USD 16.11 billion
Workplace Safety Market Size, Share, Growth Analysis, By Component(Hardware, Software, and Services), By System(Real Time Locating Monitoring, Assest Tracking & Management, Personal Protective Equipment Detection, and Staff Tracking), By Deployment(On Premises and Cloud), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20P2008 |
Region:
Global |
Published Date: April, 2024
Pages:
200
|Tables:
89
|Figures:
71
Workplace Safety Market Insights
Global Workplace Safety Market size was valued at USD 16.11 billion in 2022, USD 18.08 billion in 2023 and is projected to grow USD 40.47 billion by 2031, growing at a CAGR of 12.2% in the forecast period (2024-2031).
Workplaces with low accident and injury rates tend to attract more employees. Employee satisfaction and productivity are higher in such an environment. A safe workplace is essential for both employers and employees. Every worker has the right to feel secure in their place of employment. Workplace safety is vital for all businesses, regardless of size. No matter how big or small, worker safety must be a top priority for all companies. Industrial equipment and worker safety are both protected by effective safety protocols. Employers are obligated to protect and provide for the safety of their employees. Over the past ten years, demand for workplace safety solutions has increased significantly from a range of end user sectors, including engineering, chemicals and materials, healthcare, construction, energy and utilities, and healthcare.
Many organizations are also driven to put these processes in place by the increased public awareness of environmental health and safety. Furthermore, the rise in occurrences in the mining, oil and gas, and chemical industries is driving the need for the adoption of workplace safety measures. Furthermore, the extent to which firms install workplace safety solutions at their locations is greatly influenced by reasonable pay-as-you-go pricing structures. Following industrial machine safety regulations is essential if you want to increase production efficiency. Each of these traits will contribute to the expansion of the workplace safety industry.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
12.2% CAGR
Global Workplace Safety Market ($ Bn)
Country Share by North America (%)
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Workplace Safety Market Segmental Analysis
The global workplace safety market is segmented based on component, system, deployment and regional type. In terms of system, the market is segmented into real time locating monitoring, asset tracking & management, personal protective equipment detection and staff tracking. Based on component, the market is trifurcated into hardware, software and services. In terms of deployment, the market is divided into on-premises and cloud. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. Over the projection period, components are expected to offer profitable potential for market expansion.
Analysis by Component
As per categorization by component, the market is classified into hardware, software and services. Among these, hardware earned the largest share and continues to dominate the market. Current hardware safety advancements in the worldwide workplace safety market concentrate on fusing smart technology with conventional safety devices to improve monitoring and protection. Wearables that monitor vital signs and helmets with integrated sensors for impact detection are two examples of IoT-enabled gadgets that are essential. These developments greatly lower workplace accident rates by enabling quick emergency responses and real-time hazard detection. Furthermore, the implementation of artificial intelligence (AI)-powered surveillance systems that examine patterns of behavior supports proactive safety protocols, enhancing overall workplace security and adherence to changing safety laws.
Workplace safety software and services are anticipated to develop at the quickest rate in the global market due to the increased need for real-time data analysis, predictive analytics, and seamless regulatory compliance. Businesses are using software programmes that provide complete safety management systems, complete with capabilities for risk assessment, incident monitoring, and training. The goal to lower workplace incidents and improve operational efficiency is driving this digital revolution. Furthermore, cloud-based platforms provide scalable solutions that effortlessly interface with pre-existing infrastructure, guaranteeing that more enterprises may affordably access cutting-edge safety technologies and propelling the market's growth.
Analysis by Deployment
On-premises safety solutions continue to be important in the worldwide workplace safety industry, especially for sectors like mining and manufacturing where localized, real-time hazard control is critical. Modern advancements in security technology include sophisticated access control and CCTV systems that work with intruder detection software to improve both internal and external protection. Furthermore, it is becoming more common to see emergency response technologies and strong fire safety systems that make use of smart sensors for quick hazard identification and mitigation. These systems are made to be as responsive as possible while still providing onsite staff with a safe environment.
The scalability, flexibility, and affordability of cloud safety solutions have made them the front-runners in the worldwide workplace safety market, with the fastest growth anticipated. These cloud-based solutions make it simpler to integrate and update the newest safety technology across numerous sites, like real-time hazard identification and AI-driven analytics. Companies are realizing more and more how important cloud safety is in terms of facilitating data storage, remote monitoring, and easier compliance management—all of which can greatly improve overall safety results. Furthermore, cloud services are appealing to companies looking to improve safety in an effective manner since they enable quick deployment and customization.
Global Workplace Safety Market By Component (%)
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Workplace Safety Market Regional Insights
In terms of revenue, North America is expected to overtake other regions in the workplace safety industry. The need for creative workplace safety solutions is driven by the existence of worldwide inventive technology suppliers and tech-savvy consumers. North America's market expansion would be aided by the regulatory frameworks created by several labor safety organizations, including the US Department of Labor's Occupational Safety and Health Administration (OSHA). Europe is expected to have substantial market expansion due to strict laws like GDPR. The European Agency's goal to improve worker safety, productivity, and health throughout Europe will have a favorable effect on market expansion.
The Asia Pacific region is expected to increase at a notable rate throughout the forecast period due to the region's strict government and regulatory policies regarding worker safety and welfare. The growth of the manufacturing sector in India is expected to be aided by government initiatives like "Make in India," which would likely propel the growth of the workplace safety market. In the upcoming years, the local government's implementation of machine safety norms and regulations will propel market expansion in Asia Pacific. Rapid growth is occurring in Latin America and the Middle East and Africa; Saudi Arabia and Brazil are the two regions with the fastest growing economies, respectively. Brazil's growing industrial sector and strict safety laws are the main drivers of its growth, demand for innovative safety solutions is being driven in Saudi Arabia by large expenditures in infrastructure and a strong emphasis on compliance standards in industries such as oil and gas.
Global Workplace Safety Market By Geography
- Largest
- Fastest
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Workplace Safety Market Dynamics
Drivers
Work Injuries and Death Have Raised Safety Concerns
- Workplace safety has been a top priority on the job because of organisations realising that taking a proactive approach to injury prevention and treatment demonstrates an organization's dedication to employee well-being. The number of non-fatal occupational illnesses and injuries reported by private industry employers in 2022 increased by 7.5 percent from 2021 to 2.8 million, according to the US Bureau of Labour Statistics.
Introduction of Smart PPE and Safety Standards
- A new age of improvements is being presented by the integration of cutting-edge technologies in workplace safety. Notably, there is a growing trend in the use of Personal Protective Equipment (PPE) with sensors to monitor biometric, location, and movement data in real time. In a similar vein, the use of autonomous vehicles—including self-driving cars—that are equipped with cutting-edge sensors.
Restraints
Implementation hurdles, Including Cost
- Putting workplace safety protocols in place is essential for safeguarding both workers and equipment in an emergency. Organisational budgets are severely hampered by the high costs associated with safety component implementation, installation, and maintenance. The mounting cost of these systems' installation and membership fees adds to the burden.
Skilled Professionals Shortages
- A major obstacle for companies navigating the complex terrain of employee well-being is the lack of qualified workplace safety and health specialists. With specialised health and safety duties, safety experts are essential in tackling the various difficulties that workplaces face and have a direct impact on the physical and emotional health of employees.
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Workplace Safety Market Competitive Landscape
The Global Workplace Safety Market has a strong competitive environment with a mix of well-established companies and up-and-coming innovators. Key players in the industry are multinational corporations like Siemens, 3M, and Honeywell International. They provide complete safety solutions, such as integrated safety management software systems and cutting-edge PPE. These businesses consistently spend in R&D to launch cutting-edge goods and services, expanding their market reach by satisfying a wide range of client demands from different industries throughout the world.
Top Player’s Company Profiles
- Baker Hughes (USA)
- INX Software (Australia)
- ABB Ltd. (Switzerland)
- Cority (Canada)
- Omron Corporation (Japan)
- Bosch (Germany)
- Siemens AG (Germany)
- Schneider Electric SE (France)
- HIMA (Germany)
- Microsoft (US)
- Honeywell International Inc. (USA)
- Rockwell Automation, Inc. (USA)
- Emerson Electric Co. (USA)
- Yokogawa Electric Corp. (Japan)
- Appian (US)
Recent Developments
- In February 2023, A new line of linked worker solutions was introduced by Honeywell. These cutting-edge gadgets have capabilities like gas detection and health monitoring in dangerous areas to improve worker safety. To provide real-time data and predictive analytics to prevent workplace incidents, this initiative places a strong emphasis on IoT integration in safety equipment.
- In March 2023, Siemens highlighted the growth of its AI-powered surveillance systems designed specifically for the manufacturing and energy sectors as part of its digital workplace safety services. These systems demonstrate a proactive attitude to workplace safety by being built to recognize possible safety concerns and operational issues before they lead to incidents.
- In January 2023, Leading producer of wearable safety equipment, Guardhat, and 3M have formed a strategic alliance. The partnership intends to combine Guardhat's IoT solutions with 3M's personal protective equipment to provide an improved safety monitoring platform with biometric and environmental sensing. This collaboration demonstrates a move towards a more networked strategy for using technology to manage workplace safety.
Workplace Safety Key Market Trends
- IIoT-Enabled Monitoring Systems: The environment for integrated safety and compliance services is changing because of the IIoT. Data on pressure, level, flow, temperature, and vibration may be recorded by IIoT sensors and sent to monitoring systems. Both wired and wireless networks can transmit data, enabling real-time analysis, warnings, and possible emergency solutions. Companies can use the IIoT to integrate their activities with industrial safety systems and monitor them in real time. Via virtual physical systems management, the IIoT improves performance by enabling quick physical system monitoring, analysis, and control.
- AI in Workplace Safety: The growing use of artificial intelligence (AI) in workplace safety is a significant trend in the global market for workplace safety. Artificial Intelligence is being incorporated into safety systems to improve risk assessment, predictive analytics, and hazard detection. Businesses may now proactively identify and manage possible safety issues before they become real dangers thanks to this technology. Businesses are using AI-driven insights to enhance decision-making procedures and lower the number of workplace mishaps, creating a safer working environment overall.
Workplace Safety Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, A 7.5 percent increase in non-fatal occupational diseases and injuries between 2021 and 2022 has raised concerns about workplace safety and brought attention to the significance of preventive safety measures and employee well-being. The introduction of cutting-edge technologies such as autonomous vehicles and PPE with sensors is bringing in a new era of advancements in workplace safety. Workplace safety measures must be implemented, but this is frequently made more difficult by the expensive installation, upkeep, and membership fees of safety equipment. Additionally, monitoring employee well-being and addressing numerous workplace hazards is made significantly more difficult by the dearth of certified workplace safety and health specialists.
Major competitors in the global workplace safety market include Siemens, 3M, and Honeywell International. These companies provide complete safety solutions and consistently make investments in research and development to fulfil the varying needs of the global industry. By gathering and sending data on several parameters over wired and wireless networks, IIoT-enabled monitoring systems are revolutionising integrated safety and compliance services and enabling real-time analysis and emergency responses. Simultaneously, the application of AI in workplace safety is improving hazard detection, risk assessment, and predictive analytics, enabling companies to proactively manage possible risks and greatly enhance safety outcomes.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 16.11 billion |
| Market size value in 2031 | USD 40.47 billion |
| Growth Rate | 12.2% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Workplace Safety Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Workplace Safety Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Workplace Safety Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Workplace Safety Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Workplace Safety Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Workplace Safety Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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