EHS Market includes solutions and services, which aim at reducing the environmental pollution (including air, water, and soil), ensuring the health of the workers by improving the ergonomics, and confirming a risk-free workplace. These EHS solutions come with various features, such as environmental and occupational health management, energy and water management, air quality and compliance management, waste management, incident management and risk management, fire safety, and inventory management.
The global EHS market size is expected to grow from USD 4.36 billion in 2017 to USD 7.38 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.1% during the forecast period. The major factors driving the growth of the EHS market include stringent government regulations and guidelines; rising awareness about EHS among employees and organizations; increasing number of accidents, especially in mining, energy, construction, and chemical industries; and growing investments by end-users.
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The analytics services segment of the market is expected to grow at the highest CAGR during the forecast period. Analytics services help organizations in aggregating data from multiple resources and analyzing it for expanding the profit margins. Once the data is uploaded into the EHS analytics system, organizations can view the data in a customizable dashboard, share the data with other organizations, and import the data into an excel sheet to build their own reports. Primarily, EHS analytics services are cloud-based, and there is no need to connect these services to any external hardware. Contractors, suppliers, and other stakeholders can view and report their data with the help of analytics services.
The construction and engineering vertical is expected to be the fastest growing segment in the EHS market during the forecast period. For every organization, worker safety is critical; however, stakes are high in the construction and engineering vertical. Companies need to provide their workers with proper training, conduct regular safety inspections, and identify and eliminate site hazards. The construction and engineering vertical includes 5 major solutions, namely, incident management, audit and inspection, waste management, on-demand training, and compliance management.
APAC is expected to grow at the highest CAGR, as India, Australia, and Japan are taking several initiatives toward environmental health and safety. The Government of India and the labor departments of the states and union territories in India are responsible for the safety and health of workers. The Government of Australia is also following the Work Health and Safety Act 2011, which includes all the necessary rules and regulations of EHS.
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