Escalating threats associated with possible terror attacks has been boosting the market of crisis, emergency, and incident management platforms essentially in the US region. Also, expanding biological hazards may stimulate the demand for these systems in the aforementioned region over the coming years. It has been observed that many administrations in this region are taking initiatives to launch systems that can alert the people for the upcoming natural calamities in advance. For such systems, they are considering calamities such as chemical leakages, terrorist attacks, and blackouts. According to a report, the global industry for crisis, emergency & incident management platforms consumed for about US$ 68 billion in 2016 in terms of revenues. It is further rising at the sluggish CAGR of around 5.9% over the foreseeable period.
North America to Lead the Global Crisis, Emergency & Incident Management Platforms
Values in North America will rise exponentially during the predicted period (2016-2024). The region is projected to register a high Y-o-Y growth. Furthermore, it will expand at the lucrative CAGR close to 7.2%. Players in this region are also entering into the partnerships with other to manufacturers in order to expand their product offering. They are focusing on launching emergency notification systems and services to help their end-users. Providing instantaneous emergency management procedures for new or unacquainted threats and disasters is the complex job. Thus the increasing level of complexity and uncertainty of disasters may hamper the North American crisis emergency, & incident management platforms industry. Below are some more factors that may hamper the market growth:
- Alterations in areas of expenditure
- Failure to support government funds on a timely basis
- The failure in government payments
- Unstable budgetary priorities
- Delays in contract awards and procurement of grants and contract documentation
Approach by Governments across the Globe
According to a recent study, annually more than billions of dollars are untapped for incidences involving premeditated occurrences and natural calamities. Such incidences have compelled the government to preserve suitable capitals as a reserve. This has also encouraged several administrations across the globe to adopt crisis, emergency& incident management platforms as they demand more effective solutions. The growth of these systems has also amplified owing to the increased outbreak of genocidal occurrences in densely occupied areas. Over the past few years, growing number of threats witnessed by cyber security unit may also boost the demand for crisis, emergency & incident management platforms.
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Key systems and platforms in the market consist of the surveillance system, emergency notification, hazmat technology, geospatial technology, remote weather monitoring, and seismic warning systems. Values of the surveillance system segment will witness the highest demand in North America throughout the forecast period. The segment is likely to contribute for the maximum market shares during the predictable period of time. The satellite phone segment in terms of communication technologies, on the other hand, is anticipated to record high Y-o-Y growth rates and will rise at a CAGR of 8.3%. Some of the top most players operating in the global crisis, emergency& incident management platforms market are Rockwell Collins., Honeywell International, Siemens AG, Intergraph Corporation, and Motorola Solution, Inc.