The Global Crisis Emergency and Incident Management Platforms Market, By End user Vertical (BFSI, Energy and Utility, Healthcare and Life Science, Government and Defense, Aviation, Hospitality, Transportation and Logistics, Telecom and IT and Others), By Communication Technology (First Responder, Satellite Phone, Vehicle Ready Gateway and Emergency Response Radar), By System and Platform (Web Based Emergency Management Software, Geospatial Technology, Emergency Notification Service, Surveillance System, Hazmat Technology, Backup and Disaster Recovery System, Earthquake/Seismic Warning System, Traffic Incident Management , Remote Weather Monitoring System and Database Management Systems(DB MS)), By Service (Consulting, Emergency Operation Center (EOC) Design and Integration, Training and Simulation and Public Information Services) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 122,042.1 Million by 2027, exhibiting a CAGR of 5.9% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Crisis emergency and incident management platforms refer to security measures against possible disturbance, in order to strategize the incident response. Various communication technologies are used in crisis emergencies and incident management platforms such as satellite phones, first responders, vehicle ready gateway, and emergency response radar. The global crisis emergency and incident management platforms market focuses on five regions North America, Latin America, Europe, Asia Pacific, and MEA.
The global Crisis Emergency and Incident Management Platforms Market was accounted for US$ 75,408.1 Mn in terms of value in 2019 and is expected to grow at CAGR of 5.9% for the period 2020-2027.
Rising demand for social media surfing, digitization, and mobile usage is expected to propel the global crisis emergency and indent management platforms market growth during the forecast period
There has been increased demand for internet, mobile usage, social media surfing, and digitalization. Furthermore, security breaches as well have increased, which increase has led to increased demand for crisis event management platforms. These platforms are required to address the sharing of information across emergency agencies and stakeholders involved in response and recovery. Thus, these factors are expected to drive growth of the global crisis emergency and indent management platforms market during the forecast period.
Constant partnership and collaboration activities among market players present significant business opportunities
Key players operating in the market are focused on partnership and collaboration activities, in order to gain a competitive edge in the market. For instance, in June 2015, Iridium Communication Inc. partnered with Arion Communication Co., Ltd., which is a Korea-based manufacturer of maritime, aviation, and communications equipment, in order to distribute a former company’s mobile satellite communications products and services across the market in South Korea. In December 2016, Motorola Solution Inc. partnered with NSW Telco Authority (NSW TA), which is an Australia-based company, in order to upgrade 150 radio sites used for public safety and for expanding the network coverage.
Among the Vertical segment, the BFSI sub-segment accounted for 21.4% in 2019. Many countries around the globe such as India, Spain and Italy have imposed nationwide lockdown. For Instance, India have imposed lockdown from 25 March to 1 June till the further notice. In this lockdown retail shops and Cinema halls in the malls will remain closed. Owing to the lockdown the number of transactions in banking sector have also reduced. COVID-19 is expected to restrain the market growth during the year 2020.
Rising uncertainty of disasters is expected to hinder the global crisis emergency and incident management platforms market growth over the forecast period
A high number of disasters or new and unfamiliar threats occur, some of which need emergency management procedures to be initiated. It is a difficult and complex task for consulting firms to analyze vast amounts of data and information in a limited amount of time and also predict these disasters in the near future. Emergency management firms may require to reevaluate how present services can be implemented and enhanced to meet these challenges.
Increasing partnership among solution providers
Major crisis/emergency and incidence management service providers are focusing on entering into partnerships with other players in order to introduce emergency notification systems and services to broaden its solution offerings. In some countries in North America such as U.S. and Canada, solution providers are partnering with other solution providers from developing countries for providing advanced technologies such as geospatial, traffic incident management, and web-based emergency management systems. For instance, in July 2015, Environmental System Research Institute (Esri) partnered with Sustainable Development Solution Networks (SDSN), which is a U.S.-based company for sustainable development data.
Rising adoption of security measures in various sectors
Asia Pacific is witnessing a significantly high rate of adoption of crisis and incident management technologies due to the enhancement of security measures in countries such as China, India, and others. Moreover, this region is considered a potential market for such solutions and products in the next few years due to the calamities of floods, earthquakes, and terrorist attacks encountered in some countries in this region. In some countries in APAC, civil aviation activities such as enhancement of infrastructure and up-gradation of systems and security equipment, development of disaster management systems, and updated standards are expected to increase in the next 10 years. As a result, government authorities in the region are investing significantly on the adoption of advanced security and risk management systems.
Key players operating in the global crisis emergency and incident management platforms market are Honeywell International Inc., Intergraph Corporation, Lockheed Martin Corporation, Environmental System Research Institute, Inc., Motorola Solution Inc., Guardly, Rockwell Collins, Inc., Iridium Communication Inc., and Siemens AG.