Crisis Management Software Market to Grow by USD 2.6 Billion (2024-2028) as AI and Blockchain Adoption Boost Trends, Technavio Reports

News provided byTechnavio 

Oct 07, 2024, 17:15 ET

NEW YORK, Oct. 7, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global crisis management software market size is estimated to grow by USD 2.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.4%  during the forecast period. Rising adoption of blockchain in crisis management software is driving market growth, with a trend towards growing number of partnerships among market participants. However, threat from open source crisis management software  poses a challenge. Key market players include 4C Group AB, Altia Solutions Ltd., Eaton Corp. Plc, Everbridge Inc., F24 AG, Haystax, Hexagon AB, Honeywell International Inc., IntraPoint AS, Iridium Communications Inc., Konexus Inc., MetricStream Inc., Moodys Corp., Noggin Corp., Onspring Technologies LLC, RiskLogic Pty Ltd., SAS Institute Inc., The Response Group LLC, Transputec Ltd., and YUDU Ltd..

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Market Driver

The crisis management software market is witnessing intense competition among vendors, leading them to form strategic partnerships and acquisitions with various market participants. These collaborations include software providers, technology providers, and platform providers. Partnerships and acquisitions enable vendors to expand their product offerings, geographical reach, and access to technological expertise. For instance, Everbridge’s partnership with National Public Warning Solutions and samdesk allows for the integration of samdesk’s AI-powered crisis detection feeds with Everbridge’s Crisis Event Management (CEM) suite. This collaboration provides organizations with complete situational intelligence before, during, and after critical events, enabling them to take proactive action on life-saving and operational continuity workflows. Similarly, Everbridge’s partnership with digital transformation leader ATOS expands Everbridge’s EEM adoption globally, benefiting ATOS clients with access to Everbridge’s critical event management solutions, ensuring business continuity and employee safety. The increasing number of such partnerships and acquisitions is expected to drive the growth of the global crisis management software market.

The Crisis Management Software Market is witnessing significant growth due to the increasing need for business continuity and disaster recovery solutions. The market caters to various sectors including natural disasters, man-made catastrophes, government standards, climate risks, terrorist attacks, geo-political conflicts, and cyber threats. Real-time interaction, emergency communications, and situational awareness are key features in demand. Cloud-based solutions are popular for their flexibility and scalability, while on-premise deployment offers greater control. Risk assessment is crucial for organizational resilience, with tools providing advanced analytics for incident analysis and automated incident response. Crisis management software is essential for large enterprises, healthcare, and manufacturing sectors, ensuring compliance management, incident management, communication tools, crisis response, and operational disruptions. Government and defense, IT and telecom, and family reunification are other significant markets. Emergency notification systems, training and simulation, and compliance management are integral parts of crisis preparedness. Public health crises and cyberattacks require specialized crisis management tools. The market offers various deployment options, including public, private, and hybrid cloud, catering to diverse business needs.

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Market Challenges

• Open-source crisis management software poses a significant challenge to the growth of the global crisis management software market. These free applications, developed by organizations or communities, are increasingly popular among small and medium enterprises (SMEs) and startups due to their low IT budgets. While open-source solutions like Open-Source Risk Engine (ORE), OpenEX, and Open Broadcaster offer cost savings, they come with limitations. Advanced features are often not included, and organizations must customize the software or pay extra for additional functions. Moreover, technical support is not always readily available, requiring in-house personnel to address errors. Despite these challenges, the demand for risk management and asset tracking in financial institutions is driving new vendors to offer freeware solutions during the forecast period. Consequently, the market growth may be impacted by the availability of open-source crisis management software.
• The Crisis Management Software Market faces various challenges in today’s dynamic business environment. On-premise deployment requires significant investment and maintenance, while risk assessment is crucial for effective crisis management. An Emergency Notification System is essential for timely communication during crises, but training and simulation are necessary to ensure proper usage. Family reunification, government and defense, IT and telecom, and compliance management are key sectors requiring advanced crisis management tools. Incident management, communication tools, and crisis response are essential components, addressing operational disruptions, advanced analytics, and crisis preparedness. Public health crises and cyber threats necessitate emergency response capabilities. Automated incident response and proactive management are essential for large enterprises, healthcare, manufacturing, and other industries facing security threats. Digital solutions offer flexibility through public, private, and hybrid cloud options, enabling crisis response planning and incident analysis for business operations.

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Segment Overview 

This crisis management software market report extensively covers market segmentation by  

1. Component
   • 1.1 Solution
   • 1.2 Services
2. Deployment
   • 2.1 On-premises
   • 2.2 Cloud-based
3. Geography
   • 3.1 North America
   • 3.2 Europe
   • 3.3 APAC
   • 3.4 Middle East and Africa
   • 3.5 South America

1.1 Solution-  The crisis management software market’s solution segment is experiencing significant growth due to the escalating demand for tools that enable organizations to effectively manage and respond to crises. This segment encompasses a range of software offerings designed to streamline crisis response efforts and minimize disruptions. The interconnected world we live in has heightened the speed and impact of crises, necessitating advanced solutions. New technologies, such as AI and ML, are being integrated into crisis management software to provide real-time data and insights for informed decision-making. The frequency and complexity of crises have intensified the requirement for and all-encompassing solutions. Crisis management software solutions offer essential features to facilitate real-time communication and collaboration among teams, ensuring seamless coordination, information sharing, and decision-making, even in remote environments. Moreover, the emphasis on adhering to compliance and regulatory requirements has significantly contributed to the expansion of the crisis management software market. Organizations must adhere to various legal and industry-specific guidelines during crisis situations. Crisis management software solutions often incorporate compliance features, enabling organizations to maintain detailed records and demonstrate due diligence. Products in this segment include communication and collaboration tools, incident reporting and tracking systems, risk assessment and forecasting tools. The need for efficient and comprehensive crisis response capabilities, the integration of digital technologies and remote work practices, the adoption of AI and ML capabilities, and the focus on compliance and regulatory requirements are expected to fuel the growth of the global crisis management software market’s solution segment throughout the forecast period.

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Research Analysis

Crisis management software is a vital solution for businesses and organizations to prepare for and respond effectively to various crises, including natural disasters, man-made catastrophes, terrorist attacks, and cyberattacks. This software enables business continuity, disaster recovery, and emergency communications, providing real-time interaction and situational awareness. It helps manage resources, data, and assess risks, ensuring organizational resilience and compliance with government standards. Climate risks are also addressed, as well as incident analysis and emergency response. Crisis management tools include automated incident response, disaster recovery solutions, and cybersecurity features. Cloud deployment options include public, private, and hybrid, catering to the needs of large enterprises and healthcare organizations.

Market Research Overview

The Crisis Management Software Market encompasses a range of solutions designed to help organizations prepare for, respond to, and mitigate various types of crises. These crises can include natural disasters, man-made catastrophes, terrorist attacks, geo-political conflicts, cyber threats, and operational disruptions. The market offers business continuity and disaster recovery solutions to ensure organizational resilience, data and resource management, and real-time interaction for situational awareness. Government standards, climate risks, and public health crises are also addressed. Advanced analytics, automated incident response, and compliance management are key features. Solutions can be deployed as cloud-based or on-premise, and include emergency notification systems, training and simulation, family reunification, and crisis response planning tools. Crisis preparedness is essential for government and defense, IT and telecom, healthcare, manufacturing, and large enterprises. Digital solutions enable proactive management and crisis response planning for various sectors.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
  • Solution
  • Services
• Deployment
  • On-premises
  • Cloud-based
• Geography
  • North America
  • Europe
  • APAC
  • Middle East And Africa
  • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio