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Environmental Health And Safety (EHS) Software Market Trends, Strategies, Size, Share And Analysis 2024-2033
Environmental Health And Safety (EHS) Software Market Trends
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According to The Business Research Company's, The environmental health and safety (EHS) software market size has grown strongly in recent years. It will grow from $6.99 billion in 2023 to $7.56 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increasing data management requirements, a rise in workplace safety awareness, growing environmental concerns, the need for compliance management, and increased mobile accessibility.
The environmental health and safety (EHS) software market size is expected to see strong growth in the next few years. It will grow to $10.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to the rise in adoption of cloud-based solutions, rise in corporate social responsibility initiatives, increasing number of workplace accidents, rise in automation of compliance processes, and rise in environmental concerns. Major trends in the forecast period include technological advancements, integration with IoT devices, data analytics, adoption of cloud-based solutions, and machine learning.
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Market Drivers and Trends:
The increasing number of corporate social responsibility (CSR) initiatives is expected to propel the growth of the environmental health and safety (EHS) software market going forward. Corporate social responsibility (CSR) initiatives refer to specific actions and programs that companies undertake as part of their CSR strategy to take responsibility for their impact on society beyond just maximizing profits. The number of corporate social responsibility (CSR) initiatives is increasing due to several reasons, such as enhanced reputation, risk management, consumer expectations, investor attraction, and innovation and improvement. Environmental health and safety (EHS) software supports corporate social responsibility (CSR) initiatives by helping companies track sustainability efforts, ensure compliance with environmental regulations, and promote a safer, more ethical workplace. For instance, in January 2024, according to the survey conducted on 612 participants by Virgin Pulse, a US-based comprehensive employee wellness platform, participation in wellbeing programs rose by 67% compared to 2022, highlighting significant growth in employee engagement. Therefore, the increasing number of corporate social responsibility (CSR) initiatives is driving the growth of the environmental health and safety (EHS) software market.
Major companies operating in the environmental health and safety (EHS) software market are focusing on developing advanced technologies, such as EHS solutions to track and manage workplace incidents. EHS solutions refer to a comprehensive framework and set of practices aimed at managing environmental, health, and safety (EHS) aspects within organizations. For instance, in February 2023, Health & Safety Institute (HSI) Inc., a US-based software company, launched EHS Essentials to address the increasing demand for comprehensive and cost-effective environmental, health, and safety (EHS) solutions. EHS Essentials is designed to streamline workplace safety and compliance by offering an all-in-one platform that simplifies the management of incidents, audits, inspections, and OSHA compliance. This innovative solution helps organizations transition from manual processes to digital systems, improving efficiency and ensuring better management of their EHS responsibilities.
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Major Key Players of the Market:
International Business Machines Corporation, Honeywell International Inc., SAP SE, Wolters Kluwer N.V., Drägerwerk AG & Co. KGaA, Tetra Tech Inc., UL Solutions Inc., Ramboll Group A/S, Diligent Corporation, Sphera Solutions Inc., Health & Safety Institute Inc., Cority Software Inc., SafetyCulture Pty Ltd., Benchmark ESG, Verisk 3E, Intelex Technologies Inc., Quentic GmbH, EcoOnline AS, iPoint-systems GmbH, Omnigo Software LLC, Dakota Software Corporation, Nimonik Inc., eCompliance Management Solutions Inc.
Environmental Health And Safety (EHS) Software Market 2024 Key Insights:
• The environmental health and safety (EHS) software market size is expected to see strong growth in the next few years. It will grow to $10.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Growing CSR Initiatives Driving Expansion In Environmental Health And Safety (EHS) Software Market
• Innovative Advancements In EHS Software
• North America was the largest region in the environmental health and safety (EHS) software market in 2023
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Learn More About The Business Research Company
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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Over the past four decades, a large number of EHS regulations has been implemented across major industrialized economies such as North America and Europe.
After the global financial crisis in 2008, implementation of robust and costly EHS monitoring tools…
