EHS is significant for many organizations. EHS management involves codification and practice of procurement to ensure the safety of workers and their surroundings. Technology has transformed the way EHS is managed and has allowed management systems to become more finely tuned, efficient, and also defined the role of corporate culture.
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Factors, such as stringent government regulations to decrease air pollution, rise in environmental concerns, and growth in adoption of software as a service model, drive the growth of the market.
However, workers’ resistance toward EHS and expensive cost of these solutions restrain the growth of the market. Furthermore, growth in adoption of emerging technologies, such as AI, Big Data, and IoT, provide lucrative opportunities for the environment, health, and safety market.
EHS witnesses constant evolution as organizations and governments get more aware of environment concerns. However, with the development of new technology, new protection measures are also essential.
The EHS management has to keep up with the changing environment and adapt to use the technology with the required time. With changing technology, the new regulations are also getting affected, which leads organizations to create new ways to follow standards and stay in compliance.
The basic aim of EHS is to prevent and reduce accidents, emergencies & health issue at work along with the environmental damage that could result from work practices. It is responsible for the development and implementation of all health & safety programs in a company.
EHS is a regulatory framework, which deals with the identification and compliance of company’s production standards with a particular focus on working place conditions in terms of security and environment safeguard.
COVID-19 scenario analysis:
- The emergence of COVID-19 pandemic has severely affected almost all the industries across the world. Further, lockdown enforcements and restrictions on movement of non-essential goods as well as resources in various countries have disrupted the supply chain of electronic components & networking equipment. Thus, this has led to the delay in supply of electronic components required to manufacture network equipment.
- It is expected that the U.S. and global tech market growth are slowing down to nearly 2% in 2020 due to which ICT spending in major economies, such as the U.S., have declined in the first half of 2020 but managed to recover in the second half.
- This is expected to impact negatively on the growth of the environment, health, and safety market in upcoming years. In addition, spending on tech consulting and systems integration services is witnessing temporary slowdown and is expected to fall by 5% if big IT organizations cancel their new tech projects.
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