Environment Health, and Safety Market worth $9.4 billion by 2027, Growing at a CAGR of 7.0%: Report by MarketsandMarkets™
As per the report by MarketsandMarkets, the global Environment, Health, and Safety Market size is projected to reach $9.4 billion by 2027, at a CAGR of 7.0% during the forecast period.
Chicago, Aug. 10, 2023 (GLOBE NEWSWIRE) — The global Environment, Health, and Safety Market size is projected to grow from $6.7 billion in 2022 to $9.4 billion by 2027 at a CAGR of 7.0% during the forecast period, according to a new report by MarketsandMarkets™. The digitally connected workforce with connected wearables for safe operations to improve EHS management is driving the growth of the EHS market.
Browse in-depth TOC on “Environment, Health and Safety Market”
290 – Tables
36 – Figures
255 – Pages
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Scope of the Report:
|Revenue Forecast Size in 2027||$9.4 billion|
|Market Size Value in 2022||$6.7 billion|
|Key Market Opportunities||Increase in government initiatives for low carbon emission policies|
|Key Market Growth Drivers||Increasing government initiatives to ensure workforce safety and follow certain environmental regulations and standards|
|Market size available for years||2017–2027|
|Base year considered||2021|
|Forecast units||Value (USD Million/Billion)|
|Segments covered||By component, deployment mode, vertical, and region|
|Regions covered||North America, Europe, Asia Pacific, Middle East & Africa, and Latin America|
|Companies covered||VelocityEHS (US), Wolters Kluwer (Netherlands), Intelex Technologies (Canada), Cority Software Inc. (Canada), Benchmark ESG (India), Sphera (India), Intertek (UK), Quentic GmbH (Germany), UL Solutions (US), Alcumus (UK), Evotix (UK), VisiumKMS (US), Ideagen (UK), EcoOnline AS (Norway), Diligent Corporation (US), ETQ (US), Dakota Software Corporation (US), ProcessMAP (US) and many more.|
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The scope of this report covers the EHS market by component, deployment mode, vertical, and region.
The software segment is estimated to account for the largest market share by component. The EHS software helps small and large enterprises manage incidents and maintain compliance across operational processes. The software is a platform that enables businesses to protect their employees’ health and safety from potential workplace hazards. It also assists organizations in complying with the existing health and safety rules and regulations.
By vertical, the construction and engineering vertical is estimated to account for the highest CAGR during the forecast period. For every organization, worker safety is critical; however, these stakes are high in the construction and engineering vertical. Companies need to provide workers with proper training, conduct regular safety inspections, and identify and eliminate site hazards. EHS software streamlines essential safety processes, ensures compliance with regulations, and unlocks the potential of safety data.
North America is projected to account for the largest market share among other regions in the EHS market, and the trend is projected to continue until 2027. The US and Canada are the leading countries in the region. These countries have sustainable and well-established economic growth, empowering them to increasingly invest in R&D activities, thereby contributing to the development of the EHS market.
Top Trends in global Environment, Health and Safety Market:
- Digital Transformation and EHS Software Solutions: The adoption of digital applied sciences and EHS software program options used to be on the rise. Companies had been leveraging cloud-based platforms, cellular apps, and built-in structures to streamline EHS processes, manipulate compliance, and decorate facts analytics.
- Focus on Sustainability and ESG (Environmental, Social, and Governance): Organizations have been putting expanded emphasis on sustainability and ESG initiatives. There used to be a developing cognizance of the significance of environmental and social responsibility, main to the integration of sustainable practices into EHS strategies.
- Occupational Health and Safety (OHS) Automation: Automation applied sciences have been being employed to enhance OHS processes, such as incident reporting, chance assessments, and security inspections. Robotics and synthetic brain had been being utilized to decorate place of job safety.
- Regulatory Compliance and Reporting: With evolving environmental and protection policies worldwide, organizations had been investing in EHS options to make sure compliance and streamline reporting tactics to meet regulatory requirements.
- Predictive Analytics and Risk Management: Predictive analytics and hazard administration equipment have been gaining traction in the EHS market. By examining historic data, corporations ought to pick out achievable hazards, predict incidents, and take preventive measures to mitigate dangers effectively.
- EHS Training and Employee Engagement: Organizations had been prioritizing EHS education and worker engagement packages to foster a protection culture. Gamified coaching modules and interactive mastering structures had been used to enhance know-how retention and engagement.
- Supply Chain EHS Management: Companies had been extending their EHS efforts past their instantaneous operations to control and screen environmental and protection risks inside their furnish chains. Supply chain transparency and EHS overall performance had been being evaluated.
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Key Industry Development in global Environment, Health and Safety Market:
- Increasing Emphasis on ESG and Sustainability: Environmental, Social, and Governance (ESG) elements had been gaining prominence in company decision-making. Organizations had been aligning their EHS techniques with broader sustainability dreams to tackle environmental and social challenges.
- Advancements in EHS Technology: The EHS market was once witnessing non-stop technological advancements, such as the integration of Internet of Things (IoT) devices, wearables, and sensors to screen place of job safety, music environmental data, and manipulate compliance.
- Cloud-Based EHS Solutions: Cloud-based EHS software program options had been turning into greater accepted due to their scalability, ease of deployment, and real-time statistics access. Companies had been moving from regular on-premises structures to cloud-based structures for expanded facts administration and collaboration.
- Focus on Occupational Health and Mental Well-being: There used to be a developing focus of the significance of worker health, which includes intellectual well-being. EHS packages started incorporating initiatives to tackle intellectual fitness problems and promote basic well-being.
- EHS Integration with Enterprise Resource Planning (ERP) Systems: Integration of EHS modules with ERP structures was once turning into popular, permitting seamless statistics change between one of a kind enterprise functions and streamlining compliance and reporting processes.
- EHS Compliance in Supply Chain Management: Companies had been setting extra emphasis on managing EHS dangers and making sure compliance inside their provide chains. Supply chain sustainability assessments and audits received importance.
- Data Analytics and Predictive Insights: Advanced facts analytics and synthetic talent had been being utilized to derive insights from EHS data, enabling proactive threat administration and predictive preservation for security and environmental protection.
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