Ten Predictions For EHS Technology In 2024

Ten Predictions For EHS Technology In 2024

Building on research conducted by Verdantix over the past year, the EHS practice has released 10 predictions uncovering the major trends that we expect to influence firms’ strategies and investments over 2024 and the coming years. The EHS function continues to play a key role in understanding and mitigating risk across organizational portfolios. With the rise of ESG priorities and movement towards dynamic risk management, firms need to look inwards at their processes, people and technology to meet these challenges.

The evolving EHS technology landscape demands a strategic response from EHS professionals to consider the heightened importance of EHS technology vendor partnerships, private equity influence in driving market consolidation and the evolving global regulatory landscape for chemical and product compliance. As we look forward to the next 12 months, Verdantix predicts that:

1. EHS technology vendors will increasingly prioritize and expand their partnership networks for market success.
   These encompass EHSQ specialist, content, enterprise software and hardware partnerships. This strategic shift is driven by growing customer demand for integrated ecosystems that allow them to respond proactively to risks.
   
   
2. Control of work (CoW) software will expand beyond the oil and gas industry.
   CoW solutions are witnessing increased demand from industrial gas and construction industries. Vendors may need to adapt their platforms to cater to new user groups, emphasizing system interoperability and real-time data streams for enhanced safety and efficiency.
   
   
3. The largest, private-equity-backed EHS software vendors will drive market consolidation.
   Over the past 18 months, private equity firms have played a pivotal role in shaping the EHS software market through acquisitions. This trend is expected to continue, with platform players acquiring broad management solutions.
   
   
4. Appetites for sustainable chemical and product compliance solutions will increase.
   Global regulations on substances, including per- and polyfluoroalkyl substances (PFAS), will drive demand for chemical and product compliance solutions.
   
   
5. Emissions, ESG and sustainability management will be the fastest-growing EHS software segments.
   Organizations are facing increasing pressure to disclose accurate and transparent emissions data, driving growth in sustainability software spend. The phasing-in of the EU’s Corporate Sustainability Reporting Directive (CSRD) will further accelerate this adoption.
   
   
6. The next era of EHS digital strategies will be defined by integrated software ecosystems.
   Firms using numerous point solutions for EHS processes will seek simplified, integrated ecosystems to overcome challenges such as low platform engagement and siloed data.
   
   
7. Total worker health trends will shift EHS priorities and technology spend. Organizations will upskill and train EHS professionals on psychological safety, psychosocial risk and human organizational performance. Occupational health software will continue to support total worker health management.
   
   
8. The value proposition for the application of AI in EHS will become clearer.
   Advanced AI capabilities are increasingly embedded within EHS technology platforms, offering various use cases within regulatory compliance, data management, proactive risk management and workflow optimization.
   
   
9. Spend on digital EHS training solutions will grow in response to a broader focus on worker competency.
   Engaging visual learning programmes that leverage augmented reality (AR), virtual reality (VR) and AI-driven custom content creation will grow this segment alongside an increasing corporate focus on boosting worker competency to improve incident rates.
   
   
10. A broader range of industries will leverage contractor management tools for third-party visibility.
    Firms outside highly regulated sectors will seek more sophisticated contractor management processes through digital innovations that enable improved contractor oversight.

Please read Market Insight: 10 Predictions For EHS Technology In 2024 And Beyond for the complete predictions. We’ll also discuss these insights in a webinar on January 31^st; please sign up here – Predictions 2024: Environment, Health & Safety.