Environment, Health, and Safety Market worth $11.5 billion by 2029, growing at a CAGR of 7.6%: Report by MarketsandMarkets
Chicago, April 26, 2024 (GLOBE NEWSWIRE) -- *The global **Environment, Health, and Safety Market** size is** projected to grow from USD 7.9 billion in 2024 to reach USD 11.5 billion by 2029, at a CAGR of 7.6 %* *during the forecast period 2024 to 2029, **according to a new report by MarketsandMarkets™.*
With the increasing number of connected devices, the opportunities to use such devices effectively to help manage EHS continue to increase. The connected device technology is enhancing EHS management practices, and by embracing IIoT for EHS, companies can take advantage of new opportunities to reduce the risk of injury to workers and harmful impacts on the environment.
Innovative technologies such as artificial intelligence (AI), big data analytics, the Internet of Things (IoT), and remote monitoring systems have revolutionized EHS management. These technologies enable real-time data collection, predictive analytics, and proactive risk management, driving industry adoption.
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*Environment, Health, and Safety (EHS) Market Dynamics:*
*Drivers:*
· Increase in government initiatives to follow workforce safety and environmental regulations and standards
· Digitally connected workforce with connected wearables for safe operations to improve EHS management
· Need to improve risk visibility by identifying hidden risks within organizations and increasing transparency of workflow
· Proliferation of software-as-a-service deployment model
· Growing recognition of EHS as strategic business imperative
*Opportunities:*
· Increase in government initiatives for low carbon emission policies
· Technological innovations to help various industries achieve worker engagement and adopt quality programs
· Modernization of industry infrastructure for low carbon emissions
*Restraints:*
· High costs associated with EHS software solutions
· Lack of qualified EHS professionals
· Data silos and information gaps
*List of key players in EHS Market:*
· VelocityEHS (US)
· Wolters Kluwer (Netherlands)
· Intelex Technologies (Canada)
· Benchmark ESG (US)
· Cority Software Inc. (Canada)
· Sphera (US)
· Intertek (UK)
· Quentic (Germany)
· UL Solutions (US)
· Ideagen (UK)
· SAP (Germany)
· IBM (US)
· Evotix (UK) and many more..
These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These players can focus on developing innovative environment, health, and safety market technologies and offerings owing to the emergence of new application areas for environment, health, and safety markets. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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*The service segment is expected to register the highest CAGR in the environment, health, and safety market during the forecast period.*
EHS companies provide essential support services to assist customers in effectively utilizing and maintaining their EHS software. These services include training to enhance expertise, delivering timely software upgrades, and facilitating seamless integration with other IT solutions. As organizations increasingly adopt EHS software solutions, there is a corresponding rise in demand for these supporting services. The EHS market segments its services into several categories: analytics, project deployment and implementation, business consulting and advisory, audit assessment and regulatory compliance, certification, and training and support. Each service category plays a crucial role in ensuring the optimal functionality and performance of EHS software solutions for organizations across diverse industries.
*Based on region, North America holds the largest market size during the forecast period.*
The North American region, including the US and Canada, commands a robust demand for EHS solutions thanks to its well-established infrastructures. Dominated by key contributors like the US and Canada, the EHS market in North America benefits from the substantial investments these countries make in pioneering technologies. Companies in North America are actively investing significant amounts in renewable energy resources and sustainable production processes. For instance, General Motors allocates approximately USD 20 million per year towards energy efficiency and power demand initiatives. The driving force behind the region's thriving EHS market is attributed mainly to the stringent regulatory frameworks enforced by the US and Canadian governments.
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