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Disaster Preparedness Systems Market Trends, Market Share, Size, Growth Status And Forecast To 2033
Disaster Preparedness Systems Market Trends
According to The Business Research Company's, The disaster preparedness systems market size has grown strongly in recent years. It will grow from $184.66 billion in 2023 to $201.83 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to increasing frequency of natural disasters, increasing frequency and severity of natural disasters, growing risk perception, escalating incidences of criminal and terrorist activities,heightened disaster risks.
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Market Drivers and Trends:
The rise in the frequency of natural disasters is expected to propel the growth of the disaster preparedness system market going forward. A natural disaster is a highly harmful impact on a society or community following a natural hazard like earthquakes, hurricanes, floods, or other natural events. The disaster preparedness system helps to reduce the frequency of natural disasters by providing various solutions and tools to communities, organizations, and individuals to prepare for, respond to, and recover from disasters more effectively. For instance, according to the National Oceanic and Atmospheric Administration, a US-based government agency, in 2022, the U.S. encountered 18 distinct weather and climate disasters, each with a cost of at least $1 billion, while in 2023, the U.S. faced 28 separate weather and climate disasters, each with a cost of at least $1 billion. Therefore, the rise in the frequency of natural disasters is driving the growth of the disaster preparedness system market.
Major companies operating in the disaster preparedness system market are focusing on innovative products, such as disaster recovery portfolio solutions, to sustain their position in the market. A disaster recovery portfolio solution is a comprehensive set of policies, tools, and processes used to recover or continue operations of critical IT infrastructure, software, and systems after a natural or human-made disaster. For instance, in March 2023, Huawei Technologies Co. Ltd., a China-based technology corporation, launched Storage and Optical Connection Coordination (SOCC), a unified disaster recovery portfolio solution. It is designed to solve service losses and ensure the swift recovery of operations. SOCC is the industry's first solution that combines storage and optical networks to provide a unified disaster recovery portfolio solution. Its main goal is to reduce data loss and avoid business interruptions in the event of calamities like earthquakes or fires.
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Major Key Players of the Market:
Siemens AG, The Lockheed Martin Corporation, Airbus SE, International Business Machines Corporation, Honeywell International Inc., Johnson Controls International plc, NEC Corporation, Asahi Kasei Corporation, Eaton Corporation, Motorola Solutions Inc., Kumho Petrochemical Co. Ltd., Kuraray Co.Ltd., JSR Corporation, Avient Corporation, Denka Company Limited, Lee Chang Yung Chemical Industry Corp., Blackboard Inc., Everbridge Inc., OnSolve LLC, Singlewire Software LLC, Juvare, Alertus Technologies LLC, CrisisGo Inc.
Disaster Preparedness Systems Market 2024 Key Insights:
• The disaster preparedness systems market is expected to grow to $283.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Rising Frequency Of Natural Disasters Fuels Growth In The Disaster Preparedness System Market
• Disaster Preparedness Market Growth Through Advanced Technologies and Innovative Solutions
• North America was the largest region in the disaster preparedness systems market in 2023
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