MarketsandMarkets forecasts that the global incident and emergency management market will grow from an estimated USD 121.4 billion in 2022 to USD 163.6 billion by 2027, at a compound annual growth rate (CAGR) of 6.2%. Government initiatives and regulations regarding incident and emergency management are expected to fuel market growth.
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What is Incident and Emergency Management?
According to MarketsandMarkets, an incident and emergency management plan can help organizations, officers, and responders to prepare and act for any kind of disaster/emergency caused by earthquakes, hurricanes, epidemics, explosions, floods, terrorist attacks, and other devastating events. The incident and emergency management solutions ensure the preparation, response, recovery, and mitigation of daily incidents, emergencies, and disasters. The solution ensures proper management of incidents along with situational awareness during emergency response and recovery phases.
By solution, emergency/mass notification to account for the largest market size during forecast period
The solution includes various software and applications for chats, instant messages, terminal emulators, and file transfer programs for the seamless delivery of notifications and alerts. The emergency/mass notification solution enables organizations to quickly inform the masses in a particular area, building, or commercial installation about the occurrence of an emergency and the most likely action that should be taken. The mass notification system sends alerts through cell phone notifications, apps, emails, and texts to notify the masses individually and reduce the panic and chaos among them. The system can further help propagate messages, advising rescue and relief agencies and law enforcement agencies about the due course of engagement during an emergency. There has been a heightened demand for MNS to protect, alert, and inform people in an emergency. Mass notification systems are designed to protect, alert, and inform resources and people with critical alerts (natural disasters, HAZMAT) when it matters most.
By vertical, energy and utilities to grow at the highest CAGR during forecast period
A natural disaster is a global phenomenon that severely impacts people and resources. Such adverse events have a major impact on energy and utilities companies and cause disruptions in their services, creating significant ripple effects. The energy and utilities vertical comprises thermal, nuclear, solar, wind, and hydropower plant infrastructure, which are of acute importance to the country. Hence, these vertical plays a major role in the growth of various developing and developed countries.
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Business alerts and notifications related to power outages, work shifts, and workflow management are also provided by incident and emergency management solutions, specifically in the energy and utilities sector, for streamlining business operations and enabling robust business continuity. These solutions further help emergency and security teams to execute evacuation or emergency management activities more efficiently.
Unique Features in the Incident and Emergency Management Market
The establishment of a single incident command structure that, in times of crisis, enables smooth coordination and communication between various authorities and stakeholders, guaranteeing a coordinated reaction.
Geospatial information systems (GIS), sensors, and data analytics are examples of advanced technology for real-time situational awareness that give decision-makers accurate and current information during incidents.
Creation and use of mobile applications for emergency management that enable stakeholders to connect, exchange vital information, and plan responses while on the go.
Integration of sensors and IoT devices to track and gather information on infrastructure health, environmental conditions, and other pertinent factors will improve the capacity to identify problems early and take appropriate action.
Artificial intelligence (AI) predictive analytics: this technique uses previous data to foresee possible incidents, allowing for more proactive resource allocation and planning for improved disaster preparedness.
Platforms that help different public and private institutions collaborate and share information in order to guarantee a coordinated response and resource allocation during catastrophes.
Major Highlights of the Incident and Emergency Management Market
Strong incident and emergency management plans are becoming more and more crucial on a worldwide scale as worries about the effects of climate change and the frequency and severity of natural disasters rise.
Organisations have begun to incorporate cybersecurity incident management into their overall emergency management plans due to the increase in cybersecurity incidents and threats. This is because they are aware of the potential impact of cyber threats on vital infrastructure.
Technological developments in mass notification systems, such as the incorporation of social media, mobile apps, and other channels of communication, to guarantee prompt and efficient public and stakeholder communication in times of emergency.
A change to community-centric strategies that prioritise empowerment, education, and community involvement to improve preparedness and resilience locally.
In order to solve global issues like pandemics and major natural catastrophes, there will be more international cooperation and information sharing. Organisations and nations will pool their resources and best practises.
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Competitive overview:
The incident and emergency management market is led by some globally established players, such as Honeywell (US), Lockheed Martin (US), Motorola Solutions (US), Siemens (Germany), NEC (Japan), IBM (US), Hexagon (Sweden), Collins Aerospace (US), Esri (US), LTIMindtree (India), Johnson Controls (Ireland), Alert Technologies (US), Everbridge(US), The Response Group (US), Haystax Technology (US), MetricStream (US), BlackBerry (Canada), Eaton (Dublin), Veoci (US), Noggin (Australia), 4C Strategies (Sweden), Resolver (Canada), ARCOS (US), Juvare (US), LogicGate (US), and OnSolve (US). These players have adopted various growth strategies, such as partnerships, agreements, collaboration, acquisitions, and product developments, to increase their market presence.
Honeywell has its presence in the regions of the US and Europe with an employee count of 103,000 worldwide (as of 31st December 2020) and has about 1,250 operational sites across 70 countries. The company is publicly listed on the New York Stock Exchange (NYSE). Honeywell operates through four business operating segments: Performance Materials and Technologies, Aerospace, Honeywell Building Technologies, and Safety and Productivity Solutions. Honeywell offers various products in the incident and emergency management market, such as security management systems, integrated control and safety systems, and instant alerts.
Another important player in the incident and emergency management market is Lockheed Martin. Lockheed Martin is a global security and aerospace company principally engaged in researching, designing, developing, manufacturing, integrating, and sustaining advanced technology systems, products, and services. They also provide a broad range of management, engineering, technical, scientific, logistics, system integration and cybersecurity services. Lockheed Martin has designed a Global Emergency Operations Center (GEOC), which centrally helps its employees and citizens during the time of emergencies.
Lockheed Martin basically serves both the US and international customers with products and services that have defense, civil and commercial applications, with their principal customers being agencies of the US Government. Their main areas of focus are on defense, space, intelligence, homeland security and IT, including cybersecurity.
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