Dublin, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The "Environmental Health and Safety Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The environmental health and safety software market is expected to register a CAGR of 12.3% during the forecast period (2021 - 2026). Environmental health and safety (EHS) software solutions are responsible for maintaining adequate balance among various environmental themes, including regulatory compliance, corporate sustainability toward environmental protection, accident avoidance, environmental audit and inspection, process standardization, and incident response.
EHS solutions are becoming a core part of every business organization to bring transformation in business continuity, profitable growth, corporate social responsibilities, and operational excellence related to environmental interaction.
The integrated environment of government regulations, legal forces, economic conditions, and technologies has convinced organizations from multiple industries to implement EHS solutions as a basic operational need. More importantly, organizations are trying to avoid future operational expenses due to environmental protection and risks involved in hazardous situations.
The demand for robust EHS software is growing due to the importance of safety practices in the workplace. From a business perspective, facing severe and high penalties due to health and safety offenses can impact the financials of the company. According to SHP Online, a prominent online community serving the ESH market, sanctioned fines globally, has experienced an increase of over 74% in the health and safety domain alone.
Additionally, according to Safety Media, up to 1.3 million workers suffer from work-related illnesses. Approximately 72,702 reported cases of employers experienced non-fatal injuries, while 144 workers suffered from fatal ones. Depending upon the employee's age, the same incident or accident is more likely to have a different impact on the employee. In the next few years, the population of workers aged over 55 and above is anticipated to increase considerably, drawing the attention of several organizations to automate their safety solutions.
Organizations of all sizes, including large, medium, and small enterprises, are deploying environmental EHS solutions due to easy cloud deployment options. The pay-as-you-go pricing model is highly influencing medium and small enterprises to opt for EHS solutions, which is becoming a mandated operational need to be followed by the organizations.
It is evident that after a large-scale disaster, such as the coronavirus pandemic, the risk perception for various industries has increased. The pandemic has made health and safety a trending topic. Although COVID-19 poses a challenge globally, it also brings many opportunities. The pandemic has redefined the definition of environmental health and safety (EHS).
For instance, the vendors can think of redesigning their software to contend with the new threat, SARS-CoV-2, since companies that consider their safety programs strong and effective may have to re-evaluate their options to make major adaptations.
Key Market Trends
Chemicals Segment to Hold Significant Market Share
As the operations in the chemical industry require the use of different materials and substances, the slightest handing errors can lead to costly and life-threatening consequences. Therefore, EHS solutions are adopted in the sector to monitor the storage and use of dangerous chemicals, help companies meet obligations, and avoid violation of safety regulations.
In April 2019, US-based VelocityEHS acquired ChemTel Inc., a hazardous chemical transportation safety and compliance service provider. The acquisition helped the company strengthen its chemical and Safety Data Sheet (SDS) management platform by incorporating ChemTel's emergency response operations center and hazardous materials transportation consulting services.
To achieve its goal of "Zero accidents and zero environmental incidents," Germany-based INEOS Koln adopted EHS software from Quentic. Since 2014, the company has been using the software to record and analyze unsafe situations and incidents that could endanger the environment. As a German Chemical Industry Association(VCI) member, the software also helped the company comply with the VCI environmental guidelines and joined the "Responsible Care" Initiative.
Furthermore, Dow Chemical has also announced an investment of USD 4 billion over the years 2018-2023 to expand its US petrochemicals manufacturing business as part of the company's next phase of significant investments. Such investments are expected to bring further development into the market.
Latin America Holds Significant Market Share
EHS issues throughout Latin America have become a more pressing issue for companies due to an increase in regulations and more stringent enforcement activities. In addition, all Latin American countries are not the same in their views toward EHS, especially given the wide cultural and geographical differences between countries and regions. This peculiarity between countries makes it increasingly necessary to have solutions for each individual jurisdiction.
For instance, Argentina became the first Latin American country to formally recognize the ILO guidelines on occupational safety and health management systems (ILO-OSH 2001) thereby showing its commitment to improve working conditions and reduce occupational accidents and diseases.
Brazil announced the modernization of the 36 Occupational Safety and Health Regulatory Standards (NRs) in 2019 and the consolidation and simplification of labor decrees. The program is currently late as, until November 2019, the NRs 1 and 2 were revoked, and the NRs 3, 12, 24, and 28 were updated. The rest of the NRs were revised in 2020.
As per the International Labor Organization, there are 11.1 fatal accidents per 100,000 workers involved in the industrial sector, 10.7 in agriculture, and 6.9 in the service sector. Some of the most important sectors for regional economies, such as mining, construction, agriculture, and fishing, are among the riskiest sectors.
Due to such instances, there has been increasing vendor activity in the region. For instance, in January 2020, IsoMetrix and Laragon announced a formal partnership to develop the European market and support the Latin American expansion. Isometrix has attained fast growth in the Latin American region over the past few years.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview (Followed by the Impact of COVID-19 on the Market)
4.2 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Stringent Government Regulations has Spurred Adoption
5.1.2 Surge in Demand for Mobile and Cloud Based Platform and Advanced Technologies
5.2 Market Restraints
5.2.1 Implementation, Budgetary Concerns, and Lack of Analytics
5.3 Market Opportunities
5.4 Qualitative Analysis of EHS Solutions
5.4.1 Incident Management
5.4.2 Audit and Inspection
5.4.3 Compliance Management
5.4.4 Other EHS Solutions
6 MARKET SEGMENTATION
6.1 By Deployment Mode
6.2 By End-user Vertical
6.2.1 Oil and Gas
6.2.2 Energy and Utilities
6.2.3 Healthcare and Life Science
6.2.4 Manufacturing and Process Industry
6.2.6 Food and Beverage
6.2.7 Other End-user Industries
6.3.1 North America
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.2 Intelex Technologies
7.1.4 Cority Software Inc.
7.1.5 SAI Global Pty Limited
7.1.6 Dakota Software Corporation
7.1.9 Quintec GmbH
7.1.11 SAP SE
7.1.12 iPoint-systems GmbH
7.1.13 SHE Software
7.1.14 DNV GL
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
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