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. The increasing recognition of the importance of employee well-being fuels the growth of the workplace safety market. This shift is driven by a proactive approach inspired by NIOSH’s Total Worker Health concept, emphasizing prevention-focused programs and education. Additionally, strict regulations from entities such as OSHA and global organizations like the ILO further propel the adoption of safety solutions.
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Furthermore, the rising awareness prompts organizations to invest in innovative technologies, including IoT-enabled sensors and wearable devices, showcasing a commitment to safety and operational efficiency. Moreover, the influence of cloud technology, particularly through software-as-a-service models, optimizes cost and budgetary compliance, contributing significantly to the continued expansion of the global workplace safety market.
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.
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.
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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.
What is workplace safety?
MarketsandMarkets defines workplace safety as the provision of a safe work environment and safe equipment to ensure workers’ health and safety. Workplace safety systems are implemented in industrial and commercial sectors to ensure higher productivity and reduce the overall energy consumption during the production process. Smart workplace safety solutions are used to increase worker safety in industrial environments, along with tracking the work of employees in the most efficient way. Workplace safety solutions include hardware and real-time software solutions, such as Personal Protective Equipment (PPE), head protection equipment, and eyewear and protection devices that are connected remotely using embedded software.
Unique Features in the Workplace Safety Market
Integration of Internet of Things (IoT) devices to monitor workplace conditions, employee activity, and environmental factors in real-time, hence assisting in the early detection of hazards.
Using wearable technology—such as sensors, vests, and smart helmets—to monitor vital signs, identify falls, and send out immediate alerts in the event of an emergency—thereby improving personal safety.
Using predictive analytics to identify and forecast possible risks at work allows for the proactive mitigation of hazards and the avoidance of accidents before they happen.
Use of augmented reality (AR) technologies to create realistic simulations and situations for immersive safety training that teach workers about potential risks and safe work practices.
Workplace crises, accidents, or urgent situations can be reported to safety professionals by integrating real-time communication systems and quick alert mechanisms.
Major Highlights of the Workplace Safety Market
A greater emphasis on comprehensive occupational health and safety, as businesses understand the value of workers’ well-being beyond basic safety precautions.
Broad integration of wearables and Internet of Things (IoT) devices to track employee activity, monitor workplace conditions in real time, and improve safety procedures.
Adoption of digital solutions for safety compliance management has increased, guaranteeing that companies follow industry rules and optimising audit procedures.
Adoption of technologies and methods to track and manage workers’ occupational health, making sure that workplaces support workers’ general well-being.
Increased focus on assessing safety cultures inside businesses and cultivating a favourable environment that encourages employee involvement in safety efforts.
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Competitive overview:
The workplace safety market is led by some of the globally established players, such as IBM (US), Honeywell (US), 3M (US), Hexagon AB (US), Appian (US), Microsoft (US), Bosch (Germany), Cority (Canada), Wolters Kluwer (Netherlands), Intelex (Canada), and HCL technologies (India). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies these players use to increase their market presence.
IBM (US), a global technology and innovation leader, stands as a major employer in the technology and consulting sector worldwide. Renowned for its diverse portfolio encompassing computer hardware, software, infrastructure services, and consulting expertise, IBM provides integrated solutions leveraging data, information technology, and industry-specific expertise. With a broad range of offerings in artificial intelligence, automation, blockchain, cloud computing, and more, IBM serves industries like banking, healthcare, manufacturing, and telecommunications. Collaborating with over 55,000 global partners, including industry leaders like Lufthansa Group and BBC Studios, IBM’s presence spans North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. In workplace safety, IBM excels with solutions such as Maximo Worker Insights, Maximo Safety, and Video Analytics, showcasing a commitment to cutting-edge technology for real-time decision-making and global operational monitoring.
Honeywell (US), an innovative engineering and technology company, addresses key safety, security, and energy macro trends. Operating across diverse domains, including building, aerospace, automation, safety, and materials, Honeywell’s strategic business segments include aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. The company provides comprehensive products and services in aerospace, while building technologies offer solutions in access control, building management, and more. The safety and productivity solutions segment caters to various needs, including electrical safety and fall protection. With a global workforce of approximately 110,000 employees, including over 19,000 engineers and scientists, Honeywell boasts a formidable presence in North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. Honeywell’s commitment to technological advancement is evident in its diverse product offerings, spanning aerospace, healthcare, and retail industries, solidifying its status as a pioneering force in innovation and excellence.
Apart from prominent vendors, some other key players, such as HIS (US), Vector Solutions (US), INX Software (Australia), Arventa (Australia), AWS (US), Hitachi Solutions (Japan), Damotech (Canada), EHS Insight (US), EcoOnline (Norway), Guardhat (US), StrongArm Tech (US), Kinetic (US), ANVL (US), and Intenseye (US) are also evolving in the workplace safety market.
According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with workplace safety software and professional services, which would assist businesses in boosting market revenue.
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