Albany, NY -- (SBWIRE) -- 04/19/2018 -- Companies operating in the global environmental health and safety market are adopting various strategies to outsmart one another and capture greater market share. One of them is mergers and acquisitions and strategic associations. It not just helps them to add to their existing product portfolio but also tap into more resources and access more markets.

Some of the prominent players in the global environmental health safety market are Enablon North America Corporation, SAP SE, IHS Inc., UL LLC, Medgate Inc., International Finance Corporation, and 3E Company.

A research study by Transparency Market Research finds that global environmental health safety market will likely progress at a solid pace in the next couple of years. It estimates the market to attain a value of US$8.135 bn by the end of 2024 from US$3.009 bn in 2015 by clocking a CAGR of 12.0% over the course of the forecast period from 2016 to 2024.

Depending upon the software solution, the environmental health and safety market can be divided into data analytics software, quality and risk assessment software, cost management software, energy and carbon management software, environmental compliance software, etc.

Geographically, the main segments of the market for environmental health and safety are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America, at present, leads the market with maximum share due to widespread uptake of environmental health safety across a gamut of industries that include construction, oil and gas, mining, and chemical.

Increasing Provisions on Environmental Health Safety Drives Market

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The market for environmental health safety is expected to be driven primarily by the developing regions that are speedily framing diktats on environmental health safety. Government bodies in the regions are also coming up with affordable solutions, which would be easier to adhere to particularly by the small and medium sized enterprises.

"Yet another major growth driver in the global market for environmental health safety market are the numerous statuary and legal requirements to comply with the environmental health safety standards all across," explains the lead analyst of the report.

Environmental health safety tools are also seeing higher uptake due to the substantial increase in corporate investments in various software platforms for environmental health safety. Further, mandates for maintaining certain standards across crucial industrial verticals is also driving growth in the market. Emerging economies of China, India, South Africa, and UAE are at the forefront of driving growth in the market owing to the swift pace of industrialization in the regions.

Steep Installation Costs Dampen Demand

High cost of installing environmental compliance software and the limited adoption of environmental health safety in small and medium-sized businesses, on the flipside, are posing a roadblock to the healthy growth of the market. Another drawback deterring the market is the expensive and complicated auditing services.

Helping to overcome such difficulties, however, is the growth in the industries of chemical and petrochemical, energy and mining, agriculture, healthcare, construction, retail, transportation and manufacturing.

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