Environmental Hazard Monitoring Software Market size is poised to grow with a lucrative CAGR from 2023 to 2032. Frequent episodes of weather hazards such as landslides, floods, cyclones, and coastal erosion due to rapid climate changes and global warming will propel the demand for EHM software in the foreseeable future. As per the WMO Atlas of Mortality and Economic Losses from Weather, Climate, and Water Extremes, weather-related disasters attributed to more than 2 million fatalities and USD 3.64 trillion in losses between 1970 and 2019.
A crucial geopolitical inflection point has been reached across different industries due to Russia's invasion of Ukraine and the subsequent upsurge in events, including sanctions and other measures imposed by powerful economies such as the UK, EU, and US. The changing geopolitical landscape will surely impact the UK software and IT business, thereby negatively influencing the business landscape for environmental hazard monitoring software market.
Stringent government regulations and increasing consumer awareness towards pollution control and sustainable development will push the industry forecast in the years to come. Growing R&D projects and investment in emergency preparedness and disaster risk management will help increase the market demand. The prevalence of pulmonary and chronic diseases like cancer due to poor monitoring of industrial emissions and solid and hazardous waste management will likely foster the expansion of the environmental hazard monitoring (EHM) software market.
The ability of EHM software to track and detect environmental changes like temperature, humidity, pollutants, noise level, water quality, etc., will bolster the industry outlook. Furthermore, integrating advanced technology like big data, machine learning, deep learning, etc., will help in the advanced monitoring of environmental hazards and minimize the losses and risks associated with them, further supporting the market expansion.
Based on end-user, the government sector is expected to emerge as a decent revenue-generating vertical in the overall EHM software market through 2032. This can be credited to the increasing incidences of environmental hazards and the emerging requirement to regulate emissions and waste management across industrial verticals. Diminishing air quality and surging pollution levels will boost the market expansion. EHM software helps the government mitigate financial losses and impairment of people and infrastructure owing to hazards and monitor and track climate change.
Geographically, the North America environmental hazard monitoring software industry will likely experience decent progression during the forecast period, attributed to recurring environmental hazards and the increasing requirement for disaster risk mitigation systems. Europe may also project decent growth trends led by key companies working on infrastructure improvement in the region.
Some prominent players in the environmental hazard monitoring (EHM) software market include Aon PLC, Ambiental (Royal HaskoningDHV), Bigtincan, Badgersoftware, Deltares, Everbridge, DHI, KatRisk LLC, Stonex, XP Solutions Inc., and NORSAR. These companies are adopting several strategies to expand their product portfolio and strengthen their customer base in the upcoming years.
For instance, in November 2022, Aon plc, a leading global professional services firm, announced the expansion of its catastrophe modeling and consultancy capabilities in Latin America with the acquisition of ERN (Evaluación de Riesgos Naturales). With this acquisition, Aon aims to offer additional value to insurer clients, who face three key issues in navigating natural catastrophes and climate volatility.
This environmental hazard monitoring software market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2018 to 2032 for the following segments:
Market, By Application
Market, By End-Use
The above information has been provided for the following regions and countries: