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Incident And Emergency Management Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033
Incident And Emergency Management Market
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According to The Business Research Company's, The incident and emergency management market size has grown rapidly in recent years. It will grow from $159.43 billion in 2023 to $185.89 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to lessons learned from past incidents, infrastructure vulnerabilities, shift to integrated systems, population growth and urbanization, cybersecurity threats.
The incident and emergency management market size is expected to see rapid growth in the next few years. It will grow to $337.05 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to real-time data analytics, integration of gis and mapping, climate change impact,global health crises preparedness, cybersecurity threat management. Major trends in the forecast period include integrated command and control systems, use of ai and predictive analytics, mobile and remote access solutions, community-centric approach, resilience and risk assessment:, cloud-based platforms.
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Market Drivers and Trends:
The increase in natural disasters worldwide is expected to propel the growth of the incident and emergency management market in the coming years. Natural disasters are catastrophic emergencies caused by Earth's natural processes that can have serious consequences for the environment, possessions, and human life. Incident and emergency management is an essential component of handling the issues posed by natural catastrophes, as these solutions improve the overall efficacy of response activities, reduce deaths, and help impacted communities recover quickly. For instance, in March 2023, according to ReliefWeb, a US-based website for human rights information, the Emergency Event Database (EM-DAT) documented 387 natural hazards and catastrophes globally in 2022, resulting in the deaths of 30,704 people and impacting 185 million people. Economic losses amounted to approximately US$223.8 billion. Therefore, the increase in natural disasters worldwide is driving the incident and emergency management market.
Technological breakthroughs are the key trends in the incident and emergency management market. In the upcoming years, the market growth is also projected to be aided by advanced technological breakthroughs creating new opportunities for emergency management practices. The vast topic of artificial intelligence in computer science is focused on creating intelligent machines that can perform activities that typically require human intelligence. Artificial intelligence (AI) offers the potential to generate, transmit and read emergency-related data for better decision-making in crises. AI has the potential to forecast, assess, and simulate situations in emergency management to speed up response times and simplify resource allocation procedures. For instance, in May 2022, the city of Los Angeles (California, USA) signed an agreement for using the One Concern platform, which employs artificial intelligence through analytical disaster assessment and calculated damage estimates. This will specifically give each component of a city a """"unique, verifiable 'digital fingerprint,'"""" models the entire system, and tracks how each disaster and climate change affect a place.
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Major Key Players of the Market:
Honeywell International Inc., The Lockheed Martin Corporation, Motorola Solutions Inc., Siemens AG, NEC Corporation, Collins Aerospace, IBM Corporation, Hexagon AB, Esri Inc., Alert Technologies, The Response Group, Everbridge Inc., Juvare, Haystax Technology, Veoci, Rockwell Collins Inc., Intergraph Corporation, RapidDeploy, Send Word Now, Blackboard Connect, Singlewire Software, Rave Mobile Safety, CodeRED, Regroup Mass Notification, CrisisGo, Agility Recovery, MissionMode, Everstream Analytics, RiskLogic Sydney, Witt O'Brien's, BOLDplanning
Incident And Emergency Management Market 2024 Key Insights:
• The incident and emergency management market size is expected to see rapid growth in the next few years. It will grow to $337.05 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%.
• Rising Global Threats Catalysts For The Surging Incident And Emergency Management Market
• Revolutionizing Emergency Management The Role Of Artificial Intelligence In Driving Technological Breakthroughs
• North America was the largest region in the incident and emergency management market share in 2023
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