CRISIS EMERGENCY AND INCIDENT MANAGEMENT PLATFORMS MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics- Drivers

1. Increasing threat levels related to terrorism are expected to drive growth of the global crisis emergency and incident management platforms market during the forecast period

Rising level of threats related to potential terror attacks, shootings, and biological hazards in the U.S. has led to rising implementation of such emergency management platforms. According to the Federal Bureau of Investigation (FBI), the number of cyber events against the U.S. government increased by 680% and active shooter events increased 3X over the period 2006–2011. According to the European Union Terrorism Situation and Trend Report 2016, the total number of failed, foiled, or completed attacks in Europe increased from 152 in 2013 to 211 in 2015. Moreover, the Centers for Disease Control and Prevention (CDC), the U.S., the total number of Zika virus were there 3,500 reported cases. In response to this, the U.S. government issued a total of US$ 25 Mn in funding to states, cities, and territories for associated health-related issues. Hence, these factors are expected to drive growth of the market during the forecast period.

2. Proactive initiatives by government organizations are expected to propel the global crisis emergency and incident management platforms market growth over the forecast period

Crisis Emergency and Incident Management Platforms Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 Pandemic have adversely affected the economies of various countries around the globe. According to the International Monetary fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. Owing to the economic slowdown many companies are expected to reduce expenditure on the security and research areas. It is expected that companies will not buy new security systems during the COVID-19 pandemic, which will adversely affect the growth of the market.

Market Dynamics- Restraints

1. Increase in complexity and uncertainty of disasters is expected to restrain growth of the global crisis emergency and incident management platforms market growth over the forecast period

High numbers of disasters or unfamiliar threats occur, some of which require emergency management procedures to be initiated. It is challenging and complicated for consulting firms to analyze vast amounts of data and information in a limited amount of time and predict these disasters in the near future. Emergency management firms may require to reevaluate how present services can be implemented and enhanced to meet these challenges. Hence, these factors are expected to restrain growth of the market in near future.

2. Uncertainty in government budget allocation is expected to hamper the global crisis emergency incident management platforms market growth over the forecast period

Decline in government spending, budgetary priorities, changes in areas of spending, failure to approve government budgets on a timely basis, delays in contract awards, and procurement of grants and contract documentation are factors that could significantly and adversely hamper growth of the market during the forecast period.

Market Opportunities

Certain crisis/emergency and incidence management service providers are more focused on introducing emergency notification systems and services in order to broaden its solution offerings. For instance, in June 2014, the Honeywell International Inc., introduced NOTIFIER, which is an emergency communication system that can interface with any commercial fire alarm and broadcast live voice messages and recorded messages and emergency alerts to the public.

2. Increasing implementation of satellite phones can provide business opportunities

Various satellite solution providers are focusing on enhancing their presence across various regions especially the Asia Pacific through a partnership with various communication solution providers in the region in order to distribute the former companies’ solutions. For instance, in June 2015, Iridium Communication Inc. partnered with Arion Communication Co., Ltd., which is a Korea-based manufacturer of maritime, aviation, and communications equipment, in order to distribute a former company’s mobile satellite communications products and services across the market in South Korea.