The global workplace safety market size is projected to grow from an estimated USD 14.2 billion in 2022 to USD 26.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.5 % from 2022 to 2027.
Some of the factors driving the market growth include growing workplace accidents, strict industrial health and safety regulations, and the proliferation of the software-as-a-service model. However, high implementation costs are expected to hinder market growth.
Software segment to grow at highest CAGR during the forecast period
Organizations need to ensure the safety of workers and assets by reducing accidents; identifying and mitigating safety risks; and complying with occupational health and safety laws.Workplace safety management solutions help organizations in improving the safety culture and protecting the workforce.
The solution collects and analyzes data, including real-time field data collected through devices, to identify occupational hazards that create risks for injuries and illnesses.Moreover, the software helps organizations, transforming and leading them toward employee and environment safety.
IBM, Honeywell, and 3M are some prominent players offering workplace management software.
Personal Protective Equipment Detection segment to grow at highest CAGR during forecast period
PPE equipment is designed to reduce employee exposure to chemical, biological, and physical hazards on a worksite.Personal Protective Equipment (PPE) protects employees or workforce from workplace hazards, such as fall detection, chemical explosion, and ergonomic hazards.
It protects the user from accidents or other adverse effects of exposure.The PPE detection and management system helps companies in tracking PPE compliance.
It includes items, such as safety helmets, gloves, eye protection, high-visibility clothing, safety footwear, safety harnesses, and respiratory protective equipment.Many accidents are caused in chemical plants and laboratories when workers do not wear the required personal protective equipment.
Regulations and laws, such as The Personal Protective Equipment at Work Regulations in the UK 1992, are some of the regulations that must be followed by organizations using PPE. It places a duty on every employer in Great Britain to ensure that suitable PPE is provided to employees who may be exposed to any health risk.
Europe to grow at highest CAGR during the forecast period
Europe is one of the leading revenue generators in the workplace safety market.To protect workers in the EU from work-related accidents and diseases, the European Commission has adopted various strategic policies.
The strategic framework on health and safety at work 2021-2027 identifies the key objectives for health and safety, presents key actions, and describes instruments to address these.The European Commission works closely with agencies, such as the European Agency for Health and Safety at Work (EU-OSHA), European Chemicals Agency (ECHA), and European Foundation for the Improvement of Living and Working Conditions.
The European Pillar of Social Rights delivers effective rights for citizens and includes three main categories, such as equal opportunities and access to the labour market, fair working conditions, and social protection and inclusion.The Pillar builds upon 20 key principles structured around these three categories.
Organizations in the region are increasingly deploying workplace safety products and solutions in their systems to protect their workplaces. The companies are increasingly engaging in partnerships, collaborations, and acquisitions to expand their presence in the workplace safety market. In Europe, Hexagon AB, Bosch, and Wolters Kluwer are the leading vendors in the workplace safety market.
Breakdown of Primaries
The primary sources from the supply side included various industry experts, including Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the workplace safety market.
• By Company Type: Tier 1: 20%, Tier 2: 57%, and Tier 3: 33%
• By Designation: C-level: 40%, Manager and Others*: 60%
• By Region: Asia Pacific: 45%, Europe: 35%, North America: 20%
The major workplace safety market vendors include IBM (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Microsoft (US), Bosch (Germany), Cority (Canada), Wolters Kluwer (The Netherlands), Intelex (Canada), HCL Technologies (India), HSI (US), Vector Solutions (US), INX Software (UK), Arventa (Australia), AWS (US), Hitachi Solutions (Japan), Damotech (Canada), EcoOnline (Norway), Atheer (US), Kinetic (US), among others.
The report segments the workplace safety market and forecasts its size, by component (hardware, software, and services), system (real-time location monitoring, environmental health and safety, access control and surveillance system, and other systems), application (incident and emergency management, asset tracking and management, personal protective equipment detection, and personnel/staff tracking), deployment mode (on-premises and cloud), end user (energy and utilities, construction and engineering, chemicals and materials, government and defense, healthcare, food and beverage, and other end users).
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 Report
The report is expected to help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall workplace safety market and sub-segments.It 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 will also help stakeholders understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.