The global Environment, Health and Safety (EHS) Market size is expected to grow from USD 5.3 billion in 2019 to USD 8.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. To reach new levels of efficiency, accuracy, and security, organizations need real-time visibility and stability in business operations. Hence, the demand for EHS solution and services in increasing rapidly. The growing business demand to enhance operational efficiency and stability is expected to make EHS a dominant model for organizations across all verticals in the near future.
The services segment is projected to grow at a higher CAGR during the forecast period. The overall adoption of cloud-based solutions is growing at a good pace, and the trend is expected to increase during the forecast period, due to the wide range of functionalities and core features these solutions provide. The low cost of these solutions and ease of implementation are expected to have made the cloud a highly preferred delivery model among large enterprises and Small and Medium-sized Enterprises (SMEs). SMEs tend to adopt cloud-based solutions than the on-premises mode, due to the low cost and 24x7 support and maintenance provided by software vendors.
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The construction and engineering vertical is projected to grow at the highest CAGR during the forecast period. Companies need to provide workers with proper training, conduct regular safety inspections, and identify and eliminate site hazards. The construction and engineering vertical includes five major solutions: incident management, audit and inspection, waste management, on-demand training, and compliance management. EHS software streamlines essential safety processes, ensures compliance with regulations, and unlocks the potential of safety data. On the other hand, the software works on minimizing the impact of damages on the environment, people, and society.
In terms of geographic coverage, the global EHS market has been segmented into five major regions: North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is expected to grow at the highest CAGR during the forecast period. The region constitutes thriving economies, such as Singapore, Japan, China, India, and Australia, which are expected to register high growth rates in the EHS market. China has witnessed immense industrial growth and is the manufacturing capital of the world. The region’s government too is adopting stringent regulations and compliances.
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The major EHS market vendors include Enablon (France), VelocityEHS (US), Intelex (Canada), Gensuite (US), Cority (Canada), Quentic (Germany), Sphera (US), Enviance (US), ETQ (US), UL (US), SAP (Germany), DNV GL (Norway), SAI Global (US), Verisk 3E (US), Dakota Software (US), ProcessMAP (US), IsoMetrix (South Africa), Airsweb (England), SafetyCulture (Australia), ProntoForms (Canada), and Enhesa (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global EHS market. New product launches, agreements, and collaborations have been the most adopted strategies by major players from 2018 to 2019, which has helped them innovate their offerings and broaden their customer base.
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