Albany, NY -- (SBWIRE) -- 12/01/2016 -- According to a new market report published by Transparency Market Research entitled "Environmental Health & Safety (EHS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024," the environmental health & safety (EHS) market was worth US$ 3,009.0 Mn in 2015 and is expected to reach US$ 8,315.1 Mn by 2024, expanding at a CAGR of 12.0% from 2016 to 2024. North America was the largest EHS market in 2015. The growth in this region is being driven by the implementation of EHS across a large number of major industry verticals, including chemical, oil & gas, construction, and mining.
The EHS market is expected to witness prominent growth in the near future, especially in developing economies. Due to the high cost of environmental compliance software, the adoption of EHS across SMBs was too low in the early stage. Thus, in order to adhere with EHS norms and regulations, several Federal agencies have been operational across developing economies to mandate the implementation of EHS. Furthermore, these agencies have brought cost-effective solutions to comply with EHS standards primarily for SMBs and cost-sensitive economies. One of the most prominent driving factors for the EHS market is multiple statutory and legal requirements to maintain EHS safety standards. This has led the market to exhibit significant growth potential across all the regions over the forecast period.
The report provides cross-segment analysis of the EHS market components, comprising software and services. The segmentation on the basis of software includes quality & risk assessment, data analytics, cost management, environmental compliance, energy & carbon management, and others. Environmental compliance software is expected to emerge as the fastest-growing software solution. The high growth in this segment is characterized by several norms and regulations implemented by federal agencies associated with environmental protection legislation around the globe. However, data analytics software held the dominant position in terms of EHS software type in 2015 due to rising demand for analytical tools to monitor health & safety issues.
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EHS services covered in the report are consulting, project management, analytics, training, implementation, auditing, and certification. Auditing services held the largest market share in terms of revenue for EHS services across all the regions. Auditing of EHS compliance includes heavy capital investments, thereby resulting in the largest market share across EHS services types. Furthermore, auditing service is also anticipated to be the fastest-growing segment across all the EHS service types.
End-use industries deploying EHS software and services covered in the report are chemical & petrochemical, energy & mining, construction, agriculture, transportation, manufacturing, government & public sector, retail, healthcare, and others. The chemical and petrochemical industry verticals held major market share in terms of EHS adoption across a majority of the economies.
Geographically, North America is the largest market for EHS and the region is anticipated to dominate the global EHS market over the forecast period. In 2015, North America accounted for approximately 32% of the global EHS market's revenue. Key players in the global EHS market include IHS Inc., 3E Company, International Finance Corporation, Enablon North America Corporation, SAP SE, UL LLC, and Medgate Inc.