The Environment, Health, and Safety (EHS) market size expected to grow from USD 5.3 billion in 2019 to USD 8.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period
According to a new market research report "EHS Market by Component, Service (Project Deployment and Implementation, Business Consulting and Advisory, Audit, Assessment, Regulatory Compliance), Deployment Mode (Cloud, On-Premises), Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Environment, Health, and Safety (EHS) market size expected to grow from USD 5.3 billion in 2019 to USD 8.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. To reach new levels of efficiency, accuracy, and security, organizations need real-time visibility and stability in business operations.
Hence, the demand for EHS solution and services in increasing rapidly. The increasing business demand to enhance operational efficiency and stability is expected to make EHS a dominant model for organizations across all verticals in the near future.
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Solution segment to account for the largest market size during the forecast period
The EHS solution helps small to large enterprises manage incidents and maintain compliance across operational processes. The software is a platform, which enables businesses to protect the health and safety of their employees from potential hazards in the workplace.
It further assists organizations to comply with existing health and safety rules and regulations. EHS solution providers enable various features in the EHS software to meet the requirements of their commercial clients.
These features include environmental and occupational health management, energy and water management, waste management, air quality and compliance management, safety management, incident management and risk management, fire safety, and inventory management.
The energy and utilities vertical to account for the largest market size during the forecast period
The energy and utilities vertical has witnessed significant adoption of EHS solution because of the evolving EHS laws, regulations, and standards. The EHS solution ensures regulatory compliances, mitigates operational risks, and quantifies and reports air emissions from utilities or energy system processes.
The solution also includes sustainability tracking, which takes care of customized Key Performance Indicator (KPI) and business metrics. In addition, the EHS solution comprises an executive dashboard, which helps professionals manage environmental performance, onsite incidents, and energy and utilities use.
The energy and utilities vertical primarily includes natural gas, oil, nuclear power, coal, renewable energy, electricity, water, waste, and recycling sectors.
North America to account for the highest market share during the forecast period
North America accounts for the highest market share in the EHS market. The country leads in the adoption of EHS solution and services along with offering great opportunities for the overall growth of the EHS market.
North America has always been an early adopter of a new technology or software, and the North American market grows at a faster rate initially as compared to any other region. Increasing government initiatives and programs are expected to drive the EHS market across North America.
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The major EHS market vendors include Enablon (France), VelocityEHS (US), Intelex (Canada), Gensuite (US), Cority (Canada), Quentic (Germany), Sphera (US), Enviance (US), ETQ (US), UL (US), SAP (Germany), DNV GL (Norway), SAI Global (US), Verisk 3E (US), Dakota Software (US), ProcessMAP (US), IsoMetrix (South Africa), Airsweb (England), SafetyCulture (Australia), ProntoForms (Canada), and Enhesa (US).
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