Disaster management market globally has seen significant growth due to increasing occurrences of natural disasters, increasing populations in vulnerable areas, and climate change concerns, coupled with government initiatives globally. The market is estimated to grow at a significant CAGR of 9.2% during the forecast period (2023-2031). The world has seen the worst disasters both natural and man-made in the past few years and what else can be a bigger example than COVID-19 itself? For the prevention of such disasters and to reduce the causalities, financial losses, and chaos globally, governments across the world are working to create an effective disaster management ecosystem. The five key trends below will help reduce the complexities of the Global Disaster Management Market.
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5 Trends Impacting the Global Disaster Management Market
- Governments are taking the threat of disasters seriously as it causes fatalities and financial losses. Bringing different policies and tools into action to prevent disasters has been on the priority list of the government. For instance, in July 2023, the National Disaster Management Authority (NDMA) announced to launch of Cell Broadcasting of disaster alerts by the end of 2024. This is the second phase of its common Alerting Protocol System (CAPS).
- Various countries such as the US, China, and India are developing space technology to strengthen disaster management alert and response systems. For instance, in August 2023, China launched a satellite for preventing and mitigating natural disasters named Land Surveyor 4A. Developed by the China Academy of Space Technology, the Land Surveyor 4A is the world’s first synthetic aperture radar satellite in high-altitude orbit and will extensively improve China’s space-based disaster monitoring system.
- Many research and development programs to develop disaster response platforms and devices supported and funded by governments and market players are driving the growth of the market. For instance, in February 2024, GoAERO introduced a program named GoAERO Prize, which aims to push the development of portable, versatile, and autonomy-enabled emergency response flyers.
- Various education institutes and existing market players are collaborating to incorporate technology with existing disaster management tools is driving the market growth. For instance, in January 2023, Lockheed Martin extended a collaboration agreement between its Science Technology Engineering Leadership and Research Laboratory (STELaRLab) and Romania’s Technical University of Cluj-Napoca (TUCN) to develop AI capabilities that will improve the planning and delivery of humanitarian assistance and disaster relief during times of crisis.
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- Technological innovation is playing a crucial role in the development of the global disaster management market. For instance, In August 2023, NEC Corporation developed a technology for disaster damage assessment using a Large Language Model (LLM) and image analysis. This technology enables users to immediately and accurately assess the extent and location of damage from the multitude of images collected when a disaster strikes.
Alertus, IBM, Motorola Solutions, NEC Corporation, OnSolve, Siemens, Singlewire Software, Honeywell International Inc., Lockheed Martin Corp., and Siemens AG, among others, are the key players operating in the global market. Companies are collaborating to bring creative disaster management tools to the market. For instance, in June 2023, Honeywell joined forces with leading industry partners such as Telguard, NAPCO Security Technologies, and Resideo Fire Communicators to deliver detailed information about commercial fire emergencies to first responders. With these companies, Honeywell connects fire panels to the monitoring station. Honeywell’s open and secure fire service platform allows each authorized partner to contribute information they have regarding the emergency, as well as, building information and share that information via mobile apps directly with the first responders dispatched to the incident.
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