PORTLAND, Oregon, August 27, 2018 /PRNewswire/ --
Novel inventions in radar technology namely, Plextek's micro radar system and NASA's FINDER are expected to create lucrative opportunities for the players in the global incident and emergency management market.
A new report published by Allied Market Research, titled, Incident and Emergency Management Market by System Type, Communication Technology, Service, Solution, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2025 studies the current market trends as well as growth prospects in the global market for the next seven years. Moreover, it includes market drivers, restraints, challenges, opportunities, and marketing strategies adopted by leading market companies across the globe. According to the report, the global incident and emergency management market was valued at $75.46 billion in 2017 and is expected to reach $423.32 billion, registering a CAGR of 24.2% from 2018 to 2025.
Increase in the number of natural calamities and frequent acts of terrorism are the key factors driving the growth of the global incident and emergency management market. Moreover, stringent government regulations toward public safety have supplemented the market growth. However, high costs of installation and maintenance detriment the market growth. On the contrary, increase in adoption of advanced security devices is expected to create lucrative opportunities for the market players in the near future.
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Type of incident and emergency management systems
The report bifurcates emergency management systems based on type into mass notification system, surveillance system, traffic management system, safety management system, earthquake warning system, disaster recovery & backup system, and others. In 2017, the surveillance system segment garnered the highest revenue of $20.04 billion, contributing about 26% of the total market share. However, disaster recovery and backup system segment is expected to grow at the fastest CAGR of 26.9% through 2025.
Emergency response radar technology to portray highest demand by 2025
The report divides communication technology into first responder tools, satellite phones, emergency response radar, vehicle ready gateways, and others. The emergency response radar technology would demonstrate the fastest growth of 27.1% CAGR during the study period. In addition, the other segment, which comprises CBRNe/Hazmat Detection system and tsunami warning system, would grow at the fastest CAGR of 27.9% during the forecast period.
Training and education services to gain traction by 2025
The report splits services segment into training & education services, consulting services, design & integration services, and support & maintenance services. In 2017, design and integration services segment contributed almost one-third share of the total market revenue. However, training and education services segment would manifest the fastest growth, registering a CAGR of 26.3% by 2025.
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Healthcare segment to demonstrate highest demand by 2025
The report discusses the major industrial vertical, including BFSI, public sector, healthcare, telecom & IT, energy & utilities, manufacturing, aerospace & defense, transportation & logistics, and others. In 2017, energy and utilities garnered $13.04 billion, contributing about 17% of the total market share. However, the healthcare sector would register the highest CAGR of 28.3% through 2025.
Disaster recovery solutions segment to grow at 26.8% CAGR
The global incident and emergency management market report discusses various solutions, including geospatial solutions, disaster recovery solutions, and situational awareness solutions. The disaster recovery solutions would register the highest CAGR of 26.8% through 2025. In addition, the remaining segments are expected to demonstrate gradual growth in the forecast period.
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Asia-Pacific holds substantial share in the market
The report offers a country-level study of major regions such as North America, Europe, Asia-Pacific, and LAMEA. In 2017, Europe gathered the highest revenue, contributing nearly 40% of the market share. However, Asia-Pacific is expected to be the fastest growing region throughout the study period, registering a CAGR of 27.2% from 2018 to 2025, followed by LAMEA.
Torchbearers of the industry
The report discusses the major players of the global incident and emergency management market, including Esri Inc., IBM Corporation, Intermedix Corporation, Motorola Solutions, Inc., Rockwell Collins and Siemens AG, Honeywell International Inc., Intergraph Corporation, Lockheed Martin Corporation, NEC Corporation. These key market players have adopted various strategies such as product launch, joint ventures, partnerships, collaborations, and mergers & acquisition to maintain their position in the market.
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