The global environmental health and safety (EHS) market is foreseen in a report by Transparency Market Research (TMR) to witness the adoption of various business tactics by players to cement their position in the industry. Strategic associations and mergers and acquisitions could be among prominent ones considered to obtain a larger share of the market in the near future. These strategies are expected to help players to tap into more markets and explore different resources while adding to their current product portfolios. IHS Inc., SAP SE, and Enablon North America Corporation are some of the leading players of the market.
Between 2016 and 2024, the global EHS market is prophesied in the TMR report to clock up a 12.0% CAGR to reach an US$8.1 bn valuation by the final forecast year. In terms of component, the market could see a classification into software and services. By region, North America is anticipated to dominate the market with its higher CAGR of 13.2%.
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Cost-effective EHS Solutions Help SMEs with Easier Adoption
Emerging regions rapidly framing diktats on EHS could be a primary factor augmenting the demand in the global market. Affordable solutions introduced by government bodies that may be easier for small and medium-sized enterprises (SMEs) to adopt could also help the world EHS market to step up its demand in the coming years. The need to fulfill a number of legal requirements and statutes to comply with EHS standards in different parts of the world is predicted to support market growth, as per a lead analyst authoring the report.
Corporates have been lavishly investing on a range of software platforms, thus expected to contribute to the high uptake of EHS tools. Aggressively rising industrialization in UAE, South Africa, India, and China is projected to augur well for the world EHS market.
High Cost of Installing EHS Software Sets up Roadblock to Growth
Limited adoption of EHS tools by low-income businesses and expensive cost of the installation of environmental compliance software are envisaged to dwarf the market during the course of the forecast period. Furthermore, auditing services could be largely complex and extortionate, acting as a threat looming over the market.
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Nonetheless, the international EHS market is envisioned to offer some high-income prospects for players to thrive on. It could gain momentum on the back of several mandates that need to be fulfilled for maintaining certain standards in important industry verticals such as healthcare, agriculture, energy and mining, and chemical and petrochemical. Extensive adoption of EHS in North America across other industries, viz. oil and gas and construction could also help the market to attain growth in the near term.