FMJ Facilities Management magazine providing industry-specific intelligence to FM and property professionals
A new report from independent research and advisory firm Verdantix says the environment, health and safety (EHS) software market will continue to grow this year despite recession fears with an increased focus on proactive risk management helping support expansion.
Its Market Size and Forecast: EHS Software 2022 -2027 (Global) report forecasts the market will hit $1.57 billion this year and continue to expand at around 11.9 per cent a year to reach $2.7 billion by 2027.
Tougher ESG regulations will underpin increased long-term spending on commercial EHS software which plays a key role in providing investor grade data for companies and the sector is attracting private equity investment which is also helping to expand the EHS software market.
The market is also benefiting from increasing digitisation in the aftermath of the Covid-19 pandemic as firms increasingly switch to proactive risk management strategies which require investment in connected software and technology workflows.
In addition, procurement teams are increasingly looking to consolidate EHS solutions into a single management platform with the aim of centralising ESG and EHS data with larger deals likely to further expand the market.
Chris Sayers, Industry Analyst at Verdantix said: “EHS software is steadfast and even through recessions there is a low removal or replacement risk. Notwithstanding the potential impact of economic uncertainty, EHS software spend will continue to increase in the long term, driven by heightened demand for environmental management and ESG functionality.
“EHS vendors are in a superb position to deliver on core ESG competencies. This signals the long-term growth opportunity available to a sector that has already leapt at the lucrative ESG market through brand repositioning, strategic acquisitions, and in-house product developments.”
The North American and European markets will continue to dominate the sector, Verdantix believes, as increasing adoption of EHS software by mid-market firms will drive growth.
While some personnel are finally returning to the office – the great majority of organisations (up to 83 per cent) anticipate a hybrid mix of on-premises and working from home to continue for the foreseeable future.
This means that when it comes to providing access to the workplace, where once it was simply enough to maintain a welcoming reception for visitors, organisations today must also keep a close eye on access permissions in real-time to keep buildings safe and secure while ensuring they comply with compliance.
Pitney Bowes Smart Access Management in association with FMJ has produced a new White Paper which explains how to create a welcoming, actively managed environment for authorised people.
It explains how new Smart Access Management™ (SAM) delivers a complete, real-time and data-driven view of all your people, visitors and contractors, to help give you greater control and visibility.
To download the white paper click here.
