Incident and Emergency Management Market to Top US$ 245.6 Bn Amid Rising Incidence of Natural and Man-Made Threats

Communication Systems Sales in Incident and Emergency Management Market to Surge at 6.1% CAGR by 2032

In its latest study, Fact.MR offers comprehensive insights on the global incident and emergency market for the upcoming decade. It also delves in-depth analysis on key trends, opportunities and factors propelling the sales in the market. To gain better perspective, the report provides 360-degre view on multiple segments including component, vertical, simulation, and regions.

NEW YORK, April 7, 2022 /PRNewswire/ -- The overall sales in the incident and emergency management market are estimated to reach US$ 245.6 Bn by 2032, exhibiting growth at a CAGR of 6.4% during the forecast period (2022-2032).

Rising demand for risk management optimization to maintain business continuity even during the natural or man-made catastrophic events is likely to propel the demand. Also, rising incidence of terrorist attacks or criminal activities worldwide will create lucrative opportunities for the market.

Furthermore, deployment of surveillance and communication systems in the areas such as parking lots, parks, workplaces, financial facilities, and others will propel the demand for incident and emergency management.

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Need for hi-tech communication and simulation technologies to assist in emergency planning, preparation, and mitigation is increasing. Also, extensive use of next-generation software-defined radios and cognitive radios during the emergency situations is likely to boost the incident and emergency management market.

Apart from this, development of smart cities across developing economies is projected to surge the demand for IoT enabled evacuation systems and surveillance systems. This is anticipated to fuel the growth in the market.

Subsequently, government bodies across the globe are increasing the adoption of incident and emergency management systems due to rising incidences of natural calamities. Hence, to curb the economic losses, the demand for these systems is expected to surge over the forecast period.

Key Takeaways:

• By simulation, hazard propagation simulation tools segment is expected to dominate the market, exhibiting growth at a CAGR of 6.3% during the forecast period.
• Asia Pacific is expected register fastest growth in the market owing to favorable government policies to minimize the economic loss from catastrophes.
• Based on component, the communication system segment is estimated to register growth at 6.1% CAGR between 2022 and 2032.
• North America will dominate the market owing to the increasing research and development activities to develop advanced IoT-based emergency systems in the U.S.

Prominent Drivers:

• Surging application of emergency management systems in healthcare & life sciences and defense & military to provide early aid during emergency situations is likely to boost the market.
• Rising demand for hazard propagation simulation tools to tackle natural and man-made disasters and to offer end-to-end emergency management consulting services will bolster the growth in the market.

Restraints:

• High cost for the installation of video surveillance, controllers and detecting sensors is likely to restrain the growth in the incident and emergency management market.

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Competitive Landscape:

Key manufacturers operating in the market are collaborating with educational institutions and private healthcare facilities to increase their revenues and expand their customer base. Some of the leading players are also improving their management technologies to cater to the growing demand for emergency systems.

For instance,

• March 2019: Lockheed Martin launched the "LTE-over-Satellite technology." This device offers connection to remote places and supports businesses at the time of natural disasters such as wildfires, hurricanes, earthquakes, flooding, and others.
• June 2021: Honeywell introduced the "Honeywell AMIR Service" with the goal of offering 24/7 cybersecurity detection and quick response in response to the existing cyber threats.

Key Companies Profiled by Fact.MR

• Honeywell
• Lockheed Martin
• Motorola Solutions
• Siemens
• NEC
• Others

More Valuable Insights on Incident and Emergency Management Market

Fact.MR in its latest study provides a detailed study on the global incident and emergency management market for the forecast period of 2022 to 2032. The report also offers critical insights on trends, opportunities, and challenges affecting the sales in the market with detailed segmentation as follows:

By Component:

• Solution
• Web-based Emergency Management System
• Emergency / Mass Notification System
• Disaster Recovery and Business Continuity
• Perimeter Intrusion Detection
• Geospatial Solutions
• Fire and HAZMAT Solutions
• Services
• Consulting Services
• Emergency Operation Center (EOC) Design and Integration Services
• Training and Simulation Services
• Public Information Services
• Communication System
• First Responder Tools
• Satellite Assisted Equipment
• Vehicle Ready Gateways
• Emergency Response Radars

By Vertical:

• Commercial and Industrial
• IT and Telecom
• Energy and Utilities
• Healthcare and Lifesciences
• Defense and Military
• Transportation and Logistics
• Government and Public Sector
• Others (BFSI, ITES, and Hospitality)

By Simulation:

• Traffic Simulation Systems
• Hazard Propagation Simulation Tools
• Incident and Evacuation Simulation Tools

By Region:

• North America
• Europe
• APAC
• Middle East and Africa (MEA)
• Latin America

Key Questions Covered in the Incident and Emergency Management Market Report

• At what rate will the global incident and emergency management market expand during the forecast period?
• Which are the factors boosting the growth in the incident and emergency management market?
• Which region is likely to hold maximum share in global incident and emergency management market during 2022-2032?
• What is the estimated market value of incident and emergency management market in 2022?

Explore Fact.MR's Coverage on the Industrial Goods Domain

Emergency Stop Switches Market: Stringent government regulations regarding workplace and equipment safety is estimated to spur the sales of emergency stop switches. Also, incorporation of latest and wireless technologies in emergency stop switches for effective management of industrial equipment is projected to create lucrative opportunities for the market.

Emergency Showers Market: Increasing use of toxic chemicals in fertilizer and other industries is driving the demand for emergency showers. In addition to this, growing need for accurate scald safe temperature control to ensure easy availability of lukewarm water is expected to increase the sales of emergency showers integrated with thermostatic mixing valves (TMV), boosting the market.

Emergency Warning Lights Market: Rising government regulations related to the installation of warning lights at industrial and construction sites is projected to surge the demand in the market. Furthermore, growing use of emergency response vehicles and law enforcement vehicles is anticipated to bolster the growth in the market.

About Fact.MR

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SOURCE Fact.MR