According to a research report "Incident and Emergency Management Market by Component, (Solutions (Emergency/Mass Notification System, Perimeter Intrusion Detection, and Fire and HAZMAT), Services, and Communication Systems), Simulation, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets, the global incident and emergency management market size is expected to grow from USD 124.0 billion in 2021 to USD 171.8 billion by 2026, at a CAGR of 6.7% during the forecast period. Occurrence of unpredictable natural disasters due to the ever-changing climate conditions and growth in terrorist attacks and criminal activities are some of the major factors driving the growth of the market.
Browse 337 market data Tables and 47 Figures spread through 297 Pages and in-depth TOC on "Incident and Emergency Management Market by Component, (Solutions (Emergency/Mass Notification System, Perimeter Intrusion Detection, and Fire and HAZMAT), Services, and Communication Systems), Simulation, Vertical, and Region - Global Forecast to 2026"
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The IT and Telecom vertical segment is expected to account for the larger market share during the forecast period.
The IT and telecom vertical deploys mass notification systems in offices, campuses, premises, IT parks, and remote locations. IT and telecom enterprises are adopting incident and emergency management solutions to effectively manage mass communication alerts that need to be sent to customers worldwide with regular policy updates and product and software upgrades, keeping abreast with the evolving technologies in the industry. The adoption of mass notification solutions in the IT and telecom sector is expected to witness a larger market share during the forecast period.
The training and simulation services segment to grow at a higher CAGR during the forecast period
Companies that provide professional services for the incident and emergency management also offer training on the use of simulation tools, such as traffic simulation systems, hazard propagation simulation tools, and incident and evacuation simulation tools. The training is provided to first responders by creating real-time emergency scenarios, which are used as a training platform for disaster response teams. As a result, these simulation tools that are implemented in the training modules help raise the level of preparedness, response capability, and mitigation of property damage during an emergency.
Moreover, training can range from simulating emergency events for a single user to a multiuser and multiagency environment. Training services take care of training the emergency response teams and guide them in using emergency management systems and tools. These services also help minimize people and infrastructure-related losses caused due to the incident.
North America estimated to lead the incident and emergency management industry during the forecast period
North America is expected to account for the largest share of the incident and emergency management market in 2020. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting technologically advanced emergency equipment. The North American region exhibits a wide presence of key industry players offering incident and emergency management solutions and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.
Honeywell (US), Lockheed Martin (US), Motorola Solutions (US), Siemens (Germany), NEC Corporation (Japan), Collins Aerospace (US), IBM (US), Hexagon (Sweden), Esri (US), Larsen and Toubro (US), Alert Technologies (US), The Response Group (US), Everbridge (US), Juvare (US), Haystax Technology (US), Veoci (US), MetricStream (US), Noggin (Australia), LogicGate (US), 4C Strategies (Sweden), Resolver (Canada), BlackBerry (Canada), Eaton (Ireland), ARCOS (US) and Johnson Controls (Ireland) are some of the leading companies operating in this market.
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