Market Synopsis
The global environment, health, and safety (EHS) market are estimated to value USD 8.09 billion expanding at a CAGR of 11.50% during the forecast period of 2018 to 2023. The EHS discipline assures that organizations perform their functions in an environment-friendly manner and causing no harm to the environment or any individual.
The major factors driving the 2020 EHS market is the rising awareness about the environment, health, and safety among the enterprises and the employees. Owing to the growing unforeseen accidents in the workplace, the EHS market is witnessing growth. These accidents usually occur in the chemical, mining, energy and utility and construction industries. Among all, the energy and utility segment holds the largest market size due to the rising establishment of EHS solutions, along with the evolution of laws and regulations in this vertical. The strict acts, rules, and regulations passed by the federal bodies and government have also propelled the EHS market. From the past few years, major rules and regulations have been passed by the government to assure the EHS. The US government has made federal investments for EHS in the nanotechnology market. It ensures the development of technology with responsible science-based guidance, leading to the management of the risk at the workplace. A lot of companies take the assistance of artificial intelligence which allows the users to accomplish various tasks with text and voice commands and helps to achieve the time-consuming tasks.
However, due to the complications of regulations and standards is a factor that acts as an obstacle in the growth of the Environment Health and Safety industry.
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Market Segmentation
The distinguished players in the environment, health, and safety (EHS) market is segmented on the grounds of region, vertical and component. The segments are further classified as mentioned below-
On the basis of region, the market is segmented into Asia-Pacific, Europe, and North America.
On the basis of vertical, the EHS market is segmented into government and defense, energy and utilities, construction and engineering, healthcare, chemicals and materials, food and beverage, and others which include retail and, telecom and IT automotive.
On the basis of service, the EHS market is further classified into certification services, business consulting and advisory services, project deployment and implementation services, assessment, audit, regulatory compliance services, data analytics services, training, and support services and certification services.
On the basis of component, the EHS market is classified into service and solution.
Regional Analysis
The regional study for the EHS market is performed for Asia-Pacific, Europe, North America and the Rest of the World. North America is leading the market due to the US and Canada’s developed economies, investing immensely in research and development initiatives. These initiatives such as investment in research and development programs are contributing significantly towards the development of new and modern technology. Europe is estimated to show robust growth during the forecast period.
Asia-Pacific is considered to be the fastest-growing market in the context of rising CAGR. Countries like India, Japan, China, and Australia have also experienced the adoption of new technologies. The government of these developing countries is continuously taking initiatives towards the research and development of the EHS solutions in several organizations.
Key Players
The distinguished players in the market of EHS are VelocityEHS (US), Enviance (US), SAP (Germany), Intelex (Canada), Verisk 3E (US), Gensuite (US), EtQ (US), Enablon (US), Sphera Solutions (US), Cority (Canada), and others.
Other eminent players of the market are SiteHawk (US), and Optial (UK). These players take initiatives in innovative programs and invest heavily in research and development programs to present cost-effective proposals in the market. Moreover, acquisitions and mergers among several players are bringing an impact in changing the market structure.
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