Market Trends of Incident and Emergency Management Industry
This section covers the major market trends shaping the Incident & Emergency Management Market according to our research experts:
Increase in Natural Disasters Worldwide to Drive the Market Growth
- As natural disasters increase in frequency and severity, their recovery costs also significantly increase yearly. Countries worldwide witnessed increased natural disasters last year, such as Brazil's floods, Indonesia's earthquake, Africa's drought, Hurricane Ian in the United States, Hurricane Fiona in Canada, etc. Such incidents further boost the demand for effective incident and emergency management solutions to minimize the cost of such incidents.
- For instance, according to data from CRED, in 2021, the most common natural disaster type worldwide was floods, with 223 floods in that year reported. Storms were the second-most-common type of natural disaster, standing at 121, followed by 28 earthquakes.
- In disaster recovery solutions, it is paramount to have a fast, reliable, and secure form of communication. Communication requirements in disaster recovery can benefit from the flexibility, versatility, and quick deployment of satellite networks, enabling responders to coordinate first response activities and command, control, and communicate urgent information, quickly and efficiently. Such an instance further drives the demand for incident and emergency management solutions to provide communication assistance in such disasters.
- Moreover, the high monetary and human cost associated with natural disasters is driving the demand for incident and emergency management solutions from various countries' federal and state governments. For instance, according to the data from the NEIC, the total cost of natural disasters in the United States amounted to USD 152.8 billion in 2021. Further, the cost of these events reportedly reached USD 29.3 billion in the last year (up to September last year).
- Similarly, according to the data from the Chinese Ministry of Emergency Management, China's direct economic damages as a result of natural catastrophes were CNY 88.81 billion (~USD 13.13 billion) in the first half of the last year. According to the Ministry, floods and hailstorms were the two most common natural disasters that occurred in China from January to June.
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North America to Occupy Significant Share in the Market
- The North American region holds a significant share in developing the incident and emergency management market. The region is home to many global incidents and emergency management solutions vendors. Many United States and Canadian local governments are increasingly adopting advanced solutions and services to protect public assets from disasters.
- Natural disasters have always posed a significant risk, striking anywhere and anytime. These types of disasters are especially prevalent in the United States. Therefore, local agencies and government bodies increasingly adopt incident and emergency management solutions to develop effective contingency plans when faced with natural and human-made calamities.
- In addition, North America's high number of natural disasters further drives the demand for incident and emergency management services, thus directly impacting the market's growth. For instance, according to a CRED report, in 2021, the United States witnessed 43 natural disasters, making it the highest natural catastrophe-prone country in the world. In addition, in 2021, floods were reported as the most common natural disaster.
- Further, according to the National Centers for Environmental Information (NCEI) data, as of October last year, there have been 15 weather/climate disaster events with losses exceeding USD 1 billion each to affect the United States. These events included one drought event, one flooding event, ten severe storm events, two tropical cyclone events, and one wildfire event. Such instances further drive the demand for the incident and emergency management market in the North American region.
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