DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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, 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 signalling, 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.
- Growth in Criminal Activities and Terrorist Attacks
- Occurrence of Unpredictable Natural Disasters Due to the Ever-Changing Climatic Conditions
- False Alarm Rates
- Technological Advancements in Communications Infrastructure
- Proliferation of Social Media Platforms
- Situational Awareness Tools Bring Equal Value to Daily and Emergency Operation
- High Installation and Maintenance Costs for Small and Medium-Sized Enterprises
- Hardware Infrastructure is Prone to A Single Point of Failure
Impact of Disruptive Technologies
- Artificial Intelligence
- Internet of Things
- 4C Strategies
- A Fishtech Group
- Alert Technologies Corporation
- Collins Aerospace
- Environmental Systems Research Institute, Inc.
- Grey Wall Software
- Haystax Technology
- Hexagon AB
- Honeywell International Inc.
- IBM Corporation
- Lockheed Martin Corporation
- LogicGate, Inc.
- MetricStream Inc.
- Mission Mode
- Motorola Solutions, Inc.
- NEC Corporation
- Resolver Inc.
- The Response Group
For more information about this report visit https://www.researchandmarkets.com/r/wk862w