Facts and Factors Market Research has published a new report titled “Environmental Health and Safety Software Market By Deployment Mode (On-Premise and Cloud-Based), By Organization Size (Large Enterprises and Small & Medium-Sized Enterprises), and By Verticals (IT & Telecommunications, Manufacturing, Oil & Gas, Mining, Chemical, and Energy & Utilities): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global Environmental Health and Safety Software Market is predicted to be valued at approximately USD 1,145 million in 2018 and is expected to reach a value of around USD 3,405 million by 2027, at a CAGR of around 12.8% between 2019 and 2027.
Environmental Health and Safety software or EHS software functions as a data management tool that helps in storing and analyzing of information pertaining to waste management, sustainability, occupational health, and safety of workers.
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EHS services are mainly utilized by businesses for the purpose of maintaining regulatory compliance through the tracking of the environmental performance metrics, providing comprehensive reporting functions, and tracking inventory. Firms also use the data collected by EHS software to assist in the risk management analysis and coin a particular strategy.
Firms make use of EHS software for reducing workplace risks, enhancing environmental performance via waste reduction, and ensuring responsibility for workplace events. Furthermore, the product is also used for improving the activities pertaining to data collection and reporting. Environmental health and safety software is extensively utilized across the highly regulated sectors in which the standard of compliance is very high.
Environmental health and safety software comprises 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.
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Easy access to the software for the employee from any location to boost the market trends
Easy accessibility of the software is predicted to help the employees of the firm make use of EHS services wherever and whenever they require them. The software also helps the managers to create a strong safety culture through the facilitation of employee participation in large numbers.
Furthermore, EHS software offers a tool for myriad firms to maintain the health and safety of their employees from potential hazards in the workplace. In addition to this, it assists the companies in fulfilling the health and safety legislation. All these aspects are predicted to drive the growth of the market during the forecast timeline.
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Apart from this, firms are opting for environmental health and safety software for gaining strategic as well as a competitive edge over their business rivals. Nevertheless, pricing pressures and tough competition from IIOT tool providers can hinder business growth over the forecast period. Moreover, the high costs of EHS software deployment will impede the expansion of the industry over the forecast timeline.
Energy & Utilities to dominate the vertical segment by 2027 in terms of revenue
The growth of the segment during the forecast timeline is due to a rise in industrialization as well as construction events across the globe.
Large enterprises to contribute majorly towards the overall market revenue share by 2027
The segmental growth over the forecast period is attributed to the growing demand for the product by the large firms for acquiring a competitive edge over their business rivals.
North America to account for a major revenue share of the overall market by 2027
The growth of the market in the region is credited to huge acceptance of EHS software across a spectrum of end-use sectors like oil & gas and construction.
Some of the key players in the market include ASK-EHS Engineering and Consultants Pvt. Ltd., Cority, Dakota Software Corporation, Enablon, Enviance, Gensuite LLC, IBM Corporation, Intelex Technologies, SafetyCulture, SAP SE, Sphera, and VelocityEHS.
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This report segments the Environmental Health and Safety Software market as follows:
Environmental Health and Safety Software Market: By Deployment Mode Segment Analysis
Environmental Health and Safety Software Market: By Organization Size Segment Analysis
- Large Enterprises
- Small & Medium-Sized Enterprises
Environmental Health and Safety Software Market: By Verticals Segment Analysis
- IT & Telecommunications
- Oil & Gas
- Energy & Utilities
Environmental Health and Safety Software Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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