Workplace Safety Market worth $30.3 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 4, 2024 /PRNewswire/ — The incorporation of cutting-edge technology (IoT, AR, AI), as well as an emphasis on pandemic preparedness, mental health, and remote work safety, will significantly influence the future of the Workplace Safety Market. A focus on employee empowerment and involvement in safety activities, cooperation with EHS solutions, sustainability practices, and regulatory compliance are some other developments. The dynamic landscape foresees a comprehensive strategy for workplace safety that makes use of cutting-edge technology for ongoing enhancement and flexibility in response to shifting work settings.

The global Workplace Safety Market size is projected to grow from USD 15.7 billion in 2023 to USD 30.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period, according to a new report by MarketsandMarkets™. The expansion of the Workplace Safety Market is propelled by the transformative influence of cloud technology on software deployment. The integration of software-as-a-service models, leveraging mobile and cloud technologies, not only optimizes costs but also ensures budgetary compliance, thereby fueling global market growth. Strict regulations from entities such as OSHA and international bodies like the ILO are compelling organizations to adopt advanced workplace safety solutions in response to the pressing issue of work-related deaths.

Browse in-depth TOC on “Workplace Safety Market”

461 – Tables
55 – Figures
353 – Pages

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Scope of the Report

 

Concurrently, the increasing recognition of the significance of workplace safety is driving demand for innovative solutions. Employers are actively investing in IoT-enabled sensors and wearable devices, underscoring a commitment to employee well-being and operational efficiency. This heightened awareness aligns with emerging workplace safety trends, where a proactive shift prioritizes employee well-being to address the surge in work-related injuries. Furthermore, NIOSH’s Total Worker Health concept spearheads this transformative change, emphasizing prevention-focused programs and education to enhance overall workplace safety.

Based on the application, personal protective equipment detection is to grow at the highest CAGR during the forecasted period.

The exponential growth of personal protection equipment (PPE) detection in the workplace market is driven by an urgent need to enhance employee safety and compliance. PPE, encompassing safety helmets, gloves, eye protection, and more, acts as a crucial barrier against chemical, biological, and physical hazards. Detecting and managing PPE usage aids companies in ensuring compliance, which is particularly vital in high-risk environments such as chemical plants and laboratories. Instances of accidents caused by non-compliance underline the significance of regulations like the Personal Protective Equipment at Work Regulations in the UK in 1992. This legislation mandates employers to provide suitable PPE, fostering a workplace culture prioritizing health and safety. The burgeoning PPE detection market reflects a proactive shift towards mitigating workplace risks and safeguarding employee well-being.

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By deployment mode, on-premises accounts for the highest market size during the forecast period.

The on-premises segment has the largest market size in the Workplace Safety Market due to several key factors such as the security and data privacy concerns, especially prevalent in regulated industries like healthcare and finance, drive organizations to prioritize complete control over their data, mitigating risks associated with breaches or unauthorized access. Additionally, on-premises deployment provides unparalleled customization and integration capabilities with existing IT infrastructure, ensuring seamless alignment with specific organizational needs and workflows.

In locations with limited or unreliable internet connectivity, on-premises solutions offer a reliable alternative, ensuring accessibility and functionality even in challenging network conditions. Despite the higher initial costs, the long-term financial benefits, avoidance of ongoing subscription fees, and greater control over IT budgets contribute to the preference for on-premises solutions. Moreover, regulatory compliance requirements, particularly in certain industries, mandate on-premises data storage and management, further solidifying its dominance in the Workplace Safety Market.

By region, Europe is to grow at the highest CAGR during the forecast period.

The European Workplace Safety Market is witnessing unprecedented global growth, primarily propelled by a confluence of stringent regulations enforced rigorously by agencies like EU-OSHA, underscoring the region’s steadfast commitment to occupational health and safety, spurring continuous investments in cutting-edge safety solutions. The aging workforce’s susceptibility to health issues necessitates a targeted focus on ergonomic solutions, while the increasing adoption of automation fuels substantial investments in advanced technologies. The rising awareness among workers, fueled by media coverage and advocacy campaigns, prompts companies to respond with comprehensive safety training and innovative technologies.

Furthermore, Europe’s status as an innovation hub in occupational health and safety is evident in the development of groundbreaking technologies, including AI-powered systems and wearable sensors. This innovative landscape and robust economic performances, particularly in Germany and France, amplify the demand for workplace safety solutions across diverse industries. This collective momentum solidifies Europe’s dominance in the global Workplace Safety Market.

Top Key Companies in Workplace Safety Market:

IBM (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Appian (US), Microsoft (US), Bosch (Germany), Cority (Canada), Wolters Kluwer (Netherland), Intelex (Canada), HCL Technologies (India), HIS (US), Vector Solutions (US), INX Software (Australia), Arventa (Australia), AWS (US), Hitachi Solutions (Japan), Amotech (Canada), EHS Insight (US), EcoOnline (Norway), Guardhat (US), StrongArm Tech (US), Kinetic JS), ANVL (US), Intenseye (US) are the key players and other players in the Workplace Safety Market.

Recent Developments

In April 2022, Cority announced the launch of two solutions to help guide organizations through the digital transformation of their EHS programs: Cority’s Learning Management Solution and Cority Academy. The new learning management solution will help organizations engage and empower employees with relevant, dynamic, data-driven EHS training to meet employee needs.In April 2022, Wolters Kluwer’s Enablon unveiled the next generation of vision platform software, featuring enhancements that empower organizations to be more responsible, productive, and safe. Enablon has released Version 9.4 of its integrated risk management platform. Version 9.4 of the Enablon Vision Platform features enhancements enabling greater collaboration and integration, streamlining communications and mobility, and more.In March 2022, Honeywell unveiled the Honeywell Safety Watch, a robust real-time location solution (RTLS) designed for industrial operations. Integrated with Honeywell OneWireless infrastructure, it offers enhanced features, including extended battery life, extended transmission range, and a business rule engine for improved safety, compliance, and productivity in Industry 4.0 settings.In November 2021, Bosch Building Technologies announced the acquisition of British Protec Fire and Security Group Ltd. Protec is one of the largest system integrators for fire detection and security technology in the UK. With the acquisition, Bosch Building Technologies is expanding its European business.In March 2021, Cority, a global EHS software provider, collaborated with 3M’s Personal Safety Division on Connected Safety technologies. Leveraging 3M’s IoT platform and Cority’s EHS expertise, the partnership aims to enhance worker safety, compliance workflows, and safety process automation through innovative PPE technologies and data science.

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Workplace Safety Market Advantages:

Adopting safety precautions at work guarantees adherence to federal, state, and municipal safety laws. Respecting regulatory requirements helps companies stay out of trouble legally, financially, and in terms of their brand.Workplaces that are safe tend to be more productive. Organisations can minimise downtime related to investigations, repairs, and disruptions to regular operations by reducing accidents and injuries.Because fewer accidents occur at work, workplace safety initiatives help to reduce workers’ compensation expenses. In terms of insurance premiums and claims, this might result in major financial savings for organisations.Workplace morale and job satisfaction are increased when there is a positive work culture fostered by a safe and healthy work environment. The widespread consensus is that contented and well-groomed workers are more engaged and productive.An organization’s reputation and brand image are improved by its dedication to workplace safety. Investors, clients, and customers frequently favour doing business with organisations that put their employees’ safety and wellbeing first.It is possible to increase staff retention rates by emphasising workplace safety. If an organisation puts their safety first and offers a safe working environment, its employees are more inclined to stick around.Emergency preparedness and response tools are frequently included of workplace safety solutions. This guarantees that companies have all the tools necessary to manage crises, limit harm, and safeguard workers’ lives.

Report Objectives

To define, describe, and forecast the Workplace Safety Market based on – component, system, application, deployment mode, end user, and region.To define, describe, and forecast the Workplace Safety Market by – component, system, application, deployment mode, end user, and region.To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin AmericaTo analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market.To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Workplace Safety Market.To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Workplace Safety Market.To profile the key players of the Workplace Safety Market and comprehensively analyze their market size and core competencies in the market.To track and analyze competitive developments, such as new product launches, mergers and acquisitions, and partnerships, agreements, and collaborations in the global Workplace Safety Market.

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