Increasing adoption of workplace safety systems across various industries due to increasing incidences of accidents, which is raising concerns related to human safety and the environment has propelled the global workplace safety market
Covid-19 Impact on Workplace Safety market :
Covid 19 pandemic broke out in 2019. This report on the global workplace safety market lends an overview of altering business strategies that are helping the industry grow. With WHO's announcement of the global pandemic in 2019, the industries are undergoing tremendous disruptions with parallel challenges and novel opportunities thriving.
Covid-19 acted as an eye-opener for organizations and companies to be prepared for such uncertain times. Another side due to this pandemic was the economic hardship that various industries faced. Due to this, investment in this particular market was reduced as it had a low rate of returns.
Hardware Sub-segment Dominated the Market
The hardware sub-segment dominated the market. Software sub-segment is projected to register a higher growth rate than hardware sub-segment during the forecasted period.
Real-time Location Monitoring Sub-segment Dominated the Market in Terms of Revenue
The workplace safety market is segmented into Environmental Health & Safety, Access Control & Surveillance System, Real-Time Location Monitoring, and Others by the system. The real-time location monitoring is likely to dominate the market revenue map as it accurately identifies people and objects.
Cloud Sub-segment is Estimated to Dominate the Market Over the Forecasted Period
The workplace safety market is segmented into cloud and on-premise sub-segments. The cloud sub-segment is estimated to dominate the market over the forecasted period due to superior scalability, superior data control, low risk of data, 24*7 service, speed, and better IT security.
Incident and Emergency Management Sub-segment Poised for Rapid Growth
The workplace safety market is segmented into Incident & Emergency Management, Asset Tracking & Management, Personal Protective Equipment Detection, and Others by application. Among the above sub-segment Incident and Emergency management sub-segment is estimated to dominate the workplace safety market by application.
Mining Segment Accounted for Substantial Market Share
The workplace safety market is segmented into industrial and commercial sub-segment by end-use. The industrial sub-segment consists of oil and gas, mining, construction, semiconductor, automotive, aerospace and defense, pharmaceuticals, and energy and power. The adoption of workplace safety systems is high in the industries mentioned above.
North America Region is Estimated to Hold the Largest Market Share
The workplace safety market is segmented into Europe, North America, Asia Pacific, South America based on geography. North America region is estimated to hold the largest market share of the market owing to many companies originating from this region, early adopters of technology, etc.
The need for ensuring stringent safety measures to ensure safety in the work culture and places is also driving the global workplace safety market towards growth
The workplace Safety Market is expected to reach USD 12.8 Billion by 2029 at a CAGR of 8.03% from 2019 to 2029.
ENd-user industries are rapidly adopting workplace safety solutions for surveillance and control systems to improve the security of the personnel asset. Workplace safety comprises of components and safety systems that are on-premise deployable to avert any challenges in the form of chemicals, biologics, physical etc. The workplace safety market's components and systems are used to prevent various occupational hazards and, in many cases, eliminate the cause of workplace accidents, thus the workplace environment, protecting personnel, and equipment and assets.
In manufacturing plants, these regulations are expected to be implemented strictly. Along with these factors, constant technological advancement in the field of industrial safety systems, such as the implementation of IoT in the systems to enhance the level of performance and safety, are also key drivers of the growth of the workplace safety market.
High investments required to install and automate industrial safety systems restrains the market's growth. The price of workplace safety components, installation, repair, and maintenance costs substantially burden the organizational budget, which is one of the restraining factors for the market's growth. The lack of awareness regarding this market, the complexity of standards, and the failure to access all machinery-related risks also restrain the workplace safety market.
The innovations in technologies increasing usage of the Industrial Internet of Things offer many growth opportunities for this market. The emerging trend of the industry 4.0 revolution, untapped potential in emerging markets, and accelerating industrial activities across the developing countries are predicted to create many opportunities for the workplace safety market.
Latest Trends :
In April 2020, Appian revealed the application to ensure safety across government work models. With new developments evolving and new initiatives in back-to-normal areas, workplace safety is undergoing sea changes. Also, AWS has revealed Amazon Monitron which is an ML solution to improve intelligent production solutions for better efficiency, workplace safety, and quality.
Workplace Safety Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 12.8 Billion|
|Growth Rate||CAGR of 8.03% during 2021-2028|
|Segment Covered||Component, System, Deployment, Application, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||IBM Corporation (US), Vector Solutions (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Appian (US), EHS Insight (US), Bosch (Germany), Cortiy Software (Canada) & among others.|
Key segments of the Global Workplace Safety Market :
Component Overview, 2018-2028 (USD Billion)
System Overview, 2018-2028 (USD Billion)
- Environmental Health & Safety
- Access Control & Surveillance System
- Real Time Location Monitoring
Deployment Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Incident & Emergency Management
- Asset Tracking & Management
- Personal Protective Equipment Detection
End-User Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa