Smart cities are like to drive the adoption of intelligent surveillance systems fueling demand for incident and emergency management market growth
PORTLAND, OR, UNITED STATES, October 13, 2021 /EINPresswire.com/ — Increase in economic loss due to natural calamities, rise in terrorism, and implementation of government regulations & initiatives towards public safety act as the major drivers of the global incident and emergency management market. However, high installation and maintenance costs hamper the growth of the market. Based on system type, the surveillance system segment dominated the global incident and emergency management market in 2017 and is expected to continue this trend during the forecast period, owing to increase in adoption of security devices for incident reporting. Furthermore, the disaster recovery & backup system segment is expected to grow at the highest CAGR during the forecast period, due to surge in demand for recovery for critical data in business and other organizations.
According to a recent report published by Allied Market Research, titled, Incident and Emergency Management Market by System Type, Communication Technology, Service, Solution, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global incident and emergency management market was valued at $75,464 million in 2017, and is projected to reach at $423,323 million by 2025, growing at a CAGR of 24.2% from 2018 to 2025. In 2017, the surveillance system segment accounted for the highest revenue in the market.
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The global incident and emergency management market was led by the energy & utilities segment in 2017, and is projected to maintain its dominance during the forecast period. However, the healthcare segment is expected to witness the highest growth, owing to increase in adoption of incident and emergency management systems for patient safety.
In 2017, the global incident and emergency management market was dominated by the situational awareness segment and is expected to maintain this trend during the forecast period. Owing to rise in demand for situational awareness platforms to address emergency situations in security, safety, and operations practices.
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Key Findings of the Incident and Emergency Management Market:
• By system type, the disaster recovery & backup systems segment is expected to exhibit significant growth in the global incident and emergency management during the forecast period.
• In 2017, Europe accounted for the highest revenue among the other regions.
• Based on industry vertical, the energy & utilities segment generated the highest revenue in 2017.
• By communication technology, the emergency response radars segment is anticipated to exhibit substantial growth during the forecast period.
Some of the key incident and emergency management market players profiled 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.
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