Workplace Safety Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, and Services); By Application; By End-User; By Region; Segment Forecast, 2023 - 2032
- Published Date:May-2023
- Pages: 119
- Format: PDF
- Report ID: PM3199
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global workplace safety market was valued at USD 14.14 billion in 2022 and is expected to grow at a CAGR of 11.8% during the forecast period. The continuously growing awareness regarding the importance of workers safety and convenient across the globe and increasing number of initiatives taken by start-ups coupled with the increasing prevalence for alert system in workplaces are major factors driving the market.
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Various key market companies on launching innovative solutions to cater the demand for improved safety systems across various industries are major factors propelling the market growth at rapid pace. Furthermore, with the emerging industry 4.0 revolution, untapped potential in developing nations, and surging industrial activities are also predicted to create huge growth opportunities for the market over the coming years.
For instance, in April 2022, Bokaro Steel, announced the launch of an app named “Kavach”, to reduce the number of accidents or injuries inside the plant. The app has been developed in collaboration the ASK-EHS Engineering and Consultants, it is a user-friendly accident analysis app that enable supervisors to report the near-miss, risky behavior, among others in real-time.
In addition, several other aspects including high demand from the oil & gas, manufacturing, and chemical industries along with the regulation mandated by the “National Institute of Occupational Safety and Health and Occupational Safety”, is making it necessary for organizations and companies to utilize these safety systems, which in turn, boosting the adoption and will fuel the development of the market. However, high implementation costs associated with workplace safety components, installation, and maintenance put a substantial burden on the budget and likely to act as a major restraining factor for the market growth.
The rapid spread of the deadly coronavirus around the world has highly affected the manufacturing industries owing to the temporary shutdowns of manufacturing facilities, lack of required workforce, and shortage of raw materials, as a result of imposed lockdown and various other stringent regulations on trade activities in many countries.
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Industry Dynamics
Growth Drivers
The tremendous rise in the number of work injuries and deaths, that resulted in raised workplace safety concerns is key factor driving the growth of the global market. With the increasing awareness among organizations that a proactive approach towards the injury prevention and treatment reflects to employee well-being, workplace safety has become their one of the major priorities, that boosted the demand and growth of safety systems globally.
Moreover, the growing advancements in the technology including smart PPE and autonomous vehicles are gaining high traction in the workplace safety market, as smart PPE are able to connect with internet, offers real-time information, and on-worker safety and further allow to collect data on workers movement and positioning. Thus, the market for workplace safety systems and solution is expecting a significant growth in the near future.
Report Segmentation
The market is primarily segmented based on component, application, end-user, and region.
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By Component |
By Application |
By End-User |
By Region |
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Software Segment is Expected to Witness Fastest Growth over the Forecast Period
The software segment is projected to expand at fastest CAGR during the forecast period, owing to the rapid growth in the awareness regarding the importance of variety of safety practices in the workplace and continuously rising need for innovative software across various large companies to help increase the ability to monitor their workers health and provide better safety during operations.
Moreover, the growing acceptance of international standards especially in emerging nations and growing emergence of IoTs and predictive analytics across the globe are some other factors, that are expected to have a positive impact on the segment market over the coming years.
Incident and Emergency Segment Accounted for Largest Market Share in 2022
The growing demand for interactive, collaborative, and mobile-ready solutions among various large companies to capture, track, analyze, report, and investigate incidents and accidents along with its capabilities to facilitate the identification, analysis, review, monitoring, and treatment of existing potential and hazardous risks in an organization are major factors driving the segment market growth.
The PPE detection segment is expected to grow at highest growth rate during the forecast period, which is mainly driven by its increased usage in variety of industries including oil & gas, construction, food processing plants, mining, heavy manufacturing plants among others, to protect the body parts of workers from getting harmed. It is also being heavily used in pharmaceutical sectors and hospitals to eliminate or avoid the exposure to drugs in the laboratories, that is fueling the segment growth exponentially.
Energy & Utilities Segment Expected to Hold Substantial Market Share over the Forecast Period
The energy & utilities segment is projected to account for substantial market share over the coming years. The energy & utilities industry has seen tremendous growth in the demand for solutions that can enable the optimization of manufacturing processes and minimize the overall maintenance costs by providing required safety equipment, which is influencing the market growth at rapid pace. Additionally, several power generation plants that involve high risks of accidents and injuries of the personnel involved in various industrial processes, has led the adoption of innovated workplace safety solutions across the globe.
The construction & engineering segment is also expected to register significant growth throughout the projected period. The growth of the segment market can be mainly attributed to rapid increase in the adoption of variety of workplace safety solutions for surveillance and control systems to enhance the security and safety of the labors working on sites.
North America Region Dominated the Global Market in 2022
The regional market growth is highly attributable to increased prevalence for the adoption of cloud technology across different industries and rise in the number of injuries and illnesses across various large organizations, that has prompted to adopt advanced products and services for the safety of their workforce while performing several types of industrial operations. Additionally, the region is home for most of the world’s prominent and innovative technology providers with prosperous tech-savvy consumers, that is further likely to boost the growth of market exponentially.
Asia Pacific region is anticipated to exhibit fastest growth rate during the projected period due to the rapidly booming manufacturing industry in countries like China, India, Indonesia, and Malaysia along with the increasing proliferation for industrialized safety and health regulations, that have been imposed by various countries in the region.
Competitive Insight
Some of the major players operating in the global workplace safety market include HCL Technologies Inc., Microsoft Corporation, Hexagon AB, Wolters Kluwer, Honeywell International Inc., IBM Corporation, Vector Solutions, INX Software, Hitachi Solutions, Damotech, EcoOnline, Appian Corporation, Amazon.Com Inc., Panasonic Corporation, Cority Software Inc., 3M Company, Robert Bosch GmbH, and Atheer.
Recent Developments
- In September 2022, Ansell, introduced new workplace safety product and service brand named “Inteliforz”, that leverages worker contextual connectivity & data analytics. With this launch, the company has joined hands with the “Modjoul,” a leading data analytics and wearable company to improve its workplace safety solutions.
- In September 2022, MOM, introduced it’s a code of practice, which will spell out the company CEOs and directors’ duties on the workplace safety and health and also reinforcing the chances for accidents at work. It will apply to companies in all types of industries, even in those, where a very little risk of physical injury and have no manual work.
Workplace Safety Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 15.75 billion |
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Revenue forecast in 2032 |
USD 42.96 billion |
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CAGR |
11.8% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Component, By Application, By End-User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
HCL Technologies Inc., Microsoft Corporation, Hexagon AB, Wolters Kluwer, Honeywell International Inc., IBM Corporation, Vector Solutions, INX Software, Hitachi Solutions, Damotech, EcoOnline, Appian Corporation, Amazon.Com Inc., Panasonic Corporation, Cority Software Inc., 3M Company, Robert Bosch GmbH, and Atheer. |
FAQ's
The global workplace safety market size is expected to reach USD 42.96 billion by 2032.
Key players in the workplace safety market are component, application, end-user, and region.
North America contribute notably towards the global workplace safety market.
The global workplace safety market expected to grow at a CAGR of 11.8% during the forecast period.
The workplace safety market report covering key segments are component, application, end-user, and region.
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