Disaster or emergency management is the process of preparing for the act of response, mitigation, and response to various forms of emergencies. Emergencies like fire, hurricane, hazardous material accidents, earthquake, winter storms, radiological accidents, explosions and such other incidents require immediate plan of action for evacuation and safety of people and assets. Growth in risk factors and threats like terrorist attacks are driving the global emergency management market. Rising demand from different countries and evolutionary tools and solutions in the industry will also contribute to the overall growth rate of the industry in global market.
Drivers and Trends in Emergency Management Industry
As mentioned before, emergency or disaster management is vital for the first responders and government authorities. These authorities use technologically advanced tools and services like radars, early warning systems, detection systems, and various other safety and surveillance systems. All these solutions help the authorities in planning, preparation and evacuation during such instances. Increasing threats of terrorist attacks, natural calamities, radiological accidents and such other manmade and natural calamities call for beforehand planning and preparation. Advancing technology in the industry also plays crucial role in the overall development of the industry.
Global emergency management market is categorized into different types of platforms, systems, simulation tools, communication technologies, professional services, and web-based management solutions. Systems and platforms segment on the other hand includes geospatial technologies, web-based emergency management, surveillance systems, mass notification, and various other monitoring and warning systems. Simulation tools include various types of hazard propagation, traffic simulation, and evacuation tools. Service segment of the market include emergency operations, consulting, training, simulation and public information services.
According to the market research reports, emergency management market is estimated to grow at a steady CAGR of over 6% from 2013 to 2018. At the projected CAGR, the industry is expected to reach $93.39 billion by the end of the year 2018. In the year 2013, the market was worth $69.47 billion in 2013. Increasing adoption of disaster management solutions, demand from governments and authoritative bodies from different developed and developing countries and rising risks of terrorist attacks are expected to be the driving factors for the market during the forecasting period.
The global market is expected to be dominated by North America and Europe. However, emerging markets like Asia Pacific, Latin America, and Middle East and Africa will also witness impressive growth during the forecasting period. Aggressive growth in security and safety market will contribute to the overall growth of the industry.