during the forecast period
The incident and emergency management market in APAC is expected to grow at the highest CAGR during the forecast period, due to the growing disaster situation such as tsunamis, earthquakes, cyclones, and terrorist attacks. Moreover, the surge in the growth can be attributed to the technological advancements, along with mandatory regulations, imposed by the government regulatory entities to adopt the best-in-class technology for disaster management. China, Japan, and India have emerged as undisputed leaders in the incident and emergency management industry.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the incident and emergency management market.
- By company type: Tier 1 – 42%, Tier 2 – 38%, and Tier 3 – 20%
- By designation: C-level – 40%, Directors – 35%, and Others – 25%
- By region: North America–35%, Europe–27%, APAC– 23%, and RoW– 15%
Major vendors offering incident and emergency management solutions and services across the globe include Honeywell (US), Lockheed Martin (US), Motorola Solutions (US), Siemens (Germany), NEC Corporation (Japan), Collins Aerospace (US), IBM (US), Hexagon (Sweden), Esri (US), MissionMode (US), Alert Technologies (US), The Response Group (US), Everbridge (US), Juvare (US), Haystax Technology (US), Veoci (US), MetricStream (US), Noggin (Australia), LogicGate (US), 4C Strategies (Sweden), Resolver (Canada).
The study includes an in-depth competitive analysis of these key players in the incident and emergency management market, with their company profiles, recent developments, and key market strategies.
The market study covers the incident and emergency management market size across segments. It aims at estimating the market size and the growth potential of this market across different segments, namely, component, solution, service, communication system, simulation, vertical, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall incident and emergency management market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.