Increased market for smart cities is expected to drive the adoption of intelligent evacuation systems and surveillance systems thereby fueling the demand for incident and emergency management market growth. Also, emergency response radars segment is expected to grow at the highest CAGR during the forecast period, due to an upsurge in adoption, as they offer numerous benefits such as wider geographical coverage, cost-effectiveness, and repetitive coverage even in extreme weather conditions.
The global incident and emergency management market was valued at $75,464 million in 2017 and is projected to reach $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.
Increase in economic loss due to natural calamities, the rise in terrorism, and the 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 the surge in demand for recovery for critical data in business and other organizations.
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The global incident and emergency management market was led by the energy & utility 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 an 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 the rise in demand for situational awareness platforms to address emergency situations in security, safety, and operations practices.
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