The Business Research Company’s Emergency And Other Relief Services Market Report – Opportunities And Strategies – Global Forecast To 2030
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Increasing support from large corporations and organizations in the form of funds, grants or programs is expected to drive the growth of the global emergency and other relief services market. These services come from entities that provide food, shelter, clothing, medical relief, resettlement, and counseling to victims of domestic or international disasters or conflicts (e.g., wars). Corporations and organizations are making efforts to meet the requirements of people affected by different disasters across the globe. For instance, the American Red Cross Organization has responded to a string of crises across the country, serving over 718,100 nourishing meals and snacks with its partners and providing more than 306,500 overnight shelters and hotel stays in coordination, with its partners, for those displaced by disasters. Therefore, the growing support from various individuals and corporations fuels the incident and emergency management market.
The global emergency and other relief services market is expected to grow from $81.48 billion in 2019 to $85.03 billion in 2020 at a compound annual growth rate (CAGR) of 4.36%. The growth is mainly due to the COVID-19 outbreak that has led to an increased need for emergency services to help the underprivileged get access to basic necessities. The disaster relief market size is expected to reach $109.21 billion in 2023 at a CAGR of 8.7%.
Although there is growth in the market, the economic slowdown caused by the pandemic hampers the growth of the emergency management industry. The market is dependent on individuals and businesses who contribute monetarily to support various causes to provide food, clothing and shelter to those in need. According to the World Bank estimates, the global economy is expected to shrink by 5.2% in the year 2020. This will impact businesses at large and also impact the disposable income of individuals, reducing the donations received by organizations in the emergency and other relief services market. As seen in the data however, the global emergency and other relief services market is resilient through this crisis.
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Source: EIN Presswire