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.
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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.
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
Systems for managing incidents and emergencies allow for real-time tracking of events, facilitating the quick identification and handling of crises as they arise.
These systems provide smooth coordination and information exchange among various stakeholders, such as emergency responders, governmental organisations, and the general public, by facilitating cross-platform communication.
By dynamically assigning persons, equipment, and supplies depending on the changing needs of the scenario, incident and emergency management solutions optimise resource allocation and ensure effective resource utilisation during crises.
Certain systems incorporate geospatial intelligence functionalities, allowing emergency personnel to view incident information on maps, pinpoint impacted regions, and make knowledgeable choices about the distribution of resources and evacuation paths.
Platforms for incident and emergency management provide mobile accessibility, enabling responders to use mobile devices to coordinate response operations, interact with team members, and obtain vital information from any location.
Major Highlights of the Incident and Emergency Management Market
Global need for sophisticated event and emergency management solutions is being driven by an increase in the frequency of natural catastrophes, pandemics, and security threats.
Significant technological developments are taking place in the industry, such as the incorporation of IoT, AI, and geospatial intelligence, which improves incident response and management’s efficacy and efficiency.
The modernization of incident and emergency management infrastructure by governments across the globe has resulted in the adoption of cutting-edge solutions to enhance public safety and response capabilities.
Cloud-based incident and emergency management solutions are becoming more and more popular because of their accessibility, scalability, and flexibility, which allow stakeholders to collaborate and share information in real time.
As incident and emergency management systems become more integrated with mobile devices, responders’ agility and responsiveness are increased since they can now communicate, obtain vital information, and plan responses from a distance.
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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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