According to the findings in a recent market research report, the incident and emergency management market was valued at USD 97.73 billion in 2020 and is expected to reach USD 137.84 billion by 2025, with a CAGR of 6.03% during the forecast period (2020-2025). Emergency situations are highly unpredictable; it takes intense planning, time, and human resources to recover from crisis situations.
Emergency response systems are a vital component in speeding up the recovery process. 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.
Scope of the Report
Incident and emergency management refer to a standardized approach, which prevents & manage incidents or humanitarian emergencies that have severe outcomes. It is involved in the integration and deployment of emergency systems and solutions at all government and non-government platforms.
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 development in Incident and Emergency Management 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.