The Industrial Revolution was marked by unmatched technological advancement and trade expansion. However, it also resulted in detrimental environmental consequences and labor exploitation. Governments around the world today recognize the significance of environmental, health, and safety (EHS) to mitigate negative consequences while promoting sustainable growth.
Newly established frameworks of EHS today guide businesses towards the dedication of safety and environmental friendliness. The stringent regulatory landscape forces employers to focus on the standards of safety and reporting.
Increasing businesses value EHS management excellence on par with other strategic facets of their operations. Effective risk management in the workplace requires a systematic strategy for identifying potential dangers and ranking their severity, which includes:
As technology advances, businesses leverage EHS software to optimize performance and digitally transform their EHS program. According to the American Society of Safety Professionals (ASSP), businesses may recoup between $2 and $6 for every $1 spent on safety technology. Therefore, it shouldn’t be surprising that the EHS market boomed from $930 million in 2016 to $1410 million in 2020.
Experts predict the global market size of the EHS software market size worldwide will grow to $1.81 billion in 2023. By 2028, it's expected to reach $3.27 billion, and it's growing at a rate of 12.50% each year during this time. This shows an increasing number of businesses will look to invest in EHS management solutions to enhance workplace safety and compliance management.
In this whitepaper, we discuss the importance of EHS software in the modern EHS realm. With a changing regulatory landscape, adapting to new technology can result in reduced costs, time, errors, response time, data-driven decision-making and a proactive safety approach.
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