The market for emergency management services in the US is categorized on the basis of private end user vertical, professional services, and end-user vertical. Industries such as healthcare, media entertainment, hospitality, BFSI, Telecom and IT, utilities and transportation and logistics fall under private end user vertical. Similarly, public information services, consulting services, training and simulation services, and emergency operation services fall under professional services. While the end user vertical is classified into state government, federal government, private sector, and local government.
Growing security threats associated with terrorism and other criminal activities coupled with changing demography of the country is expected to influence the market for emergency management services in the US over the next few years. Further, threats from environmental disasters, bio hazards, severe weather and other calamities and increasing incidences of genocide in the country are additional factors expected to drive the market for managed security services in the US. Likewise, rising geriatric population and influx of people in coastal and urban areas are turning them into hotspots for terrorist attacks. Moreover, some of the particular areas in the US have a high concentration of private and public assets that entail efficient security and can be considered as another major factor fueling the demand for emergency management services in the US.
However, the increasing uncertainty and high impact ratio of disasters that are miscalculated may inhibit the market growth. In several occasions, government fail to allocate accurate budget for relief operations, which can be assumed as a negative factor hindering the emergency management services market in the US.
Future Prospects of Emergency Management Services
Increasing initiatives to further expand smart city infrastructure in the country is anticipated to creative lucrative business opportunities for emergency management service providers. In addition, the advent of advanced technological solutions such as big data analytics is being increasingly used in managing emergency services in the US. Incorporation of such IT solutions helps in better data analysis and crisis management during disaster response activities. Moreover, such advanced analytic solutions help in implementing a well-planned response at hostile situations.
Emergency management service providers are actively focusing on enhancing their services. Key players in the US market are offering crisis specific solutions depending on the type of emergency. In addition, players are collaborating with each other to improve their service offerings. For instance, the recent partnership between CrisisGo and LobbyGuard Solutions, LLC for providing advanced building safety management services is considered to be a positive move by both the companies. Realizing the growing risk of threats and safety issues in various public and private vicinities including industrial facilities and educational institutes both the companies have decided to jointly develop an emergency management platform. The companies believe that the integration LobbyGuard’s visitor management system with CrisisGo’s emergency mobile communications will ensure higher levels of safety for commoners working is various facilities and institutions. The emergency management platforms will enable them to receive crucial and timely alarms during emergency situations. The companies also believe that this partnership will further help them in offering superior service models to their clients.
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In 2015, the market for emergency management services in the US stood at US$ 7,100 Million and is anticipated grow higher in the upcoming years. According to a recent study conducted by Persistence Market Research (PMR), the market in the US is expected to surpass US$ 13,900 Million by the end of 2024. Major players in the market are emphasizing on collaboration with peer companies and improve raise the standards of their support services.