The crisis management software market was valued at USD 105 billion in 2019 and is expected to register USD 145 billion by 2029, growing at a CAGR of 6.1% during the forecast period (2020–2030).
Crisis management platforms solutions help organizations consistently manage the data, resources, expenditures, communications, and tasks used for response, recovery, and restoration activities during and after a crisis. Crisis management solutions are also used to analyze the changing conditions during a crisis to ensure situational awareness as well as to ensure crisis management procedures comply with government emergency management standards.
Government regulations are continually evolving and need to be followed strictly both by organizations and people. Developed and developing economies are making considerable changes in their policies and regulations for managing the crisis. These changes have been taken into consideration due to the increasing number of natural disasters, terrorist attacks, and criminal activities. For instance, in 2016, the Federal Emergency and Management Agency (FEMA) in the U.S. have implemented strict rules and regulations for the local governments to implement crisis management solutions.
Increasing Cyberattacks Drives the Cloud Segment Growth
The cloud segment holds the highest CAGR and is foreseen to continue the same trend during the forecast period on account of the growing adoption rate of digital technology across all industrial sectors for effective business operations. Furthermore, the rising cyber-attacks has prompted industrial verticals to adopt crisis management solutions. The following figure shows the increase in revenue worldwide in public cloud adoption from 2016–2019. The growth in adoption is mainly due to a broad offering of the cloud computing environment.
In 2017, Sprint Corporation, an American telecommunications company that provides wireless services, implemented Everbridge cloud crisis management solutions to eliminate the time-consuming method of contacting every employee during and after disasters.
Favorable Government Norms Drives the Large Enterprise Segment Growth
The large enterprise segment is anticipated to hold the highest share due to the improving government regulation and norms and digital technology that led to a surge in the adoption of the cyber crisis management platform. For instance, in 2016, Peak 10 is an IT infrastructure provider that has implemented RockDove Solutions, Inc. crisis management solutions to digitize its emergency preparedness plans, improve communication, and put the vital information into the hands of its employees.
The Services Segment’s Extensive Offering
The services segment holds a considerable share on account of its broad offering of crisis management solutions that include the ability to provide real-time communications, action and task management, collaboration, responsibility and accountability, environmental awareness, and flexibility. The services include training, consulting in planning, and other support services. These services are provided at local, state, and federal levels. Many companies design, develop, plan, and prepare for natural and man-made disasters and deliver end-to-end consulting services for crisis management. For instance, companies such as Lockheed Martin provide consulting services to government and large enterprises in crisis management. Furthermore, in 2016, Risk logic partnered with Aon plc, the leading global provider of risk management, to provide consulting services to Aon plc consumers in Australia.
Smart Connectivity Solutions Drives the Fire and Hazmat Segment Growth
The fire and hazmat segment is anticipated to witness an upward trend during the forecast period as its offerings include detecting and assessing chemical, biological, radiological, nuclear, and explosive materials. The fire and hazmat solutions also help security and public organizations in Explosive Ordnance Disposal (EOD) and Improvised Explosive Device Disposal (IEDD) for bomb disposal operations. Besides, the increasing adoption rate of smart connectivity such as GPS-enabled devices, wireless connectivity, and biometric tracking is likely to bolster the segment’s growth.
Growing Instances of Emergenices Drives the Government Sector Growth
The government sector is the fastest-growing marketplace on account of increasing emergencies across the globe, including natural disasters, terror attacks, cybercrime, viral diseases, and others. In 2016, Everbridge was selected as the service provider for the development and implementation of Alert Florida (the U.S.), a landmark initiative that provides statewide emergency alert and notification services to Florida residents, businesses, and visitors in advance of Hurricane Irma.
The COVID-19 outbreak has exerted an adverse effect on lives, families, communities, and business operations across the world. However, the companies offering crisis management software are witnessing growth in their services as they are continuously working with companies, governments, regulators, NGOs, and international organizations to help them prepare for and respond to the pandemic COVID-19 outbreak. For instance, in 2020, Everbridge launched COVID-19 Shield Software-as-a-Service (SaaS) and rapid Deployment templates to protect people and maintain operations amid pandemic. It is designed to protect the safety of employees and customers, maintain business operations, safeguard supply chains, and reduce costs and liabilities affecting the impact of the global coronavirus pandemic. The Norwegian government collaborated with Everbridge to strengthen its countrywide preparedness for COVID-19. The Everbridge public warning solutions help the government to send critical messages to the public through mobile phones before, during, and after an emergency.
North America — The Early Adopter of Emerging Technologies
North America holds the highest market share due to the region’s high focus on innovations obtained from research and development and technology in developed economies such as the U.S. and Canada. Furthermore, early technology adoption in developed economies is also one of the factors propelling the market growth. For instance, Doctor Hospital at Renaissance (the U.S.) in 2018, has implemented risk logic crisis management services to enhance clinical response times and timely patient care. Crisis management services enable doctors to deliver expedite communications when responding to acute trauma victims and code alerts. In light of implementation, the hospital can now serve nearly 40% more patients.
Asia-Pacific’s Growing Government Expenditure
Asia-Pacific is the fastest-growing market in global crisis management software on account of growing government expenditure on crisis management to safeguard people from disasters. Currently, emerging economies such as China and India have severely being affected by the COVID-19 pandemic. Thus, to tackle the emergency, governments have allotted fundings on crisis management. The Government of India (GOI), for instance, invested USD 232 million for coronavirus disaster mitigation, slated to enhance financial resources to provide relief to poor and migrant workers. In 2018, China Central government allocated a fund to the tune of USD 754 million for relieving people from disasters during the harsh winter and spring period and safeguarding their daily necessities. Such allocation of funding is likely to pave the way for the crisis management software market growth.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|