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Crisis Management Market size to exceed $220 Bn by 2032

  • Published Date: April 3, 2023

Crisis Management Market size is expected to surpass USD 220 billion by 2032, according to a new research report by Global Market Insights Inc.

Growing instances of cyberattacks have stimulated the demand for crisis management products and services. Many organizations these days are using crisis management tools that can assist them in preventing, detecting, and responding to cyber threats to reduce their exposure to risk. Advanced threat detection and analysis tools, incident response planning and management software, and other security technologies are a part of these technologies. Furthermore, efforts to upgrade infrastructure for improving safety in several industry will stimulate the demand for these solutions. Infrastructure advancement can play a significant role in preventing accidents and crisis in the manufacturing sector.

Mounting public safety concerns to fuel crisis management services demand

The crisis management market share from the service segment is poised to record over 5% CAGR from 2023 to 2032. The demand for crisis management services is rising across a variety of industries, including healthcare, education, and transportation, as public safety concerns grow. The Internet of Things (IoT), artificial intelligence (AI), and cloud computing, enable real-time monitoring, automated alerts, and data analytics.

Increase in cyberattacks influencing product demand

The disaster recovery & business continuity segment held over 25% in the crisis management solution market in 2022. The need for businesses to prepare for and recover from potential disasters, such as natural disasters, cyberattacks, and power outages, is influencing the adoption of these solutions. As cyberattacks become more frequent, companies are realizing how crucial it is to have a disaster recovery and business continuity solution in place to lessen the effects of such attacks.

Browse key industry insights spread across 250 pages with 346 market data tables and 37 figures & charts from the report, “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), By End-use & Forecast, 2023 – 2032” in detail along with the table of contents:

Demand for efficient crisis management solutions in the healthcare sector

Crisis management market share from the healthcare and life sciences segment is projected to grow at 5% CAGR through 2032. The demand for efficient crisis management methods and solutions to address diverse emergencies and critical circumstances is driving the expansion of the sector. The significance of crisis management in healthcare and life science has also been highlighted by the COVID-19 pandemic. Infectious disease surveillance systems, emergency response plans, and telemedicine technologies have all seen greater usage due to the requirement for pandemic response and management.

Launch of new crisis management solutions in APAC

Asia Pacific crisis management market is forecasted to hold a share of over 20% by 2032, due to the rising financial technology knowledge and the fast spread of crisis management services. The region has the presence of some of the leading companies that are working on launching new products and services. For instance, in February 2023, Esri launches its newest platform called ArcGIS Reality. This digital twin program creates thorough 3D digital models of various scales, giving an immersive depiction of the real world, by fusing GIS technology with reality mapping data.

Business development activities by crisis management companies

Some of the major players operating in this crisis management market include Eaton, Johnson Controls, Esri, Haystax Technology (Fishtech LLC), IBM Corporation, Honeywell International Inc, and Hexagon AB. Companies are working on the development of new strategies to expand business reach. For instance, in June 2022, 4 C Strategies opened a new office in Australia, expanding its global reach. By utilizing the company's long-standing relationship with the Australian Armed Services, this expansion intends to serve the needs of current clients while also promoting growth in the region. With this new location, 4 C Strategies is better equipped to look after its clients in Australia and take advantage of the rising demand for crisis management services there.

Authors: Preeti Wadhwanie, Shamal Gawande