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The other major players operating in the Environmental hazard monitoring software market are Ambiental, Aon PLC, Badgersoftware, Bigtincan
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Environmental hazard monitoring software market size is estimated to grow at a significant CAGR from 2019 to 2025 due to growing need to minimize loss of lives and infrastructures caused by natural hazards. For instance, in May 2019, according to the Home Ministry of India, cyclone Fani caused A loss of over USD 130.8 million and affected more than 1.5 million people in India. The supportive government initiatives related to climate change and environmental hazard monitoring software are driving the Environmental hazard monitoring software market growth. For instance, the U.S. Clean Air Act of 1963 designed to control air pollution in the region enforces the state bodies to monitor the air quality index using EHM software.
The EHM software includes tools, such as automated investigations, real-time trending, and root cause analysis, which help the government to identify high-risk areas to be affected and provide aid to the affected area. There is an increasing need to reduce environmental pollution to mitigate emerging health issues such as bronchitis, asthma, and COPD. For instance, according to the World Health Organization (WHO) report in 2019, 15 countries, which emit the most greenhouse gas emissions, the health impacts of air pollution are estimated to cost more than 4% of their GDP.
The advent of advanced technologies, such as big data, predictive analytics, deep learning, and machine learning, will enhance EHM software to predict environmental hazards in advance in a region to mitigate the risk and losses associated with the hazard. It is very likely that extreme precipitation events will become more intense and frequent in many regions and climate change will amplify existing risks. These risks can be avoided by predictive analytics and deep learning technologies implemented on the EHM software.
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The government sector held a large Environmental hazard monitoring software market share and is anticipated to maintain it over the forecast timeline due to growing climatic changes in several regions and increasing frequency of environmental hazards. It is continuously looking for enhanced insights to predict flood & other environmental risks and mitigate damage or economic losses to people & assets caused by these environmental hazards. For instance, in 2018, natural disaster events across the world led to economic damage of USD 225 billion.
IT & telecom is estimated to grow at a significant CAGR due to major infrastructure losses worth billions in environmental hazards. For instance, in September 2017, hurricane Maria caused more than USD 3 billion losses in Dominica to the IT & telecom sector. The key telecom market players, such as Digicel and Flow, were affected the most.
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EHM Software solution providers are focusing on strategic alliances with other market players to improve their offerings and expand their geographical presence. For instance, in April 2019, Royal HaskoningDHV acquired Ambiental. This acquisition is anticipated to strengthen RHDHV’s flood risk consulting service and data solutions including machine learning, digital mapping, and predictive analytics. The other major players operating in the Environmental hazard monitoring software market are Ambiental, Aon PLC, Badgersoftware, Bigtincan, Deltares, DHI, Everbridge, KatRisk LLC, NORSAR, Stonex, and XP Solutions Inc.
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