SecurityWorldMarket

29/09/2021

Incident & emergency market predicted to hit $171.8b by 2026

Northbrook, Il (USA)

The global incident and emergency management market size is expected to grow from USD 124.0 billion in 2021 to USD 171.8 billion by 2026, at a CAGR of 6.7% during the forecast period, according to a new report released by Marketsandmarkets. 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.

The research separates the market in to areas of interest including, Solutions, made up of emergency/mass notification systems, perimeter intrusion detection, and fire and HAZMAT, services, and communication systems; Simulation, Vertical, and Regions, together with a global forecast to 2026.

IT & Telecoms present strong vertical

The IT and telecom vertical deploys mass notification systems in offices, campuses, premises, IT parks, and remote locations. IT and telecom enterprises are adopting incident and emergency management solutions to effectively manage mass communication alerts that need to be sent to customers worldwide with regular policy updates and product and software upgrades, keeping abreast with the evolving technologies in the industry. The adoption of mass notification solutions in the IT and telecom sector is expected to witness a larger market share during the forecast period.

Training and simulation services

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.

Key presence from North America

North America is expected to account for the largest share of the incident and emergency management market in 2020. 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.

Honeywell, Lockheed Martin, Motorola Solutions, Siemens, NEC Corporation, Collins Aerospace, IBM, Esri, Hexagon, Larsen and Toubro, Alert Technologies, The Response Group, Everbridge, Juvare, Haystax, Veoci, Metricstream, Noggin, Logicgate, 4C Strategies, Resolver, Blackberry, Eaton, Arcos and Johnson Controls are some of the big names already active in this sector.


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