Portland, OR, March 12, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Incident and Emergency Management Market by System Type (Mass Notification System, Surveillance System, Traffic Management System, Safety Management System, Earthquake/ Seismic Warning System, and Disaster Recovery & Backup System), Communication Technology (First Responder Tools, Satellite Phones, Emergency Response Radars, Vehicle-ready Gateways, and Others), Service (Training & Education Services, Consulting Services, Design & Integration Services, and Support & Maintenance Services), Solution (Geospatial Solutions, Disaster Recovery Solutions, and Situational Awareness Solutions), and Industry Vertical (BFSI, Public Sector, Healthcare, Retail, IT & Telecom, Energy & Utilities, Manufacturing, Aerospace & Defense, Transportation & Logistics, and Others) - Global Opportunity Analysis and Industry Forecast, 2018-2025”. According to the report, the global incident and emergency management market accounted for $75.5 billion in 2017 and is anticipated to reach $423.3 billion by 2025, registering a CAGR of 24.2% during the forecast period.
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Increased occurrence of terrorist attacks worldwide, high prevalence of natural disasters leading to rise in economic loss, and the inception of various government regulations & policies pertaining to incident management are the factors that drive the growth of the global incident and emergency management market. However, astronomical installation & maintenance costs hamper market growth. Nonetheless, technological advancements that help mitigate terrorist attacks and the development of smart cities are set to provide lucrative opportunities for emerging market players in the near future.
By system type, the surveillance system segment is anticipated to continue its dominance through 2025 and occupy more than one-fifth of the global share, owing to a rise in adoption of security devices in personal residences and workplaces. By communication technology, the satellite phones segment is expected to remain the largest revenue contributor, generating almost one-third of the projected revenue in 2025. By industry vertical, the healthcare segment is poised to grow at the highest CAGR of 28.3% from 2018 to 2025, due to increased concern for patient safety. Regionally, Europe would continue to dominate the market through 2025 with more than one-third of the global share. Meanwhile, Asia-Pacific would witness the highest CAGR of 27.2% during the forecast period.
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The key players analyzed in the report include Esri Inc., Honeywell International Inc., IBM Corporation, Intergraph Corporation, Intermedix Corporation, Lockheed Martin Corporation, Motorola Solutions, Inc., NEC Corporation, Rockwell Collins, and Siemens AG.