February 14, 2020/in HazMat, Industry, Industry chat, News /by hazzmatt1
According to the findings in a recent market research report, the incident and emergency management market was valued at USD 97.73 billion in 2020 and is expected to reach USD 137.84 billion by 2025, with a CAGR of 6.03% during the forecast period (2020-2025). Emergency situations are highly unpredictable; it takes intense planning, time, and human resources to recover from crisis situations.
Emergency response systems are a vital component in speeding up the recovery process. Governments are increasingly trying to develop intelligent mitigation plans to minimize the response time and damage caused by both natural and man-made disasters.
Climate change is leading to increased frequency and severity of extreme weather events across regions. Centre for Research on the Epidemiology of Disasters reported that the amount of flood and storm catastrophes have risen by 7.4 % annually, in recent times.
Among end-users, a few, like educational institutions and hospitality firms, have a lower level of awareness and deployment of such software solutions and are mostly into recovery post-incident. Such low adoption rates are likely to affect the market revenues over and during the forecast period.