Incident and Emergency Management Market Size

Incident and Emergency Management Market Analysis

The Incident and Emergency Management Market is poised to grow at a CAGR of 6.69% over the next five years. Emergencies are highly unpredictable; it takes intense planning, time, and human resources to recover from crises. The primary factors driving the growth of the studied market include an increase in economic loss from natural disasters and the implementation of governmental policies and regulations to reduce such circumstances.

• Incident and emergency management solutions play a vital role in helping agencies and government bodies to develop effective contingency plans when faced with natural and human-made calamities. For instance, according to Aon plc's 2021 Weather, Climate, and Catastrophe Insight report, a total of USD 343 billion in economic losses occurred in 2021, USD 329 billion of which resulted from weather and climate-related events.
• Additionally, the incident and emergency management market is expanding significantly due to increased natural disasters caused by shifting climatic conditions. Climate change has influenced the prevalence of natural disasters. Climate change can raise the risk of extreme weather and increase the risk of droughts and the increased strength of storms, such as tropical cyclones. The elevated levels of water vapor in the atmosphere give storms the power to emerge.
• According to the World Health Organization (WHO), approximately 1.35 million people succumb to death yearly due to catastrophic road traffic accidents. The WHO also indicates that about 93% of these accidents occur in low- and middle-income countries. Such factors are analyzed to boost the demand for incident and emergency management solutions in low and middle-income countries over the forecast period.
• A study conducted by the National Highway Traffic Safety Administration to understand car accidents critical reasons indicated that reckless drivers cause about 94% of road accidents. Environmental factors, vehicles, and other unknown reasons are responsible for 2% of crashes each. Such statistics highlight the need for better safety measures, thus increasing the demand for incident and emergency management solutions.
• Given the criticality of first responders and public servants' roles, being on the frontlines of responding to an unprecedented public health emergency such as the COVID-19 outbreak has attracted considerable attention toward incident and emergency management systems. Lastly, multiple departments are observed handling calls over the phone to protect first responders. On the other hand, agencies have struggled with keeping workforces productive as more are quarantined at home and protecting officers from handling contaminated evidence.