Industrial accidents could pose heavy liabilities for industries since they not only create distress or personal grief for workers but may also lead to negative publicity and huge monetary compensations.
Environmental health and safety (EHS) tools are used by organizations to adhere to prevailing norms laid down to promote health and safety of workers.
North America and Europe have been at the fore of adopting various stringent EHS norms. Post the global downturn in 2008, various companies located in the aforementioned regions have proactively implemented robust, yet costly EHS monitoring tools. As per a report published by Transparency Market Research (TMR), the global environmental health and safety market is expected to exhibit a CAGR of 12.0% between 2016 and 2024. The market is projected to reach a valuation of US$8.31 bn by 2024 from US$3.01 bn in 2015.
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What factors will encourage or inhibit the growth of the global environmental health and safety market?
The global EHS market is poised to surge exponentially in the near future. The market will witness lucrative opportunities particularly in the emerging nations. However, the high cost of environmental compliance software dampens the rate of EHS adoption across SMBs at the early stage. In order to resolve this concern, several Federal agencies have been operational in mandating the implementation of EHS across developing nations. Additionally, these agencies have also introduced cost-effective solutions for SMBs and cost-sensitive economies to help them comply with the prevailing EHS standards. The market has been significantly gaining from the myriad statutory and legal regulations mandating organizations to maintain EHS standards. Driven by these factors, the global EHS market exhibits considerable growth potential worldwide.