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

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.