MarketsandMarkets forecasts the Global Environment, Health and Safety Market size is expected to grow USD 6.3 billion in 2021 to USD 8.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. Organizations that belong to various verticals are adopting EHS software solutions and services for ensuring their adherence to government compliances, rules, and regulations. EHS solutions allow organizations to manage compliance seamlessly and eradicate cumbersome spreadsheets and paper reports. A key advantage of a cloud-based EHS solution is the move toward a paperless office by eliminating paper records. This, in turn, increases security and assists with the data protection legislation. Moreover, maintaining a safe workplace and fully compliant operations is important in any business. Therefore, governments enforce various EHS standards that companies must comply with to reassure the well-being of their workers.
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Analytics segment to grow at the highest CAGR during the forecast period
Among the services segment, analytics services is expected to grow at the highest CAGR during the forecast period. Analytics services help organizations in aggregating data from multiple resources and analyzing it for increasing profit margins. Once the data is uploaded into the EHS analytics system, organizations can view the data in a customizable dashboard, share the data with other organizations, and import the data into an Excel sheet to build their reports. Primarily, EHS analytics services are cloud-based, and there is no need to connect these services to any external hardware. Contractors, suppliers, and other stakeholders can view and report their data with the help of analytics services. Analytics service providers follow three techniques for analyzing the EHS data: spatial analysis, human-derived algorithmic analysis, and heuristic Machine Learning (ML) analysis. Spatial analysis is useful for providing operational improvements, real-time feedback, and granular insights into opportunities and risks.
Construction and Engineering segment is expected to grow at the highest CAGR during the forecast period
Verticals adopt EHS software solutions to improve their employee safety, enhance operational efficiency, streamline data collection, and comply with regulations. For every organization, worker safety is critical; however, in the construction and engineering vertical, these stakes are high. Companies need to provide workers with proper training, conduct regular safety inspections, and identify and eliminate site hazards. The construction and engineering vertical includes five major solutions: incident management, audit and inspection, waste management, on-demand training, and compliance management. EHS software streamlines essential safety processes, ensures compliance with regulations, and unlocks the potential of safety data. On the other hand, the software works on minimizing the damage impact on the environment, people, and society.
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An EHS system streamlines Environment, Health & Safety management by automating the safety program management and greatly simplifying government regulatory compliance. It prioritizes on greater user engagement and collaboration to reduce operational risks and improve health and safety performance while achieving corporate sustainability goals. The EHS market includes software and services, which aim at reducing environmental pollution (including air, water, and soil) and protecting the health of workers, thereby improving the ergonomics and confirming a risk-free workplace. This EHS software comes with various features, such as environment and sustainability management, waste management, health and safety management, industrial hygiene management, energy and water management, incident and risk management, and air quality and compliance management.
The key and emerging market players in the EHS market include VelocityEHS (US), Enablon (France), Intelex (US), Cority US), Gensuite (US), Sphera (US), SAI Global (US), Quentic (Germany), UL (US), Alcumus (UK), SHE Software (UK), VisiumKMS (US), Ideagen (UK), EcoOnline (Ireland), ETQ(US), Dakota Software (US), ProcessMap, SafetyCulture (Australia), ProntoForms (Canada), Verisk 3E (US), Enhesa (US), SAP(Germany), IsoMetrix (South Africa), SHEQX (UK), Pro-Sapien(UK), SafeSite(US), and ComplianceQuest(US). These players have adopted various strategies to grow in the global EHS Market
VelocityEHS provides EHS and sustainability solutions to its clients. It also delivers easy, intuitive solutions that are cost-efficient, easy to implement and provide a better user experience. The company offers various EHS software such as Incident Management, Audit and Inspection, Compliance Management, Chemical Management, Performance Management, Risk Analysis, Training Management, Training Content, and Reporting and Dashboards to its commercial clients. The company’s mobile application, MDSonline, is a chemical inventory management solution provider that aims to make enterprise-level EHS functionality accessible and affordable to businesses of all sizes. VelocityEHS is one of the largest providers of EHS solutions and serves more than 13,000 customers worldwide.
Enablon is a global provider of EHS, Sustainability, and Operational Risk Management Software. These software solutions provided by the company help in reducing risks, increase safety and prevent undesirable incidents. Enablon also offers integrated services to industries such as automotive, chemicals, energy and utilities, financial services, foods and beverages, healthcare and pharmaceuticals, manufacturing, mining and metals, and oil and gas. The company offers a wide range of products: health and safety, operational risk management, environment and sustainability, governance, risk and compliance, and product stewardship solutions. Enablon was acquired by Wolters Kluwer in July 2016. Wolters Kluwer is a leading information service and solutions provider. It deals in health, tax and accounting, risk and compliance, and finance and legal industries. The company operates in around 160 countries in Europe, North America, and APAC.
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