Workplace Safety Market Insights, 2031
The global workplace safety market was valued at USD 12.8 billion in 2021, and is projected to reach USD 39 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.
Surge in as increase in adoption of rising rate of injuries and deaths at workplace and rise in investments by different government and private organization in the market primarily drive the growth of the workplace safety market. However, costly implementation and insufficiently qualified workers' compensation and health providers hamper the market growth to some extent. Moreover, new trends like smart PPE being introduced are expected to provide lucrative opportunities for the market growth during the forecast period.
Employees are drawn to workplaces with few accidents and injuries. In such a setting, employees are happier and more productive. For both employers and employees, a safe workplace is crucial. Each and every employee has a right to feel safe at work. No matter the size of the business, workplace safety is crucial. All businesses, regardless of size, must prioritize safety in the workplace. Effective safety procedures safeguard both workers' safety and industrial equipment. Employers have a duty to safeguard their staff members and keep them secure. Workplace safety solution has seen a sharp rise in demand over the past ten years from a variety of end user sectors, including chemicals and materials, healthcare, construction, energy and utilities, and engineering.
In addition, the organization is motivated to implement these systems by the growing awareness of environmental health and safety. Moreover, the demand for the adoption of workplace safety systems is also being driven by the increase in incidents in the mining, oil and gas, and chemical industries. Furthermore, affordable pay-as-you-go pricing structure has a big impact on how much workplace safety systems are implemented by businesses at their workplaces. All of these characteristics are expected to support the market for workplace safety market growth.
The global workplace safety market is segmented on the basis of component, system, deployment, application and end user. On the basis of component, it is segregated into hardware, software, and service. On the basis of system, it is divided into environmental health and safety, access control and surveillance system, real time location monitoring, and others. On the basis of deployment, it is bifurcated into on-premise and cloud. On the basis of application, it is classified into incident and emergency management, PPE detection, personal tracking and others. On the basis of end user, it is segregated into energy and utilities, construction and engineering, chemical and materials, government and defense, healthcare, food and beverages and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the workplace safety market analysis are HCL technologies, Hexagon ab, Honeywell International, Inc., IBM corporation, Intelex, INX Software, Microsoft Corporation, Vector Solution, Wolters KLuwer. These players have adopted various strategies to increase their market penetration and strengthen their position in the workplace safety industry.
Depending on component, the solution segment dominated the workplace safety market share in 2021 and is expected to continue this trend during the forecast period, owing to rise in need to monitor security and management services to enhance banking operations and surge in need to manage large risk in banks drive growth of the market. In addition, availability of advanced security solutions such as silent alarm notification, advanced anti-skimming technology, ATM lighting, video surveillance and remote video monitoring is anticipated to boost banks and financial institutions to adopt security solution, thereby supplementing growth of the global workplace safety market forecast.
Region-wise, the workplace safety market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to rise in awareness Internet of Things and artificial intelligence, are developed and their systemic integration quickens aiding the growth of the workplace safety market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the rise of the manufacturing sector is anticipated to increase demand for industrial safety, which is expected to fuel the market growth in this region. Furthermore, several major workplace safety solution providers including HCL technologies, Hexagon ab, Honeywell International, Inc., IBM corporation, INX Software, Microsoft Corporation, are introducing new products & services to workplace safety industry.
Top Impacting Factors
Rise in Rate of Injuries and Deaths at Workplace
Workplace safety has become a top issue because businesses understand that taking a proactive approach to injury prevention and treatment demonstrates their dedication to their employees' well-being. Similar to this, one worker suffers an occupational injury every seven seconds, according to the National Safety Council. A significant shift toward a more all-encompassing approach to well-being beyond physical health is being observed within the sector as a result of the National Institute for Occupational Health's (NIOSH) implementation of the Total Worker Health concept. The emphasis of workplace safety program has changed since the implementation of this program from identifying unsafe circumstances to identifying risks for prevention-based programs that prioritize education, training, and recognizing problems before someone is wounded.
Rise in Investments by Different Government and Private Organization in the Market
In the upcoming years, increase in spending on employee safety is projected to assist develop growth opportunities for major participants in the worldwide workplace safety industry. In addition, increase in public awareness of the advantages of implementing workplace safety solutions is anticipated to accelerate market expansion in the coming years.
Technological Trends
In these potentially dangerous circumstances, utilising technological breakthroughs can help to improve workplace safety. To make their employees safer, safety managers have a moral obligation to look for technologically based ergonomic solutions. PPE, machine guards, automation, and safety training are a few technological developments that enhance workplace safety. New safety regulations have been created in part thanks to technology. As an illustration, OSHA was created in 1971 in response to the rising number of workplace fatalities and injuries. OSHA creates and upholds workplace safety regulations. These requirements are intended to safeguard employees from potential dangers like contact with hazardous substances or being struck by a falling object.
From the invention of the printing press to the industrial revolution, technology has always been a driving factor behind improvements in the workplace. New technologies are still being developed today that could increase worker safety. A new generation of wearable technology for the workplace is now being developed. By providing precise risk assessment and rehabilitation data together with analytical critical metrics, this cutting-edge technology will enable businesses to proactively increase employee engagement, productivity, and risk management.
Government Initiatives:
The Federal Environmental, Industrial and Nuclear Supervision Service Rostechnadzor, along with the Russian Federation's Ministry of Foreign Affairs, requested that UNIDO organized an international conference on ensuring industrial safety and security—a crucial but frequently disregarded component of pursuing the 2030 Agenda for Sustainable Development and related SDGs (3; 5; 6; 7; 8; 9; 12; 13, 15 and 16).Industrial operations are vulnerable to threats like natural disasters, political unrest (sabotage), and cyberattacks. These have the potential to seriously harm the environment, employees, and industry. Hazards that could endanger people, property, and the environment can also be created by industrial processes, machinery, and plants.
Therefore, management of all situations, activities, and events within an industrial plant or industrial site is essential for sustainable industrial development in order to reduce, regulate, and eliminate risks and safeguard people, useful resources, and the environment. Industrial product and process safety, material safety, workplace safety, occupational health and safety, technical equipment safety, building and structural safety, environmental safety, and cyber security are all components of ensuring industrial safety and security.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the workplace safety market analysis from 2021 to 2031 to identify the prevailing workplace safety market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the workplace safety market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global workplace safety market trends, key players, market segments, application areas, and market growth strategies.
Workplace Safety Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 39 billion |
 Growth Rate | CAGR of 12.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 332 |
 By Component |
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 By System |
|
 By Deployment Mode |
|
 By Application |
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 By End User |
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 By Region |
|
 Key Market Players | inx software, intelex, Bosch Ltd, vector solutions, Wolters Kluwer, IBM CORPORATION, HCL Technologies Ltd, Honeywell International Inc., Microsoft Corporation, hexagon ab |
Analyst Review
According to CXOs of leading market players as long as enterprises can utilize software and services for environmental, health, and safety management of their generated rubbish, the market will grow. In addition, the market for workplace safety is projected to expand as a result of the success and abundance of mobile applications focused on these issues.
Using effective safety management software, managers can create customized checklists. Workers can exert themselves fully and courageously when there is the proper signs, safety railing, three-point handrail, and anti-slip flooring, for example. When a field agent has confidence in their car, they will leave the job site as soon as they can and without hesitation. Such minute things can significantly affect confidence levels and give off a positive aura. The workplace safety systems are designed to protect against a variety of ergonomic, chemical, physical, and biological risks. Therefore, as concerns about occupational safety grow, so does the need for workplace safety solutions. The increased demand for trustworthy safety solutions to secure asset and personal security is what fuels the growth of the workplace safety industry.
Moreover, the global market for workplace safety is very competitive due to the presence of several well-known companies. In the upcoming years, many of these firms are anticipated to control a sizable portion of the industry. Additionally, the introduction of new workplace safety solutions could give well-known market participants a competitive advantage over rivals and result in significant financial gains.
For instance, in December 2020, Cority partnered with Verisk 3E. This partnership offers Verisk 3E’s substance level chemical safety data into Cority’s EGSQ SaaS platform. This API integration enables organization to improve regulatory compliances while managing business risk more efficiently.
The global workplace safety market was valued at $12.7 billion in 2021, and is projected to reach $38.9 billion by 2031
The workplace safety market is projected to grow at a compound annual growth rate of 12.2% from 2021 to 2031.
Market players operating in the workplace safety market include HCL technologies, Hexagon ab, Honeywell International, Inc., IBM corporation, Intelex, INX Software, Microsoft Corporation, Vector Solution, Wolters KLuwer.
North America is the largest regional market for workplace safety
adoption of rising rate of injuries and deaths at workplace and rise in investments by different government and private organization in the market.
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