Every year, the world suffers billions of dollars in economic losses entailing natural calamities or premeditated incidents. Governments from all parts of the world are keeping sizeable wealth as a reserve for dealing with aftermath of such emergency situations. Reimbursing millions among families who lost their members and controlling the property damage by extending redevelopment budgets sounds reasonable, but needs to be carried out effectively. In situations when every penny is worth more than a dollar, organizations are compelled towards a hard-and-fast implementation of efficient crisis, emergency & incident management platforms. Considering the rising incidence of such crisis situations, Persistence Market Research believes that by the end of 2024, around US$ 102 Bn worth of crisis, emergency & incident management platforms will be deployed across the globe.
According to its report, titled “Crisis, Emergency & Incident Management Platforms Market: Global Industry Analysis and Forecast, 2016-2024,” Persistence Market Research estimates that till 2016, the global market for crisis, emergency & incident management platforms raked in a little over US$ 68 Bn in revenues. Henceforward till the end of 2024, the market is projected to soar at a steady CAGR of 5.9%. The report reveals that factors necessitating the adoption of efficient crisis, emergency & incident management platforms include:
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- Complex challenges occurring in security-related events, and rising threats faced by cyber security taskforce of any organization
- Outbreak of genocidal or pandemic diseases in densely-populated regions
- Rising number of calculated attacks disguised under religious terrorism
- Extensive exploitation of Earth’s environment, which further imbalances the natural order
- Severe concerns related to dumping industrial, hazardous, and non-decomposable waste that incidentally give rise to natural calamities
- Incidents when conventional disaster management regime & counter measures further implicated chaotic situations, and failed to deliver effective & steadfast support
The report predicts that the global market or crisis, emergency & incident management platforms will be fragmented across various systems and platforms. Among which, the demand for web-based emergency management software, geospatial technology, emergency notification system, hazmat technology, seismic warning systems, and remote weather monitoring systems is expected to gain traction throughout the forecast period. These systems are also predicted to be demanding greater incorporation of communication technologies. Through 2024, satellite phone, vehicle-ready gateways, and emergency response radars will be the most dominant type of communication technologies used in working of any crisis, emergency & incident management platform.
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Likewise, the report also expects that during the stipulated forecast period, professional services such as consulting and emergency operation center (EOC) design & integration will be in great demand. By the end of 2024, crisis, emergency & incident management platforms will be actively adopted across industry verticals such as BFSI, energy & utility, government & defense, and telecommunication and IT. A regional analysis of the global crisis, emergency & incident management platform market indicates that North America will dominate by accounting for over US$ 36 Bn revenues by 2024-end. Adoption for such platforms will also be high in Asia-Pacific, and the region is expected to showcase a 6% value CAGR. Leading providers of crisis, emergency & incident management platforms in the world include Honeywell International, Inc., Lockheed Martin Corporation, Motorola Solution, Inc., Rockwell Collins, Inc., Siemens AG, Iridium Communication Inc., Guardly, Environmental System Research Institute, Inc., and Intergraph Corporation.