Environment, Health, and Safety Market worth $11.5 billion by 2029 - Exclusive Report by MarketsandMarketstm

CHICAGO, April 4, 2024 /PRNewswire/ -- Technology innovation, sustainability integration, challenges with regulatory compliance, health and safety priorities, supply chain resilience, data-driven decision-making, and workforce skills development will define the future of the EHS market and position EHS management as a crucial strategic requirement for businesses dedicated to operational excellence and sustainable growth.

The Environment, Health, and Safety Market is expected to reach USD 11.5 billion by 2029 from USD 7.9 billion in 2024, at a CAGR of 7.6 % during 2024?2029, according to a new report by MarketsandMarketstm.  

Browse in-depth TOC on "Environment, Health, and Safety Market"

218 - Tables
42 - Figures
252 - Pages

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Scope of the Report

As leading companies worldwide increasingly prioritize robust EHS systems, the EHS market is being driven by the growing recognition of EHS as a critical component for achieving various business objectives. Beyond mere regulatory compliance, organizations now view EHS as essential for effective risk management, sustainability efforts, corporate social responsibility, operational efficiency, cost reduction, and brand reputation enhancement. A strong EHS culture correlates with increased productivity, product quality, employee morale, and profitability. Businesses invest in comprehensive EHS solutions to capitalize on these benefits, recognizing that effective EHS management not only safeguards people and the planet but also drives long-term business success.

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The software segment contributed the largest market share in the Environment, Health, and Safety Market during the forecast period.

EHS software helps identify hazards, manage safety data, and monitor worker health, promoting a safer and healthier work environment. With features like data analysis and risk assessment, businesses can proactively prevent accidents. EHS software enables enterprises to protect their employees' health and safety from potential workplace hazards. It also assists organizations in staying afloat in this dynamic regulatory environment by keeping them informed of regulation updates.

A heightened awareness of EHS issues drives the demand for EHS software and services. High-profile incidents involving hazardous chemicals have pushed governments worldwide to implement stricter regulations, particularly in the chemical and energy sectors. EHS software empowers businesses to navigate these more stringent regulations and prioritize safety and environmental responsibility.

The analytics services segment is projected to register the highest CAGR during the forecast period.

Analytics services assist organizations in consolidating data from various sources and leveraging it to enhance profitability. Once data is uploaded into the EHS analytics platform, organizations can visualize it through customizable dashboards, share insights with stakeholders, and export it for further analysis. These services encompass the aggregation and analysis of data from diverse sources, offering valuable insights to improve decision-making and operational performance. The increasing adoption of analytics services is primarily driven by the growing complexity of regulatory requirements, heightened focus on workplace safety, and organizations' need to proactively manage environmental impacts. By harnessing analytics, companies can identify trends, predict potential hazards, and optimize resource allocation.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

Asia Pacific, home to nearly 40% of the world's population, is witnessing diverse implementations of environment, health, and safety technologies. The Asia Pacific region is undergoing a notable surge in adopting environment, health, and safety, driven by the flourishing economies of India, China, Japan, Australia, and New Zealand. Initiatives like the China Environment and Health Initiative by the Social Science Research Council (SSRC) aim to advance research on the interconnectedness of health, environment, and development in China. Similarly, countries such as India, Australia, and Japan have implemented various measures to adopt EHS solutions. In India, the government and labor departments at both state and union territory levels oversee worker safety and health, supported by bodies like the Directorate General of Mines Safety (DGMS) and the Directorate General Factory Advice Services and Labor Institutes (DGFASLI). Australia, meanwhile, follows the comprehensive Work Health and Safety Act 2011, encompassing a range of EHS regulations.

Top Key Companies in Environment, Health, and Safety Market:

The report profiles key players such as VelocityEHS (US), Wolters Kluwer (Netherlands), Intelex Technologies (Canada), Benchmark ESG (US), Cority Software Inc. (Canada), Sphera (US), Intertek (UK), Quentic (Germany), UL Solutions (US), Ideagen (UK), SAP (Germany), IBM (US), Evotix (UK), EcoOnline (Norway), Diligent Corporation (US),  ETQ (US), 3E (US), Dakota Software Corporation (US), IsoMetrix (US), Enhesa (US), VisiumKMS (US),  SafetyCulture (Australia), TextContext (Canada), ComplianceQuest (US), Pro-Sapien (UK), SHEQX (Australia), CMO Software (UK), Indus Environmental Services (India), Inicia (Japan), ASK-EHS Engineering (India), SHE Group (South Africa), and EHS Brazil (Brazil).

Recent Developments:

• In February 2024, VelocityEHS acquired Contractor Compliance, a Canadian-based enterprise safety and risk management software solution provider. The deal adds innovative third-party contractor and vendor compliance capabilities to the award-winning VelocityEHS Accelerate Platform.
• In August 2023, UL Solutions announced the acquisition of CERE, a privately owned, Madrid-based third-party testing, simulation, and certification company.
• In May 2023, Cority announced the acquisition of Greenstone, a UK-headquartered software company with a suite of sustainability solutions for enterprises, supply chains, and asset managers. This marks the third sustainability-focused acquisition for Cority in the past two years, including WeSustain and Reporting 21.
• In January 2023, Wolters Kluwer Legal & Regulatory announced it had acquired Della AI Ltd., a provider of leading AI technology based on advanced NLP. This technology was expected to allow legal professionals to review contracts in multiple languages by simply asking questions.

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Environment, Health, and Safety Market Advantages:

• By assisting companies in adhering to industry-specific criteria, health and safety standards, and environmental legislation, EHS solutions lower the risk of fines and legal ramifications for non-compliance.
• EHS solutions assist organisations prevent accidents, injuries, and incidents, protecting workers, the community, and the environment while preserving business continuity. They do this by recognising and reducing environmental, health, and safety hazards.
• Through lower insurance premiums, healthcare costs, fewer workplace accidents, and less downtime from events or fines from the government, proactive management of EHS risks can save money.
• By optimising resource utilisation, cutting waste, and streamlining procedures, the implementation of EHS management systems increases operational efficiency and boosts profitability and productivity.
• Enhancing brand value and competitiveness, an organization's reputation among customers, investors, regulators, and other stakeholders is improved when it demonstrates a commitment to environmental sustainability, employee health, and safety.
• Having a secure and healthy workplace promotes employee loyalty, engagement, and morale, which boosts retention rates and creates a great business culture.
• EHS solutions ensure suppliers follow EHS standards, encourage responsible sourcing, and improve supply chain transparency, all of which assist organisations in managing environmental and social risks throughout the supply chain.
• EHS software facilitates trend analysis, informed decision-making, and continuous improvement activities by offering real-time data and analytics on environmental performance, health parameters, and safety occurrences.

Report Objectives

• To determine and forecast the global Environment, Health, and Safety Market by offering (software and services), application, vertical, and region from 2024 to 2029, and analyze the various macroeconomic and microeconomic factors affecting market growth.
• To forecast the size of the market segments concerning five central regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Environment, Health, and Safety Market.
• Analyze each submarket concerning individual growth trends, prospects, and contributions to the overall Environment, Health, and Safety Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Environment, Health, and Safety Market.
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
• Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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