According to a new market research report "Environment, Health and Safety Market by Component (Software and Services (Project Deployment and Implementation, Audit, Assessment, and Regulatory Compliance)), Deployment Mode (Cloud, On-premises), Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the EHS market size expected to grow USD 6.3 billion in 2021 to USD 8.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period.
In a world of globalization, regulation and compliance continue to drive and underpin the process of EHS. EHS implies the implementation of procedures focused on ensuring and improving the safety of workers and their surroundings. These processes play a major role in achieving and maintaining the overall environmental goals of the organization. It helps organizations to improve employee retention, productivity, and enhance the brand image of the company spurring customer and corporate growth.
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Analytics segment to grow at the highest CAGR during the forecast period
Among the services segment, analytics services is expected to grow at the highest CAGR during the forecast period. Analytics services help organizations in aggregating data from multiple resources and analyzing it for increasing profit margins. Once the data is uploaded into the EHS analytics system, organizations can view the data in a customizable dashboard, share the data with other organizations, and import the data into an Excel sheet to build their reports. Primarily, EHS analytics services are cloud-based, and there is no need to connect these services to any external hardware. Contractors, suppliers, and other stakeholders can view and report their data with the help of analytics services. Analytics service providers follow three techniques for analyzing the EHS data: spatial analysis, human-derived algorithmic analysis, and heuristic Machine Learning (ML) analysis. Spatial analysis is useful for providing operational improvements, real-time feedback, and granular insights into opportunities and risks.
Construction and Engineering segment is expected to grow at the highest CAGR during the forecast period
Verticals adopt EHS software solutions to improve their employee safety, enhance operational efficiency, streamline data collection, and comply with regulations. For every organization, worker safety is critical; however, in the construction and engineering vertical, these stakes are high. Companies need to provide workers with proper training, conduct regular safety inspections, and identify and eliminate site hazards. The construction and engineering vertical includes five major solutions: incident management, audit and inspection, waste management, on-demand training, and compliance management. EHS software streamlines essential safety processes, ensures compliance with regulations, and unlocks the potential of safety data. On the other hand, the software works on minimizing the damage impact on the environment, people, and society.
Asia Pacific (APAC) region to record the highest growing region in the EHS market
APAC constitutes thriving economies, such as Singapore, Japan, China, India, and Australia, which are expected to register high growth rates in the EHS market. It is expected to witness the highest CAGR during the forecast period. China has witnessed immense industrial growth and is the manufacturing capital of the world. Its government is getting stricter with EHS regulations and compliances. The Social Science Research Council (SSRC) started a program called China Environment and Health Initiative, generating new research on the connection between health, environment, and development in China.
Similarly, countries such as India, Australia, and Japan are also taking several initiatives to implement the EHS solutions. The Government of India and the labor departments of the states and union territories in the country are responsible for the safety and health of workers. The Directorate General of Mines Safety (DGMS) and Directorate General Factory Advice Services and Labor Institutes (DGFASLI) assist the ministry in the technical aspects of OSH in mines, factories, and ports. The Government of Australia is also following the Work Health and Safety Act 2011, which includes all the necessary rules and regulations of EHS.
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Key and innovative vendors in EHS market are VelocityEHS (US), Enablon (France), Intelex (US), Cority US), Gensuite (US), Sphera (US), SAI Global (US), Quentic (Germany), UL (US), Alcumus (UK), SHE Software (UK), VisiumKMS (US), Ideagen (UK), EcoOnline (Ireland), ETQ (US), Dakota Software (US), ProcessMap, SafetyCulture (Australia), ProntoForms (Canada), Verisk 3E (US), Enhesa (US), SAP (Germany), IsoMetrix (South Africa), SHEQX (UK), Pro-Sapien (UK), SafeSite (US), and ComplianceQuest(US).
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