Incident and emergency management is a set of technologies that enable emergency management agencies and organizations to prepare for man-made or natural disaster, and minimize the damage to infrastructures and prevent the loss of human lives. Various solutions and systems involved in incident and emergency management feature the ability to monitor natural disasters, detect and mitigate hazards, communicate quickly with respective emergency response teams and improve the coordination among them, create situational awareness, and help recover from the disaster.
MarketsandMarkets expects the global incident and emergency management market to grow from USD 93.44 billion in 2018 to USD 122.94 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period.
Upgradations of the outdated incident and emergency management infrastructure, increased use of social media to alert public about incidents and emergencies, increased government expenditure on emergency and disaster management solutions, and advancements in emergency management technologies would provide growth opportunities for incident and emergency management vendors.
The incident and emergency management market by system includes web-based emergency management system, emergency/mass notification system, surveillance system, traffic management system, inventory/database management system, safety management system, remote weather monitoring system, tsunami warning system, earthquake/seismic warning system, and CBRNE/HAZMAT detection system. Among various systems, the emergency/mass notification system is expected to grow at the highest CAGR during the forecast period. The growth can be attributed to the increasing adoption of emergency/mass notification system by enterprises to send or receive real-time sensitive emergency message notifications in the form of texts, emails, or voicemails, before or during emergencies.
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The incident and emergency management market by industry verticals is segmented as Banking, Financial Services, and Insurance (BFSI), energy and utilities, manufacturing, healthcare and life sciences, government and defense, aviation, hospitality, transportation, telecom and IT, and others (museums, sports stadiums, and residential complexes). The telecom and IT industry vertical is expected to be grow at the fastest rate among the industry verticals in the market. The loss of data and valuable information can severely hamper the operations of the telecom companies. Thus, there is a huge need to protect such data and information during disasters.
The global incident and emergency management market by regions is segmented into 5 major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America, to provide a region-specific analysis in the report. The APAC region is expected to grow at the highest CAGR during the forecast period, due to an increase in government expenditure on emergency and disaster management systems to safeguard people.
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