Demand for Workplace and Employee Balance is Helping to Drive Environmental Health & Safety System Market
Environmental health & safety (EHS) system is mainly used by companies to ensure employee safety and well-being at the workplace and to monitor environmental balance. Governing bodies and regional federal agencies are proactively implementing EHS across various industry verticals in order to adhere with environmental and occupational safety standards. The software solutions incorporated under EHS include quality & risk assessment, data analytics, cost management, environmental compliance, and energy & carbon management. Furthermore, the different EHS services include consulting, project management, analytics, training, implementation, auditing, and certification. Rising awareness about workplace and employee safety coupled with increasing environmental safety efforts have led the EHS market to grow at a substantial pace. The EHS market is expected to advance at a CAGR of 11.7% from 2019 to 2027 reaching a market size of US$ 11,500.5 Mn in 2027, up from US$ 4,729.3 Mn in 2019.
Some internationally acclaimed regulatory agencies ensure health & safety of employees and their work environment. These agencies include Occupational Safety and Health Administration (OSHA), Environmental Protection Agency (EPA) of the U.S, National Institutes of Health (NIH), The National Institute for Occupational Safety & Health (NIOSH), Nuclear Regulatory Commission, Department of Labor, New York City Department of Environmental Protection, Council on Certification of Health, Environmental and Safety Technologists (CCHEST), European Agency for Safety and Health at Work (EU-OSHA), and Mine Safety and Health Administration (MSHA).
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A large number of developing economies have set up environmental institutions and regulatory regimes after being positively influenced by regulatory agencies in developed regions such as the U.S. and Europe
The EHS market is segmented on the basis of components, end-use industry, and geography. The components segment can be further classified on the basis of software solutions and the services offered. The different types of software solutions associated with EHS include quality and risk assessment software, data analytics software, cost management software, environmental compliance software, energy and carbon management software, and others. The EHS service segmentation includes consulting services, project management, analytics, training, implementation, auditing, and certification. Key end-use industries implementing EHS software and services covered in this report are chemical & petrochemical, energy & mining, construction, agriculture, transportation, manufacturing, government & public sector, retail, healthcare, and others.
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Based on geography, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America recorded the maximum implementation of EHS in terms of software and services, and the region is expected to dominate the EHS market. This high growth rate is anticipated due to the development of end-use industry infrastructure across the U.S. Moreover, rising awareness in terms of adherence to environmental regulations has further strengthened the EHS market in North America.
Some of the key players of the global environmental health & safety (EHS) market are IHS Inc., 3E Company, International Finance Corporation, Enablon North America Corporation, SAP SE, UL LLC, and Medgate Inc.
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