Digital Environmental health and safety (EHS) Services refer to those specialized services that ensures that the work undertaken by anyone does not cause undue environmental damage or put the person’s health and safety at high risk, as well as complies with applicable legislation, and follows best practices.
The market for digital environment health and safety services rebounded to $2.7 billion in revenues last year despite the continuing impact of the COVID-19 pandemic, a new report from Verdantix stated.
According to the Verdantix 2021 survey, an increase in digital services budgets across the whole gamut of industries’ risk profiles for this year is predicted as the report has forecasted that the market will shrug off the lingering effect of the pandemic to expand to $3.8 billion by 2026.
Verdantix’s report Market Size and Forecast: Digital EHS Services 2021 – 2026 shows that EHS software implementations and related services currently make up the majority of spending with systems integrations, analytics and other EHS technology implementation accounting for the rest.
Verdantix Research Director and report author Bill Pennington, said: “Firms have accelerated EHS digitization strategies to strengthen their business resilience, with the Verdantix 2021 Global Survey revealing unprecedented levels of EHS technology pilot projects amongst the respondents.
“Ultimately, uncertainty bred by nascent technology initiatives and challenges will see the demand for digital EHS services continue to grow, as firms rely on the subject matter expertise and technical astuteness of consultancies to support projects. “
Revenue increased from $2.4 billion in 2020 and was driven by factors including widespread corporate digitization, the growing prominence of ESG as well as strategic pivots by leading consultancies to transform their service offerings with new technology.
Growth last year exceeded previous Verdantix forecasts with North America and Europe remaining the largest EHS digital services spenders and the very high-risk EHS segments such as oil and gas and mining retaining the highest market share.