Environment, Health and Safety (EHS) Market Expected to Reach US ~$11.82 Billion and CAGR 7.3% by 2030
The global environment, health, and safety (EHS) market size is expected to reach USD 11.82 billion by 2030 according to a new study by Polaris Market Research.
The growing number of stringent regulations by the government for the workforce and environment safety acts as one of the primary impelling factors for the atmosphere, health, and wellbeing industry growth. In addition, chemicals and energy industries are installing EHS (environment health & wellbeing) solutions and services for avoiding accidents at the workspaces as these employees work with hazardous materials. Hence, these factors may spur the global industry demand in the impending period.
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Based on the component, the service segment is expected to develop at the fastest rate across the globe. The analytics services help enterprises in collecting information with the help of different sources and estimating it to increase profit margins. Heuristic Machine Learning (ML) analysis, spatial analysis, and human-derived algorithmic analysis are the three approaches, which is utilized by the analytics service vendors to scrutinize EHS data. Thus, these services may lead the segment demand as it helps users to examine and report their data. Whereas, the software segment is rising at a considerable rate in the global market as this software facilitates the management, collection, and scrutinizing of the data and helps in minimizing the chance of losses and protecting the ecosystem.
A rising number of initiatives and policies by the governments to follow workforce safety and maintain environmental regulations and standards are propelling the market growth globally. EHS software solutions facilitate organizations to protect the well-being & safety of their employees and environment. Several government authorities like the Department of Justice (DOJ), the Occupational Health and Safety Administration (OSHA), etc. needs to follow some standards and regulations for environmental and workforce safety. In addition, some organizations suffer from certain economic pressure from government authorities to develop their business activities and make them environment-friendly.
Also, deep research and stringent guidelines have imposed the management teams to install EHS software solutions for decreasing the hazardous incidents that happen in the workspace. Thereby, it has become essential for companies in all sectors to adhere to these regulatory stringent guidelines for promoting the environment and employee safety, which, in turn, boost the market demand.
Market participants such as Cority, Dakota Software, Enable North America Corp., Gensuite, 3E Company, HIS Inc., Intelex, International Finance Corp., Medgate Inc ProcessMAP, Quentic, Sai Global, Sap SE, Sphera Solutions, Velocityehs, Verisk 3E are some of the key players operating in the global market. Numerous market players are working on the development of their existing products as well as launching new products in the market for reinforcing the company’s growth. For instance, in June 2021, VelocityEHS introduced the company’s new VelocityEHS Accelerate platform. This platform is intended to propel the performance in the sectors like health, safety, risk, environmental, social and cooperative governance, and operational excellence.
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Polaris Market Research has segmented the environment, health, and safety (EHS) market report on the basis of component, application, vertical, and region:
Environment, Health, and Safety (EHS), Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Project Deployment and Implementation
- Business Consulting and Advisory
- Audit, Assessment, and Regulatory Compliance
- Training and support
Environment, Health, and Safety (EHS), Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Medical & Pharmaceutical Waste Management
- Industrial Waste Management
- Wastewater Management
Environment, Health, and Safety (EHS), Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- Energy and Utilities
- Chemicals and Materials
- Construction and Engineering
- Food and Beverage
- Government and Defense
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