Market for EH&S software to exceed $1 billion in 2018, according to analyst forecast
In the next five years, corporate spending on EH&S software will grow at an annual rate of 15 percent, creating a $1 billion market by 2018, according to a new report from independent analyst firm Verdantix. The market forecast is based on financial data for 9,307 firms with more than $500 million in annual revenue headquartered in Australia, Brazil, Canada, France, Germany, India, the UK and the U.S. Market growth is also a reflection of private equity and corporate venture investment in the sector, which totaled more than $400 million in the last 5 years.
“Significant investments in EH&S software by oil and gas, mining and industrial manufacturing firms such as Syncrude Canada, Orica and Flexpipe Systems are driving a boom in the EH&S software market,” commented Jordan Nadian, Verdantix Analyst and author of the report. “Firms at different stages of maturity are getting in on the action. Those with existing EH&S software deployments at a site level are upgrading to more comprehensive systems to improve operational risk management and standardize processes. Laggards, who currently rely on Microsoft Excel and Sharepoint to achieve regulatory compliance, are investing in entry-level solutions, buying a few modules at a time to reduce their risk exposure.”