DUBLIN–(BUSINESS WIRE)–The “Global Workplace Safety Market by Component (Hardware, Software, Services), System, Application (Incident & Emergency Management, Asset Tracking, PPE Detection), Deployment Mode, End-user, and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global workplace safety market is projected to grow from an estimated USD 14.2 billion in 2022 to USD 26.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.5 % from 2022 to 2027.
Some of the factors driving the market growth include growing workplace accidents, strict industrial health and safety regulations, and the proliferation of the software-as-a-service model. However, high implementation costs are expected to hinder market growth.
Software segment to grow at highest CAGR during the forecast period
Organizations need to ensure the safety of workers and assets by reducing accidents; identifying and mitigating safety risks; and complying with occupational health and safety laws. Workplace safety management solutions help organizations in improving the safety culture and protecting the workforce.
The solution collects and analyzes data, including real-time field data collected through devices, to identify occupational hazards that create risks for injuries and illnesses. Moreover, the software helps organizations, transforming and leading them toward employee and environment safety. IBM, Honeywell, and 3M are some prominent players offering workplace management software.
Personal Protective Equipment Detection segment to grow at highest CAGR during forecast period
PPE equipment is designed to reduce employee exposure to chemical, biological, and physical hazards on a worksite. Personal Protective Equipment (PPE) protects employees or workforce from workplace hazards, such as fall detection, chemical explosion, and ergonomic hazards. It protects the user from accidents or other adverse effects of exposure.
The PPE detection and management system helps companies in tracking PPE compliance. It includes items, such as safety helmets, gloves, eye protection, high-visibility clothing, safety footwear, safety harnesses, and respiratory protective equipment. Many accidents are caused in chemical plants and laboratories when workers do not wear the required personal protective equipment.
Regulations and laws, such as The Personal Protective Equipment at Work Regulations in the UK 1992, are some of the regulations that must be followed by organizations using PPE. It places a duty on every employer in Great Britain to ensure that suitable PPE is provided to employees who may be exposed to any health risk.
Europe to grow at highest CAGR during the forecast period
Europe is one of the leading revenue generators in the workplace safety market. To protect workers in the EU from work-related accidents and diseases, the European Commission has adopted various strategic policies. The strategic framework on health and safety at work 2021-2027 identifies the key objectives for health and safety, presents key actions, and describes instruments to address these.
The European Commission works closely with agencies, such as the European Agency for Health and Safety at Work (EU-OSHA), European Chemicals Agency (ECHA), and European Foundation for the Improvement of Living and Working Conditions. The European Pillar of Social Rights delivers effective rights for citizens and includes three main categories, such as equal opportunities and access to the labour market, fair working conditions, and social protection and inclusion.
The Pillar builds upon 20 key principles structured around these three categories. Organizations in the region are increasingly deploying workplace safety products and solutions in their systems to protect their workplaces.
The companies are increasingly engaging in partnerships, collaborations, and acquisitions to expand their presence in the workplace safety market. In Europe, Hexagon AB, Bosch, and Wolters Kluwer are the leading vendors in the workplace safety market.
Key players analyzed in the global workplace safety market include 3M, Honeywell, IBM, Bosch, Appian, AWS, Hexagon AB, Cority, Bosch Building Technologies, Wolters Kluwer, and HSI, among others.
- Increasing Need for Stricter Workplace Safety Regulations and Substantial Shift Within Industries Towards a More Holistic Approach to Employee Health to Fuel Market Growth
- Hardware Segment to Hold Largest Market Share During Forecast Period
- Safety Sensors Segment to Hold Largest Market Share During Forecast Period
- Environment Health and Safety Segment to Hold Largest Market Size During Forecast Period
- On-Premises Segment to Hold Largest Market Size During the Forecast Period
- Energy and Utilities Segment to Hold Largest Market Size During Forecast Period
- Incident and Emergency Management Segment to Hold Largest Market Size During Forecast Period
- Europe to Emerge as Best Market for Investments in Next Five Years
- Growing Work Injuries and Deaths Have Raised Workplace Safety Concerns
- Strict Industrial Health and Safety Regulations
- Proliferation of Software-as-a-Service Deployment Model
- High Initial Implementation Costs
- Integration of Big Data and Use of Safety Data as Predictive Tool for Risk Management
- Introduction of New Trends such as Smart PPE, Intelligent Clothing, Autonomous Vehicles, and Smart Safety
- Lack of Skilled Workplace Safety & Health Professionals
- Lack of Awareness
- Value Chain
- Patent Analysis
- Pricing Analysis
- Artificial Intelligence
- Industrial Internet of Things and Big Data
- Hexagon AB
- Wolters Kluwer
- HCL Technologies
- Vector Solutions
- INX Software
- Amazon Web Services (AWS)
- Hitachi Solutions
- EHS Insight
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