Environmental Health and Safety Software Market

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New York, June 09, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Environmental Health and Safety Software Market – Growth, Trends, COVID-19 Impact, and Forecast (2022 – 2027)” – https : //www.reportlinker.com/p06184959/?utm_source=GNW

Highlights
Environmental Health and Safety (EHS) software solutions are responsible for maintaining the proper balance between various environmental themes, including regulatory compliance, corporate sustainability towards environmental protection, accident prevention, environmental audit and inspection, process standardization, incident response, etc.
EHS solutions are becoming a central part of every business organization to bring about transformation in business continuity, profitable growth, corporate social responsibilities and operational excellence related to environmental interaction. The integrated environment of government regulations, legal forces, economic conditions, and technologies has convinced organizations across multiple industries to implement EHS solutions as a core business need. Most importantly, organizations try to avoid any future operational expense due to environmental protection and risk from hazardous situations.
The demand for robust EHS software is increasing due to the importance of workplace safety practices. According to the Health and Safety Executive (HSE), more than half of worker fatalities in 2020 occurred in the agriculture, forestry and fishing and construction sectors. In 2020, 38% of fatal work accidents were reported among self-employed workers, despite these workers making up only 16% of the workforce. The proportion of fatal accidents among self-employed workers is higher in 2020-21 than in recent years.
Implementation and budget issues along with lack of analytics are hampering market growth. According to the National Association for EHS&S Management (NAEM) EHS&S Software Buyer’s Guide, buyers in the market for a new system should budget between $58,000 and $2,000,000 for their initial software purchase, with an average budget of 310,750 USD.
Various companies are increasingly in need of EHS software to help increase the ability to monitor worker health and safety during COVID-19 by automating case notification and management, worker communication, escalation self-assessments and voluntary checks. . Government guidelines also called on employers to carry out COVID-19 risk assessments to establish necessary controls. It is important to conduct these risk assessments systematically and to have a centralized management mode, which can be offered by the EHS software.

Main market trends

The oil and gas segment will hold a major market share

Workers in the oil and gas sector are directly exposed to chemicals produced and used in the oil and gas industry. Depending on the length and duration of exposure, they can suffer from occupational diseases of the skin, lungs and other organs. Therefore, the requirement of an effective EHS strategy becomes essential for organizations operating in this sector.
Oil and gas are important sectors playing an important role in the development of EHS demand in the studied market. Oil and gas companies have been early adopters of EHS solutions, as they must operate in a high-risk, fluctuating, efficient and highly regulated industry.
Several factors, such as increasing demand for energy, volatility in oil and gas prices, an increase in government oversight, and an increase in demand for effective incident management, are expected to give more market space. wide for EHS in the sector studied. According to the Government Accountability Office’s 2021 report, approximately 18,000 miles of disused oil and gas pipelines pose safety and environmental risks in the Gulf of Mexico. The report was released on the eve of the 11th anniversary of the Deepwater Horizon oil rig disaster in the Gulf. These risks create more demand for EHS software.
In March 2021, the Bureau of Safety and Environmental Enforcement launched a free BSEE Safe text message alert system. The agency reports that more than 7,000 subscribers have received links to BSEE safety alerts and bulletins regarding offshore oil and gas work on the outer continental shelf. Additionally, BSEE sent text messages directing subscribers to 61 security alerts and bulletins via BSEE Safe. The resources offer lessons learned from industry incidents and near-misses and recommendations to help prevent future occurrences.
According to the International Association of Oil and Gas Producers (IOGP) annual safety performance indicator report, a decrease in the number of oilfield fatalities from 25 in 2019 to 14 in 2020 was observed. This reflects not only increased safety standards and awareness in the oil industry, but also a 16% year-over-year decrease in total reported working hours. Additionally, according to the report, the 14 recorded deaths occurred in 12 separate incidents. While the land and sea fatal accident rates are 0.42 and 0.92, respectively, the enterprise and contractor fatal accident rates are 0.56 and 0.54, respectively.

North America holds a large market share

North America is expected to hold the largest environmental health and safety (EHS) software market share. One of the major reasons for the growth of the market studied is the growing number of stringent government regulations regarding workplace safety, environment, etc.
Moreover, the region has a strong presence of EHS software publishers which contribute positively to the growth of the studied market. Some of the North American based vendors include Intelex Technologies Inc., VelocityEHS, Sai Global Pty Limited, Dakota Software Corporation, and Gensuite among others.
Vendors in the region are improving their EHS software solutions. For example, in July 2021, VelocityEHS, a leader in cloud-based software for environment, health, safety (EHS) and sustainability, acquired Kinetica Labs, a pioneer in the development of sensing and simulation for occupational safety and health in Ann Arbor. .
Similarly, in May 2021, VelocityEHS acquired OneLook Systems, an Irish software company. The acquisition will strengthen its enterprise-wide platform services and ability to help users address emerging risk management issues related to the COVID-19 outbreak and beyond.
Several players are taking the initiative to strive for zero security incidents and to minimize the impact of their operations on the environment. For example, in August 2021, ProcessMAP Corporation, a provider of data intelligence-driven software solutions that helps customers transform into sustainable businesses, announced that Fortune Brands Home & Security, Inc., a Fortune 500, will lead the digital transformation of its global EHS and ESG initiatives by leveraging ProcessMAP’s intelligent and actionable data intelligence solutions.
The countries and their respective states in the region have developed several regulations and requirements to protect the natural environment and the health of their citizens. Products manufactured, sold, distributed and imported are subject to a growing list of complex local, state and federal (mandatory and self-regulated) environmental requirements in the United States and Canada. These environmental and safety measures create new compliance challenges for global and local businesses.
In the North American region, the US Environmental Protection Agency (EPA) and Occupational Safety and Health Administration (OSHA) strictly enforce industrial safety, which has led to the adoption of EHS software. Almost all businesses in the United States are subject to OSHA standards, so they are a relevant concern for employers and employees in a wide range of industries.

Competitive landscape

The environmental health and safety software market is fragmented, with many large technologically advanced players present in the industry, such as VelocityEHS, Enablon, Cority and Gensuite, the rivalry is very high, especially among the incumbents in the market . Market penetration is growing, with a strong presence of major players in established markets. With an increasing emphasis on innovation, the demand for new technologies, such as AI, is increasing, which, in turn, is driving investment for new developments.

May 2022 – DNV has strategically partnered with IOGP to develop decarbonization standards, accelerating the upstream oil and gas transition. Additionally, DNV has been selected by the International Association of Oil and Gas Producers (IOGP) to support the decarbonization initiatives of IOGP members, producers of 40% of the world’s oil and gas.
January 2022 – ProcessMap Corporation announced that Hg, a leading software and services investor with nearly $40 billion in funds under management, has agreed to make a significant investment to accelerate the growth and expansion of ProcessMAP, thus helping to consolidate the company’s position as a world leader in the EHS software sector.

Additional benefits:

The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06184959/?utm_source=GNW

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