NEW YORK, May 4, 2021 /PRNewswire/ -- Technological improvements have been gaining significant traction in crisis, emergency, and incident management platforms over the past couple of years. Artificial intelligence and machine learning technologies are now being highly proficient in making predictions and in identification and classification. AI is being used to analyze past data to predict what is likely to happen in the event of a disaster, and that data can be integrated with online dashboards so that emergency personnel can respond in real time. Also, data analysis and machine learning can be used to identify locations affected by quakes that have not yet been assessed or received assistance. Persistence Market Research recommends that emergency management service providers can focus on using these advanced technologies to offer improved emergency management services.
Moreover, growing power of technology and usage of social media in emergency management is helping in addressing and developing strategies to effectively communicate with the public during times of crisis, using available tools while still managing expectations. Tendency toward the digitalization of crisis, emergency, and incident management platform networks, especially investments in real-time technology and analytics, is projected to further stimulate market growth over the coming years.
The global crisis, emergency, and incident management platforms market is estimated to register a CAGR of over 8% during the forecast period (2021-2031).
Key Takeaways from Market Study
- Demand for emergency/mass notification systems across various verticals is estimated to surge. However, surveillance systems are estimated to continue to hold significant market share through 2031.
- Government and defense sector expected to emerge as high-growth end users during the forecast period. This is mainly due to increasing threat levels related to terrorism and biological hazards, and government initiatives toward public safety.
- Among the services, consulting services are anticipated to retain significant market share throughout the forecast period; however, public information services are expected to expand at a CAGR of around 10% over the next ten years.
- Among the regions, the market in South Asia & Pacific is estimated to register a high CAGR, owing to rising number of concerns related to security threats in India, Indonesia, Australia, and other countries. Growing incidence of terrorist attacks, theft, and other crimes has resulted in a major spike in the demand for crisis, emergency, and incident management systems.
- The market for crisis, emergency, and incident management platforms in the U.K. and Japan is expected to surge ahead at CAGRs of around 8% and 9%, respectively.
- In the U.S., sales are expected to increase at a CAGR of close to 9% over the next ten years.
- The market in India is expected to progress at a noteworthy CAGR of more than 10% through 2031.
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"Technology companies providing crisis, emergency, and incident management platforms are expanding the range of functionalities. Satellite solution providers are eyeing opportunities in emerging economies. Numerous such players are getting into partnerships with regional vendors to strengthen their market position and gain access to steady revenue streams," says a Persistence Market Research analyst.
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Risk Based Planning – An Emerging Trend
Crisis, emergency, and incident management consists of a whole-community model that promotes engagement between various levels of government in coordination with all sectors, where capabilities and information are shared among interdependent groups in pursuit of greater community resilience. By recognizing the frequent lack of community resources, this whole-community approach highlights the importance of risk-based planning for mitigation, effective preparedness, recovery, and response. This approach further emphasizes specific hazards and risks, such as aging infrastructure, and acknowledges the limited resources available to respond to and manage potential disasters.
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More Valuable Insights
Persistence Market Research's report on the crisis, emergency, and incident management platforms market is segmented into four major sections – component (systems & platforms and services), communication technology (first responders, satellite phones, vehicle-ready gateways, and emergency response radars), and vertical (BFSI, energy and utility, healthcare and life sciences, government and defense, aviation, transportation and logistics, telecom and IT, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the market.
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