What is the Historic and Current Scenario of the Workplace Safety Market?
The workplace safety market has seen considerable growth due to a variety of factors.
• The size of the workplace safety market has experienced significant growth in the past few years. The expectation is that it will expand from $14.64 billion in 2024 to $15.98 billion in 2025, with a compound annual growth rate (CAGR) of 9.1%. This progress in the previous period can be credited to the response to the pandemic, measures to prevent injuries and improve ergonomics at workplaces, consideration of mental health in workplaces, and safety solutions guided by data.
What Is The Expected Growth In The Workplace Safety Market By 2029?
The Workplace Safety market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of workplace safety is projected to experience brisk expansion in the coming years, with an estimated value of $24.89 billion in 2029, and a compound annual growth rate (CAGR) of 11.7%.
Factors contributing to this growth during the forecasted period include strict regulatory environment, continued adaptation to pandemic-related obstacles, improved risk evaluation and handling, fostering of a safety-focused work environment, and a persistent need for personal protective equipment (PPE). Future trends within this period are expected to encompass resilience planning, shared safety platforms, implementation of sustainable and eco-friendly practices, adherence to regulations, and an emphasis on health and wellness.
What Main Forces Are Fueling Expansion In The Workplace Safety Market?
The workplace safety market is experiencing growth due to an increase in occupational injuries and deaths. These safety systems in workplaces safeguard employees from potentially deadly situations, and the increase in occupational hazards is prompting more businesses to implement safety gear and practices, hence boosting the market. An example of this occurred in July 2024, when the Health and Safety Executive (HSE), a UK-based government body for work health and safety, revealed that men continue to experience the vast majority of fatal injuries, at 95% in 2023/24, in line with trends from previous years. Additionally, older workers, specifically those 60 and over, made up 34% of total fatalities in 2023/24. Consequently, the future growth of the workplace safety market is expected to be fueled by the increasing occupational injuries and deaths.
What Are The Primary Segments In The Global Workplace Safety Market?
The workplace safety market covered in this report is segmented –
1) By System: Environmental Health And Safety, Access Control And Surveillance System, Real Time Location Monitoring
2) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
3) By Application: Incident And Emergency Management, Asset Tracking And Management, Personal Protective Equipment Detection
4) By Industry: BFSI, IT And Telecom, Manufacturing And Automobile, Hospitality, Healthcare
Subsegments:
1) By Environmental Health and Safety (EHS): Risk Management Software, Incident Management Systems, Compliance Management Solutions, Environmental Monitoring Systems, Occupational Health and Safety Management Systems
2) By Access Control and Surveillance System: Biometric Access Control Systems, RFID Access Control Systems, Video Surveillance Systems (CCTV), Intrusion Detection Systems, Visitor Management Systems
3) By Real Time Location Monitoring: Asset Tracking Systems, Personnel Tracking Systems, Indoor Positioning Systems, Geofencing Solutions, Location-Based Services (LBS)
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Which Key Trends Are Driving Changes In The Workplace Safety Market?
The trend of technological innovation is vital in the workplace safety market. Leading firms in the workplace safety system market are ushering in a host of new technological creations, an example being NIOSH-certified N95 respirator by Honeywell. In May 2022, Honeywell, an American corporation known for its industrial, commercial, residential control systems, aerospace, automotive products, specialty chemicals, and plastics, among others, introduced the N95 respirator. This product boasts unique attributes, including a filter-enabled, reusable half-mask respirator that provides healthcare workers with prolonged comfort. The product expands the portfolio of superior personal protective equipment and fosters an ecosystem that enhances safety and health protection.
Who Are the Key Players In The Workplace Safety Market?
Major companies operating in the workplace safety market include:
• The International Business Machines Corporation
• Honeywell International Inc
• 3E Company Inc.
• Hexagon AB
• Microsoft Corporation
• Robert Bosch GmbH
• Panasonic Holdings Corporation
• Cority Software Inc
• Nu-safe Healthcare LLP.
• Arco Limited
• J&K Ross Ltd
• Alpha Pro Tech Ltd
• A-SAFE Inc.
• AlertMedia Inc.
• Anvl Inc.
• Avetta LLC
• Blackline Safety Corp.
• The British Standards Institution Group
• Cintas Corporation
• DEKRA North America Inc.
• HSI Donesafe Pty Ltd.
• EcoOnline AS
• Enablon North America Corp.
• Enhesa Inc.
• Environmental & Occupational Risk Management Inc.
• Benchmark Digital Partners LLC
• Health and Safety Institute LLC
• Intelex Technologies ULC
• KPA FLEX LLC
What Is The Most Dominant Region In The Workplace Safety Market?
North America was the largest region in the workplace safety market in 2024. The regions covered in the workplace safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
