Incident and Emergency Management Market Worth $148.5 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 7, 2019 /PRNewswire/ -- According to the new market research report "Incident and Emergency Management Market by Component, (Solutions (Emergency/Mass Notification System, Perimeter Intrusion Detection, and Fire and HAZMAT), Services, and Communication Systems), Simulation, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Incident and Emergency Management Market is expected to grow from USD 107.0 billion in 2019 to USD 148.5 billion by 2024, at a CAGR of 6.8% during the forecast period.
Occurrence of unpredictable natural disasters due to the ever-changing climate conditions and growth in terrorist attacks and criminal activities are some of the major factors driving the growth of the market.
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33 – Figures
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The education vertical segment is expected to account for the larger market share during the forecast period.
Incident and emergency solutions are being used in educational institutions for a long time to make the campus more sustainable. These solutions increase campus-wide efficiency, ensure the safety and security of students and faculty, improve building performance and comfort, streamline institutional operations, reduce operational expenses, and increase long-term financial stability.
They also help in informing students, teachers, parents, staff, emergency first responders, and law enforcement agencies about the activities on the campuses and may be used for non-emergency purposes as well, such as for notifying students and faculty about campus updates, class cancellations, course registration reminders, and similar notices.
The training and simulation services segment to grow at a higher CAGR during the forecast period
Companies that provide professional services for the incident and emergency management also offer training on the use of simulation tools, such as traffic simulation systems, hazard propagation simulation tools, and incident and evacuation simulation tools. The training is provided to first responders by creating real-time emergency scenarios, which are used as a training platform for disaster response teams. As a result, these simulation tools that are implemented in the training modules help raise the level of preparedness, response capability, and mitigation of property damage during an emergency.
Moreover, training can range from simulating emergency events for a single user to a multiuser and multiagency environment. Training services take care of training the emergency response teams and guide them in using emergency management systems and tools. These services also help minimize people and infrastructure-related losses caused due to the incident.
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North America estimated to lead the Incident and Emergency Management industry during the forecast period
North America is expected to account for the largest share of the Incident and Emergency Management Market in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting technologically advanced emergency equipment. The North American region exhibits a wide presence of key industry players offering incident and emergency management solutions and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.
The major Incident and Emergency Management Market vendors 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).
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