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Artificial Intelligence In Disaster Response And Emergency Management Global Market Worth $201.41 Billion By 2028 Rapid Growth Predicted CAGR of 9.3%
Artificial Intelligence In Disaster Response And Emergency Management Market
According to The Business Research Company's, The artificial intelligence in disaster response and emergency management market size has grown strongly in recent years. It will grow from $129.31 billion in 2023 to $140.96 billion in 2024 at a compound annual growth rate (CAGR) of 9%. The growth in the historic period can be attributed to increased frequency and severity of disasters, advances in artificial intelligence (AI), cost reduction and efficiency, data availability and integration, public safety and government mandates.
The artificial intelligence in disaster response and emergency management market size is expected to see strong growth in the next few years. It will grow to $201.41 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to AI-powered robotics and drones, integration with smart cities, climate change impact, AI-driven predictive analytics. Major trends in the forecast period include AI integration with disaster recovery plans, expansion of IoT and sensor networks, rise of AI-powered predictive analytics, adoption of AI-powered robotics and drones, smart cities and ai for disaster management.
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Market Drivers and Trends:
The increasing frequency and severity of disasters are expected to propel the growth of artificial intelligence in the disaster response and emergency management market going forward. Disasters are sudden, catastrophic events that cause significant harm, destruction, and disruption to communities, environments, and economies. A complex interplay of natural phenomena, human activities, and the impacts of climate change drives the frequency and severity of disasters. Artificial intelligence in disaster response and emergency management is used to analyze vast amounts of data from various sources to provide real-time insights, predict disaster impacts, optimize resource allocation, and improve decision-making during crises. For instance, according to the World Disasters Report 2022 by the International Federation of Red Cross and Red Crescent Societies, a France-based non-profit organization, in 2021, the count of disasters was 529, affecting roughly 121.3 million people, with 14,577 documented deaths, surged from a total of 433 disasters in 2020, encompassing both technological incidents and those induced by natural hazards, impacted around 99.0 million individuals and led to 15,396 fatalities. Therefore, the increasing frequency and severity of disasters are driving the growth of artificial intelligence in disaster response and emergency management.
Major companies operating in artificial intelligence in disaster response and emergency management markets are developing new AI damage recovery solutions such as AI Property, to advance the assessment process. AI Property is an artificial intelligence solution enabling homeowners to swiftly assess and report external damage to buildings caused by natural disasters through a mobile-friendly app, expediting insurance claims and recovery processes. For instance, in January 2022, Tractable, a US-based software company, in collaboration with Verisk, a US-based analytics company, launched AI Property, an innovative tool for fast home damage assessment after natural disasters. This AI-powered solution allows homeowners to use a mobile-friendly app to quickly assess property damage by submitting photos to Tractable's platform. The AI, trained on a database of claims, provides damage assessments to insurers within a day, a process that used to take months.
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Major Key Players of the Market:
Amazon Inc., Alphabet Inc., Microsoft Corporation, Huawei Technologies Co. Ltd., Deloitte Touche Tohmatsu Limited, Hitachi Ltd., Siemens AG, Raytheon Technologies Corporation, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., General Dynamics Corporation, Northrop Grumman Corporation, Honeywell International Inc., NVIDIA Corporation, BAE Systems plc, Thales Group, NEC Corporation, Leidos Holdings Inc., Booz Allen Hamilton Holding Corporation, Motorola Solutions Inc., Teledyne Technologies Incorporated, Palantir Technologies Inc
Artificial Intelligence In Disaster Response And Emergency Management Market 2024 Key Insights:
• The artificial intelligence in disaster response and emergency management market size is expected to see strong growth in the next few years. It will grow to $201.41 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Rising Disasters Fueling The Growth Of Artificial Intelligence In Disaster Response And Emergency Management
• Artificial Intelligence Solutions Transforming Disaster Response And Recovery Efforts
• North America was the largest region in the artificial intelligence in disaster response and emergency management market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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