WILMINGTON, DE, UNITED STATES, January 30, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, Incident and Emergency Management Market by System Type, Communication Technology, Service, Solution, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2025,
The global incident and emergency management market was valued at $75,464 million in 2017, and is projected to reach at $423,323 million by 2025, growing at a CAGR of 24.2% from 2018 to 2025. In 2017, the surveillance system segment accounted for the highest revenue in the market.
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Increase in economic loss due to natural calamities, rise in terrorism, and implementation of government regulations & initiatives towards public safety act as the major drivers of the global incident and emergency management market. However, high installation and maintenance costs hamper the growth of the market. Based on system type, the surveillance system segment dominated the global incident and emergency management market in 2017 and is expected to continue this trend during the forecast period, owing to increase in adoption of security devices for incident reporting.
Furthermore, the disaster recovery & backup system segment is expected to grow at the highest CAGR during the forecast period, due to surge in demand for recovery for critical data in business and other organizations.
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Competitive Analysis:
The competitive environment of Incident and Emergency Management Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Incident and Emergency Management Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Esri Inc.
Honeywell International Inc.
IBM Corporation
Intergraph Corporation
Intermedix Corporation
Lockheed Martin Corporation
Motorola Solutions, Inc.
NEC Corporation
Rockwell Collins
Siemens AG and Many More
Region wise, In 2017, the global incident and emergency management market was dominated by the situational awareness segment and is expected to maintain this trend during the forecast period. Owing to rise in demand for situational awareness platforms to address emergency situations in security, safety, and operations practices.
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Increased market for smart cities is expected to drive the adoption of intelligent evacuation systems and surveillance systems thereby fueling the demand for incident and emergency management market growth.
Also, emergency response radars segment is expected to grow at a highest CAGR during the forecast period, due to upsurge in adoption, as they offer numerous benefits such as wider geographical coverage, cost-effectiveness, and repetitive coverage even in extreme weather conditions.
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