The environmental health and safety software market is expected to register a CAGR of 12.4% during the forecast period (2019-2024)
NEW YORK, Oct. 7, 2019 /PRNewswire/ -- Market Overview
The environmental health and safety software market is expected to register a CAGR of 12.4% during the forecast period (2019 - 2024). EHS software is an automatic system that aids various businesses to reduce the risks that come with their operations and reduce some of the top pressures of complying with environmental, health and safety regulations. EHS software encourages sustainability, boosts employee productivity and ensures compliance with regulations. It is vital for any business to maintain a safe workplace and fully compliant operations. This is the reason why governments focus on enforcing various environmental, health and safety standards that companies must follow in order to reassure the wellbeing of their workers and customers.
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- Affordable solutions are being introduced by government bodies that may be easier for small and medium-sized enterprises (SMEs) to adopt and could also help the EHS market to step up its demand in the coming years. There is also the need to fulfill several legal requirements and statutes to comply with EHS standards in different parts of the world. Corporates have been lavishly investing in a range of software platforms, thus expecting to contribute to the high growth of EHS tools.
- The drivers responsible for the growth of the market include stringent regulations in emerging markets such as China. Increased corporate spending and various acquisitions also open up access to operational risk budgets further leading to the growth of the market.
- The factors hindering the market growth include competitive pressure from safety IIoT platform providers, pricing pressure and the ongoing shift from on-premise to the cheaper upfront cost of cloud-based subscriptions. Extensive adoption of EHS in North America across other industries such as oil and gas and construction could help the market to attain growth shortly.
- There is limited adoption of EHS tools by low-income businesses, and the expensive cost of the installation of environmental compliance software is expected to hinder the market growth.
Scope of the Report
Environmental Health and Safety Software comprises of a database driven by enterprise software application that covers data from different broad fields of environment and waste management, occupational health and medical, safety and industrial hygiene. EHS software provides a platform for various businesses to protect the health and safety of their employees from potential hazards caused in the workplace. It also helps organizations to comply with current health and safety rules and regulations.
Key Market Trends
Food & Beverages Segment Expected to Hold Significant Market Share
Food and Beverage organizations are facing many challenges to stay competitive in the ever-changing environment and to ensure the food safety thereby maintaining compliance with regulations and providing a safe working environment for employees. Food and Beverages sector is increasingly turning to streamlined, centralized software to meet specific challenges. Food and Beverage industry has a moral obligation to safeguard its workers. As a result of increasing expectations for supply chain impacts, the drive for greater resource efficiency and transparency, and increased social demands around ingredient traceability and food safety, the food, and beverage industry are facing increased EHS&S expectations.
- For instance, Intelex has provided software solutions to the food and beverage industry which are all built on top of a single enterprise software platform. It is helping companies around the world manage and ensure quality, protect their workers, and meet industry standards and regulations.
- Cority's has its EHS software solution which aids Food & Beverage companies to ensure regulatory compliance as well as meet and exceed industry standards such as FSMA, GMP, SQF, HACCP, and ISO 22000.
- Enablon offers a unique and holistic platform for end-to-end EHS, Risk and Sustainability Management. The depth and breadth of the software enable Food & Beverage leaders to replace multiple legacy systems with one powerful suite.
Asia-Pacific Expected to Witness Significant Growth
The environmental health and safety software market is expected to register significant growth in the Asia-Pacific region. The factors owing to the increase in this region are massive investments made in the R&D of environmental health and safety solutions and services provided by the various governments of Asia. EHS awareness, regulation and enforcement activities are increasing throughout the region. Asia Pacific countries such as China, Japan, Taiwan, and South Korea are implementing a growing number of regulations to protect the environment and the health of its citizens from potentially hazardous chemical substances.
China is one of the largest producers of several chemicals and has immense scope for the implementation of EHS tools across companies involved in the production of several high-risk substances.
- For instance, China's environment and health initiative program by the SSRC (Social Science Research Council) encourages new research on the connection between environment, health, and development in the country. Similarly, Australia, India, and Japan are also undertaking various initiatives to implement multiple environmental health and safety solutions.
- The EHS market holds immense growth in the Asia Pacific owing to the established chemical industry and growing construction and energy and mining sectors. The rate of implementation is presently low in the region due to high costs and is expected to increase in the future years owing to initiation of stringent EHS regulations in countries such as India, China, and Japan.
Competitive Landscape
The environmental health and safety software market is neither fragmented nor consolidated. Companies are investing in the research and development of the EHS market owing to the increasing competition.
- April 2019: Isometrix has been recognized as a leader in EHS Software. The company is best suited to large multinational firms in industries with medium to high-risk EHS risks such as mining and metals, oil and gas, food and beverage, retail and logistics.
- April 2019: SAI Global completed its acquisition of BWise from Nasdaq, Inc. (forming one of the world's largest risk management and ethics learning businesses.)
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