Environment, Health, and Safety Global Market to Reach $9.4 Billion by 2027 at a CAGR of 7.0%
DUBLIN, Dec. 15, 2022 /PRNewswire/ -- The "Environment, Health, and Safety Market by Component (Software and Services (Project Deployment and Implementation Services, Audit, Assessment and Regulatory Compliance)), Deployment Mode (Cloud, On-premises), Vertical & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global EHS market is projected to grow from USD 6.7 billion in 2022 to USD 9.4 billion by 2027, at a CAGR of 7.0% during the forecast period. The need to improve risk visibility by identifying hidden risks within organizations and increasing the transparency of workflows is driving the EHS market growth.
The Services segment is estimated to account for a higher CAGR during the forecast period.
EHS services include the support offered by EHS companies to offer customer assistance efficiently using EHS software and maintaining them. The primary aim of these services is to provide training and developing expertise, timely upgradations to software or platform, and help customers integrate their software or platform with other Information Technology (IT) solutions. As the adoption of EHS software is increasing across organizations, the demand for supporting services is also expected to increase among organizations.
The Cloud segment is expected to account for a larger market share during the forecast period.
The adoption of cloud-based solutions is growing at a good pace, and the trend is expected to grow during the forecast period due to the wide range of functionalities and core features these solutions provide. The low cost and ease of implementation are expected to have made the cloud a highly preferred delivery model among large enterprises and SMEs. SMEs tend to adopt cloud-based solutions than the on-premises mode due to the low cost and 24/7 support and maintenance provided by software vendors.
Based on verticals, energy and utility verticals account for the largest market share during the forecast period.
The energy and utilities vertical comprise natural gas, oil, nuclear power, coal, renewable energy, electricity, water, waste, and recycling sectors. EHS solutions in energy and utilities sector help to report emissions via air, water, or in the form of waste. There are various health and environmental hazards related to electricity generation. To minimize environmental and public health effects, both directly from generation and indirectly from obtaining fuels, the demand for EHS solutions in the energy and utility sector is increasing.
Among regions, Asia Pacific recorded the highest CAGR during the forecast period.
Asia Pacific constitutes thriving economies, such as Singapore, Japan, China, India, and Australia, which are expected to register high growth rates in the EHS market. It is expected to witness the highest CAGR during the forecast period. China has witnessed immense industrial growth and is the world's manufacturing capital. The government is getting stricter with EHS regulations and compliances. The Social Science Research Council (SSRC) started a China Environment and Health Initiative program, generating new research on the connection between health, environment, and development in China.
Market Dynamics
Drivers
- Increase in Government Initiatives to Follow Certain Workforce Safety and Environmental Regulations and Standards
- Digitally Connected Workforce with Connected Wearables for Safe Operations to Improve EHS Management
- The Need to Improve Risk Visibility by Identifying Hidden Risks Within Organizations and Increase the Transparency of Workflow
- Proliferation of the Software-As-A-Service Deployment Model
Restraints
- High Cost Associated with EHS Software Solutions
Opportunities
- Increase in Government Initiatives for Low Carbon Emission Policies
- Technological Innovations Helping Various Industries to Achieve Worker Engagement and Adopt Environment, Health, Safety, and Quality Programs
- Modernization of Industry Infrastructure for Low Carbon Emissions
Challenges
- Poor Regulatory Frameworks in Developing Countries
- Lack of Skills and End-To-End Solutions
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Environment, Health and Safety Market, by Software Feature
7 Environment, Health and Safety Market, by Component
8 Environment, Health and Safety Market, by Deployment Mode
9 Environment, Health and Safety Market, by Vertical
10 Environment, Health and Safety Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent/Related Markets
14 Appendix
Companies Mentioned
- Alcumus
- Compliancequest
- Cority
- Dakota Software
- Ecoonline
- Enablon
- Enhesa
- ETQ
- Gensuite
- Ideagen
- Intelex
- Isometrix
- Pro-Sapien
- Processmap
- Prontoforms
- Quentic
- Safetyculture
- Safetysite
- SAI Global
- SAP
- She Software
- Sheqx
- Sphera
- UL
- VelocityEHS
- Verisk 3E
- Visiumkms
For more information about this report visit https://www.researchandmarkets.com/r/9ve7sm
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SOURCE Research and Markets
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