According to the Market Statsville Group (MSG), the global intelligent emergency response systems and infrastructure (IRIS) market size is expected to grow from USD 147.13 billion in 2022 to USD 441.26 billion by 2033, growing at a CAGR of 10.5% from 2023 to 2033. Technological development such as the Internet of Things (IoT), and its fast adoption in developed countries and urban regions are driving the intelligent emergency response system market. During emergencies, whether natural or man-made, the intelligent emergency response system and infrastructure (IRIS) is activated. In such cases, the appropriate health and public administration organizations are notified to employ IRSIs. It is inextricably related to the telecommunications and satellite ecosystems, which have been vastly improved for greater data transfer and precise picture acquisition. The rise in workplace accidents has compelled governments to impose strict labor safety regulations. As a result, industries are implementing Intelligent Emergency Response Systems and constructing safer infrastructure.
The major Industry of the system is automatic messaging of any natural or man-made accidents to wide range of geographical and population in any form such as voice or text, e-mails to any available or integrated medium such as pagers, smartphones, and alarms. The system has the capability to contact the respective decision maker or the immediate actioner such ambulance services in case of medical emergence, and police station in case of other unfavorable situational emergencies. This will drive the market’s growth.
Natural calamities and man-made catastrophes such as earthquakes, floods, fire, terrorist attacks, hijacking, and others, have been observed in recent years across the world that have caused severe damage to human life and substantial economic loss. During such situations, quick medical help and prompt security measures are needed at such sites. The intelligent emergency response system is gaining popularity in today’s world to tackle disastrous situations. Technological advancements have made it possible to connect, share information and alert a large crowd in a short time. An intelligent emergency response system is a good example of technological advancement that helps in strengthening security by sending alerts to the government authorities, medical teams, civilians during such emergency situations. At the time of emergency situations such as a fire in buildings, it becomes very difficult for evacuees to find the best possible evacuation path. Emergency response systems play an important role to help evacuees find the most efficient path in case of emergencies and avoid the hustle.
COVID-19 has negatively impacted the financial viability and operations of merchants in certain verticals, as a result, allowances for transaction and credit losses may not accurately reflect the number of losses that major market players may be exposed to, further hampering the market’s growth amid the pandemic. However, there is a dearth of laborers or persons to monitor machines in closed factories and manufacturing units. Further, the surge in disaster amid the pandemic has increased the demand for the IRIS. Hence, the adoption of IRIS is increased significantly in the later half of the year 2020. As it is technologically advance system does not require more manpower, act on a real-time basis. It is also equipped with proper voice and video conferencing tools, to enhance communication.
In addition, governments across the globe also adopted IRIS in their smart cities development plans as it offers reliable system to depend on for first emergency response. Such initiatives will create lucrative opportunities for the growth of the market.
Intelligent Disasters and catastrophes not only cost the loss of human lives but adversely affect the progress toward sustainable development of the country. As soon as disaster strikes, the first and foremost challenge for the concerned authorities is to make an expeditious response. Consequently, they need to be highly organized, properly trained and sufficiently equipped to effectively respond and limit the destructive effects of a disaster. This will pave the way for the growth of the market over the forecasting period at the global level. Furthermore, in case of disaster, we as a human has a tendency to neglect it, until we actually go through it or suffer from this. However, cyberbullies or cyberwar doesn't hold on to one person at a time it affects major groups and even individuals. They affect their both physical and mental state and cause harm to their social and intellectual pare as well. Cyberwar and cyber terrorism are real and are being waged. Cyber terrorists and cyber warriors are attacking systems and succeeding in their attacks. This requires management to prepare for the worst case, the loss and destruction of critical data and systems.
The adoption of IRIS will respond to both natural and man-made disaster in real time and safeguard individuals and their property from cyber-attacks. It will also spread awareness regarding the onset of natural disaster so governing authorities can respond and safeguard numerous lives. Aforementioned factors will accelerate the adoption of the IRIS and drive the growth of the market during the forecasting period.
Lack of awareness among individuals regarding the benefits of intelligent response and infrastructure system, as this may affect the adoption of the system in various verticals, thus, restraining the growth of the market over the forecasting period. The lack of awareness will lag people to get benefitted and keep their factories, plants and other properties safe from any kind of disaster.
Furthermore, the high installation cost coupled with a dearth of skilled professionals will further hamper the growth of the market over the forecasting period. For instance, if an unskilled professional manages the system, he/she may not understand the specific signals or responds, hence, delay in communication leads to disaster. In addition, the high installation cost will restrain its adoption in various small and medium size factories which are actually more prone to disasters. Medium and small size factory disaster can be massive as most of such factories are not so far from residential settings. Hence, the lack of awareness and high cost will negatively impact the growth of the market over the forecasting period across the globe.
Emergency response is critical and, in many cases, the speed and quality of response lead to a life-or-death situation. Such is the nature of emergency services that even small improvements inefficiencies in the life cycle would lead to significant outcomes and save lives. Technology, in general, has been a game-changer in the field of emergency services. IoT technologies further enhance the ability of first responders since there is access to real-time information through sensors and video streaming, 5G catalyses the information availability by providing highly reliable, low latency, and on-demand connectivity. While sensing technologies have been an integral part of emergency response, 5G provides certain unique capabilities that accentuate the impact. Below are some benefits of 5G and IOT which will transform emergency services in the forthcoming years. For instance, enhanced connectivity will increase availability, bandwidth, and reliability. This will deliver an “always connected” emergency worker with high-quality bi-directional voice and video conversations that will improve the situational awareness of the command centre. In addition to the input from workers, real-time sensor data and interactions with smart buildings will help an accurate assessment of the situation and plan for the right response.
The study categorizes the intelligent emergency response systems and infrastructure (IRIS) market based on product type, and industry area at the regional and global levels.
Based on the product type, the segment is divided into physical security, life security and facility management security. The physical security segment holds the largest share around 49.5% in 2022 also projected with a CAGR of 10.6%. Physical safety Intelligent Emergency Response Systems and Infrastructure is a phrase used to define the physical protection of people, buildings, and assets. Theft, vandalism, terrorism, natural disasters, and other risks are all mitigated through physical security, intelligent emergency response systems, and infrastructure solutions. The physical and logical security convergence is becoming real with various vendors foraying into offering such solutions. End user's needs and demand for serviceability are driving the technological trends today. Allowing solutions to be hosted into the cloud and designing applications that help facilitate service are driving the demand in the market.
Based on the regions, the global intelligent emergency response systems, and infrastructure (IRIS) 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. With the growing industrialization and use of hazardous chemicals and materials, the chances of the occurrence of industrial accidents increased in this region has boosted the market growth over the forecasting period. Although various measures have been taken to prevent such incidences, in many cases human error and lack of monitoring cause massive industrial disasters. This event challenged the safety measures taken by factories and plants across the region and forced the government and factory owners to amend the safety policies in such plants.
The intelligent emergency response systems and infrastructure (IRIS) 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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