Workplace Safety Market by Component (Hardware, Software, and Services), System, Application (Incident and Emergency Management, Asset Tracking, PPE Detection), Deployment Mode, End-User (Industrial and Commercial), and Region - Global Forecast to 2025
The global workplace safety market size is expected to grow from an estimated value of USD 12.1 billion in 2020 to USD 19.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.4% from 2020 to 2025. The workplace safety market is driven by various factors, such as increasing need for stricter safety regulations and substantial shift within industries towards a more holistic approach to health and well-being. However, lack of skilled workplace safety and health professionals, and lack of employee engagement, are some of the factors restraining the growth of the workplace safety market.
Software segment to grow at a higher CAGR during the forecast period
In today’s work environment, companies must ensure the safety of workers and assets by reducing incidents, identifying and mitigating safety risks, and complying with occupational safety regulations, all while controlling costs. The safety management solution helps organizations by improving the safety culture and protecting the workforce across the enterprise. The solution collects and analyzes data, including real-time field data collected through mobile devices, to identify occupational hazards that create risks for injuries and illnesses. Moreover, the software helps organizations by transforming and leading them on a path to employee and environment safety.
Due to global lockdown, the adoption of digital and cloud-based solutions and services has increased. As almost 70-80% of workers are working from home, the demand for software and solutions has increased. Organization’s concern to track the workers' activities and ensure their safety while working remotely has increased the market of software.
Environmental health and safety (EHS) segment to account for a higher market share during the forecast period
EHS promotes a safe and healthy working environment. It can also create a favorable industrial relations climate, build a great reputation, and avoid potentially expensive shutdowns, sickouts, or avoidable injuries. With this system, employees are able to meet the inherent health requirements and work-related occupational exposures. To comply with regulatory and policy requirements, such as OSHA standards for medical surveillance, companies need to safely store, archive, track, and share employee medical records with employees or relevant authorities at any time. Tracking and analyzing trends in health issues or absences enables organizations to proactively implement changes to working environments to serve the workforce. The environmental health and safety system helps organizations streamline the management of employee medical information and activities so that they can spend less time on paperwork and more time on delivering care to their employees. Organizations can effectively keep track of their workers’ medical history, plan visits, and manage prescriptions and treatments with environmental health and safety systems.
North America is to account for highest market share during the forecast period
North America is expected to be the largest contributor in terms of the market size in the workplace safety market. It is home to global innovative technology providers and filled with affluent and tech-savvy consumers demanding cutting-edge workplace safety solutions. The major factors driving the growth of workplace safety in North America include the strengthening of safety standards and government regulations. Workplace Health and Safety (WHS) regulatory frameworks aim to secure the health and safety of workers and the workplaces around them. Various regulatory frameworks enable the safety and security of places that require workplace safety products, thus acting as a driver for the growth of the market. Increasing integration of technologies in workplace safety, such as smart sensors that can be integrated into fixed and portable devices for tracking and monitoring instruments, provide great opportunities to the vendors of workplace safety solutions and services in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the Workplace Safety market.
• By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By designation: C-level: 40%, Manager and Other: 60%
• By region: North America: 20%, Europe: 35%, APAC: 45%
Major vendors offering Workplace Safety market across the globe are namely IBM Corporation (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Appian (US), Bosch (Germany), Cortiy Software (Canada), Enablon (Paris), Intelex (Canada), HSI (US), Vector Solutions (US), INX Software (Australia), Arventa (Australia), AWS (US), Panasonic Corporation (Japan), Damotech (Canada), Vero Solutions (England), Atheer (US), Kinetic (US), EHS Insight (US), ANVL (US), Inenseye (US), Basicsafe (US), and EngageEHS (Dublin).
The study includes an in-depth competitive analysis of the key players in the Workplace Safety market, with their company profiles, recent developments, and key market strategies.
The market study covers the Workplace Safety market size across segments. It aims at estimating the market size and growth potential of this market across different segments: by type, by component, by systems, by deployment, by applicationd, by end users and by region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Workplace Safety market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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