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Crisis Management Market Size By Component (Solution [Disaster Recovery & Business Continuity, Fire and HAZMAT, Perimeter Intrusion Detection, Emergency/Mass Notification, Web-based Emergency Management, Geospatial], Services, Hardware), End-use & Forecast, 2023 - 2032
- Report ID: GMI5525
- Published Date: Mar 2023
- Report Format: PDF
Industry Driver
Crisis Management Market size valued at USD 110 billion in 2022 and is poised to observe over 5% CAGR from 2023 to 2032.
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An increasing number of natural disasters like wildfires, floods, and earthquakes worldwide will offer a boost to the market demand. Extreme weather events including hurricanes, floods, and droughts have increased in the past few years due to climate change. These events cause considerable harm to businesses, governments, and communities around the world. For instance, in March 2023, a 7.8 magnitude earthquake struck Turkey and Syria causing more than 160,000 buildings to collapse.
Restricted resources and high costs of investment are issues that may hinder the expansion of the crisis management market. While crisis management tools can assist businesses in preventing, spotting, and handling crises, they require more time, financial stability, and resource cost. This can be a barrier for many organizations to adopt these services. However, the development of new and affordable crisis management solutions could fuel demand for the product in the next few years.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 110 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5% |
| 2032 Value Projection: | USD 220 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 383 |
| Segments covered: | Component, End-use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Governments mandates and safety standards to drive the market development
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Many companies are developing new solutions to tackle the cases of fire outbreaks. In August 2022, Honeywell launched a new fire detection alarm system to augment safety measures. The intelligent fire alarm control panel is a high-performance, compact, and powerful device that provides a comprehensive range of technically advanced functions that are easy to install, commission, and maintain.
Development of smart cities to influence the use of web-based emergency management systems
Crisis management market share from the web-based emergency management segment is expected to record more than 5% CAGR through 2032. By offering real-time monitoring, efficient communication and collaboration capabilities, and data analytics, web-based emergency management solutions can play a significant role in preventing and reducing crisis situations. Growing investment plans for automation and the creation of smart cities are set to propel the market revenue.
Requirement for quick response to spur service deployment in defense and military sector
Crisis management market share from the defense and military end-use segment will cross USD 50 billion by 2032. These tools and technologies are being developed and adopted by defense and military organizations to help them respond quickly and effectively to a variety of crises, including natural disasters and terrorism. Defense and military organizations are collaborating with private sector companies to use their expertise and resources to develop advanced crisis management solutions. This partnership has led to the creation of innovative technologies and solutions, fostering the industry outlook.
Rising investments in the North America region to promote the market expansion
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North America crisis management market size is anticipated to surpass USD 80 billion by 2032, owing to the rising investments in cybersecurity solutions created to protect vital infrastructure from the threat of cyberattacks. As businesses attempt to protect themselves from the increasing number of cyber threats, the demand for efficient crisis management technologies has greatly expanded. Increasing investments in cutting-edge technology and components will further offer a push to regional market.
New product launches to complement the market growth
Major players involved in the crisis management market include Honeywell International Inc., Eaton, Haystax Technology (Fishtech LLC), Esri, Hexagon AB, Johnson Controls, and IBM Corporation. To stay ahead in the competitive environment, key leaders are concentrating on mergers, strategic partnerships, and acquisitions to increase their business footprint.
For instance, in December 2022, Hexagon and OSASI Technos Inc. worked together to launch cutting-edge catastrophe management and monitoring solutions. Governments will be able to identify, anticipate, and simulate future disasters with the use of large-area remote monitoring systems and 3D visualization features. This will provide them with the resources they need to better plan for and handle emergency situations.
This crisis management market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Component
- Solution
- Disaster Recovery & Business Continuity
- Fire and HAZMAT
- Perimeter Intrusion Detection
- Emergency/Mass Notification
- Web-based Emergency Management
- Geospatial
- Services
- Training & Consulting
- EO Design and integration
- Support & Maintenance
- Hardware
- First Responder tools
- Satellite-assisted equipment
- Vehicle-ready gateways
- Emergency Response Radars
Market, By End-use
- BFSI
- IT & Telecom
- Energy and Utilities
- Healthcare and Life Sciences
- Defence and Military
- Transportation and Logistics
- Government
- Manufacturing
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE