According to the Market Statsville Group (MSG), the global environmental health and safety (EHS) market size is expected to grow from USD XX million in 2022 to USD XX million by 2033, growing at a CAGR of XX% from 2023 to 2033. Increasing public awareness about environmental issues has resulted in the establishment of environmental protection legislation, which is projected to boost market growth. Companies in the United States, Canada, the United Kingdom, and Australia must adhere to stringent wastewater treatment and industrial waste disposal standards, such as the Toxics Release Inventory (TRI) in the United States, the National Pollutant Release Inventory (NPRI) in Canada, and the National Pollutant Inventory (NPI) in Australia. The implementation of these strict standards is expected to fuel development in the environment, health, and safety (EHS) market throughout the forecast period. Moreover, technologies like AI, big data, IoT and so on are making their place in various industries which is an opportunity for EHS software to flourish in this technology and boost their growth. On the other hand, the businesses in low-income countries face difficulties in adopting EHS solutions. High costing of these software has hampered the market growth over the forecasting period around the globe.
The term environmental, health, and safety management (EHSM) refers to a company's attempts to enhance its environmental, health, and safety (EHS) performance. The practice of putting systems in place to ensure and improve the safety of people and their environment is known as EHS management. These practices are crucial to the organization's overall environmental goals being met and maintained. EHS Management (Environmental, Health, and Safety) is an essential component of every business's operation. It not only aids in reducing environmental impact and promoting employee safety and well-being, but it also aids in increasing staff retention, productivity, and the company's brand image, which drives customer and business development. Environment, Health, and Safety (EHS) is a wide term used by businesses to represent laws, rules, regulations, professional programmers, and workplace activities designed to protect the health and safety of employees, the public, and the environment from workplace hazards. The EHS department of a firm ensures that the company's work does not cause undue environmental harm or risk to the health and safety of its employees, and that it complies with all applicable rules. EHS's major purpose is to prevent and reduce workplace accidents, crises, and health difficulties, as well as environmental harm caused by work activities. EHS is a legal framework that deals with identifying and adhering to a company's production standards, with a focus on working conditions in terms of safety and environmental protection.
During the inception of the COVID-19 pandemic, the global demand for the environmental health and safety (EHS) market is significantly reduced due to the reduced investments by government and private companies, which leads to cutbacks in such business lines. Thus, it can be defined as the recent outbreak of the novel COVID-19 diseases has considerably dropped the consumption of environmental health and safety (EHS), thereby hampered the market growth considering the global scenario.
Besides, the epidemic has abandoned an unprecedented crisis for the nations and manufacturing businesses across the world. This has often resulted in lockdowns and business shutdowns across many countries globally, which has compelled workers/individuals to stay at home to control the spread of the epidemic. Moreover, People are currently wearing face masks, hand gloves, and other safety equipment to protect themselves from viral infection, which adds to the amount of healthcare waste. According to US National Library of Medicine and National Institutes of Health, the amount of waste produced in the United States has been increasing as a result of greater personal protective equipment (PPE) use at home. In addition, combined with the global shutdowns and disruptions in global environmental safety (EHS), the public, and private companies delayed their investment or spending for expanding manufacturing plants with environment health and safety software and services. This, in turn, is expected to limit the growth of the global environmental health and safety (EHS) market.
Environment, health and safety (EHS) software help the enterprises and organizations to ensure health safety of their employees. The software not only help in monitoring environmental effects and promote the safety and well-being of employees but also helps in increasing staff retention and productivity thus maintaining brand image of the company. To make the companies comply to the environment and safety measures, government of different countries are taking initiatives by introducing stringent safety and environmental regulations and standards. Introduction of these rules and regulations will drive the growth of the market.
Moreover, these organizations cover categories specific to each industry as well as those which are general to most industries. Some of the issues that are considered by the organizations are environmental issues including air emissions, energy conservation, water conservation, waste management, noise pollution, hazardous materials management. Health and safety issues such as general facility design and operation, communication and training, chemical hazards, and more. These issues need to be addressed by the companies and thus various organizations introduce regulations and laws. These laws increase the demand for EHS software and thus elevate the growth of the market.
The businesses in low-income countries face difficulties in adopting EHS solutions. The software requires high costs for implementation and installation which is a restraining factor that can hinder the growth of the market. Low-income countries are unable to purchase solutions from other countries and install them in their organizations since the subscription fees of these solutions have become excessively high. Various EHS solutions such as carbon footprint management, air quality monitoring, and air and water pollution monitoring with the implementation of advanced technologies, such as AI, IoT sensors, and analytics, require high maintenance costs. For instance: Air quality monitoring software is used for analysis and testing of air quality parameters, the detection of chemical and biological components from the air. It requires the use of advanced technologies, such as gas sensors, RFID, and PCR-based biosensors, where the cost of these technologies is high.
Therefore, organizations of various regions fail to afford the huge initial cost of the EHS software solution which results in them following traditional EHS management systems where they need to handle and feed data manually. Even in some developed regions, such as North America and Europe, they face difficulties in replacing their in-house EHS management with EHS software solutions.
The number of connected devices is increasing rapidly giving rise to opportunities to us such devices to help manage EHS continue to surge. The technologies like AI, big data, IoT and so on are making their place in various industries which is an opportunity for EHS software to flourish in this technology and boost their growth. These technologies help EHS software management practices and reduce the risk of injuries to workers and harmful impacts on the environment.
The major challenge faced by EHS software companies is to find a solution that enhances compliance along with reducing manual labour and cost. This is where major role of AI comes. The EHS mobile apps enables the companies to add and complete tasks and actions while on the move, and the information is directly synced with the database when it is online. Big data is another emerging technology that serves various purposes providing advance solutions for EHS software. In the transportation and logistics industry IoT devices are being used to monitor route optimization, leading to fuel savings. Hence, the adoption of advanced technologies is expected to create opportunities for EHS software providers in the near future.
The study categorizes the environmental health and safety (EHS) market based on component, deployment, enterprise size, application and industry at the regional and global levels.
Based on component, the environmental health and safety (EHS) market is segmented into software and services. The software segment is further segmented into risk & quality assessment, data analytics, cost management, environmental compliance, and energy & carbon management. Moreover, the service segment is bifurcated into Consulting, Project Management, Analytics, Training and Auditing (Testing, Inspection & Certification). The software segment is expected to dominate the market share in 2022 in the global environmental health and safety (EHS) market. The software segment currently dominates the market share in the environmental health and safety (EHS) market. EHS software solutions ensure regulatory compliances, mitigate operational risks, and quantify and report air emissions from utilities or energy system processes. These solutions also include sustainability tracking, which takes care of customized KPIs and business metrics. In addition, EHS software solutions comprise an executive dashboard, which helps professionals manage environmental performance, onsite incidents, and energy and utilities use.
Based on the regions, the global environmental health and safety (EHS) market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is projected to account for the highest market share in 2022. The region's strong demand for environment health & safety (EHS) services may also be related to the existence of a significant number of oil and gas extraction businesses, which need EHS services to conform to rules and safeguard the health & safety of their personnel. Furthermore, increased industry expenditures in environment health and safety (EHS) IT software to comply with Occupational Safety and Health Administration (OSHA) and Environmental Protection Agency (EPA) standards are likely to drive demand for EHS in North America.
The environmental health and safety (EHS) market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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