Workplace Safety Market by Component (Hardware, Software & Services), System (Real-Time Location Monitoring, Environmental Health & Safety, Access Control & Surveillance System), Application, Deployment Mode, End User and Region - Global Forecast to 2028

Workplace Safety Market by Component (Hardware, Software & Services), System (Real-Time Location Monitoring, Environmental Health & Safety, Access Control & Surveillance System), Application, Deployment Mode, End User and Region - Global Forecast to 2028

The global workplace safety market size is projected to grow 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 workplace safety market is driven by stringent regulations imposed by entities such as OSHA and governmental bodies, including the ILO, responding to the imperative need for enhanced workplace safety amid a rise in work-related fatalities. As organizations increasingly prioritize employee well-being, a proactive shift is observed in workplace safety trends, focusing on prevention-based programs and education guided by NIOSH's Total Worker Health concept.

Cloud technology plays a pivotal role in revolutionizing software deployment for safety solutions, leveraging software-as-a-service models that integrate mobile and cloud technologies. This optimization enhances operational efficiency and ensures cost and budgetary compliance, contributing significantly to the global growth of the workplace safety market. Furthermore, heightened awareness among employers underscores the demand for innovative safety solutions, leading to investments in IoT-enabled sensors and wearable devices, showcasing a commitment to employee welfare and operational excellence.

“By end user, the other end users segment accounts for a larger market share.”

The other end users, comprising automotive, retail, and education, boast the largest market share in the workplace safety market due to the distinct safety challenges inherent in their respective industries. The automotive sector, characterized by global supply chains and advanced manufacturing processes, prioritizes safety through Toyota's K-HYP strategy, fostering discussions on safety, quality, and efficiency. In retail, a vital source of flexible employment, the National Occupational Research Agenda (NORA) identifies and addresses potential hazards, mitigating operational risks. Meanwhile, the education industry, guided by the International Labour Organization's (ILO) policy on decent work for early childhood education personnel, safeguards workers through regulations covering conditions, social security, professional ethics, and governance systems. This diverse spectrum of end users reflects a comprehensive approach to workplace safety, contributing to their dominant market presence.

“By Application, the incident and emergency management segment accounts for a larger market share.”

Incident and Emergency Management dominate the workplace safety market due to its crucial role in efficiently addressing a multitude of incidents and managing risks on a global scale. The imperative of preparing for emergencies underscores the significance of interactive, mobile-ready, and collaborative solutions. These solutions enable organizations to capture, track, investigate, report, and analyze incidents and accidents, ultimately enhancing EHS performance. Furthermore, the inclusion of incident management features, comprehensive data collection, expert root cause analysis, and adherence to OSHA standards highlight its pivotal role. The solution facilitates proactive identification, analysis, and treatment of both existing and potential hazards, aligning with consensus standards from organizations like the National Fire Protection Association and the American National Standards Institute.

Breakdown of primaries

The study contains insights from various industry experts, from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type: Tier 1 – 20%, Tier 2 – 57%, and Tier 3 – 33%

By Designation: C-level – 40% and Managers and Others – 60%

By Region: North America – 20%, Europe – 35%, Asia Pacific – 45%

Major vendors in the global workplace safety market include IBM (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Appian (US), Microsoft (US), Bosch (Germany), Cority (Canada), Wolters Kluwer (Netherland), Intelex (Canada), HCL Technologies (India), HIS (US), Vector Solutions (US), INX Software (Australia), Arventa (Australia), AWS (US), Hitachi Solutions (Japan), Amotech (Canada), EHS Insight (US), EcoOnline (Norway), Guardhat (US), StrongArm Tech (US), Kinetic JS), ANVL (US), Intenseye (US).

The study includes an in-depth competitive analysis of the key players in the workplace safety market, their company profiles, recent developments, and key market strategies.

Research Coverage

The report segments the workplace safety market and forecasts its size by Component (Hardware, Software, and Services), System (Real-Time Location Monitoring, Environmental Health and Safety, Access Control and Surveillance System, and Other Systems), Application (Incident and Emergency Management, Asset Tracking and Management, Personal Protective Equipment Detection, and Personnel/Staff Tracking), Deployment Mode (On-premises and Cloud), End User (Energy and Utilities, Construction and Engineering, Chemicals and Materials, Government and Defense, Healthcare, Food and Beverage, and other End Users), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).

The study also includes an in-depth competitive analysis of the market’s key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall workplace safety market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (growing work injuries and deaths have raised workplace safety concerns, strict industrial health and safety regulations, increasing recognition of the significance of workplace safety, and proliferation of software-as-a-service deployment model), restraints (high initial implementation costs and resistance to change), opportunities (integration of big data and use of safety data as a predictive tool for risk management and introduction of new trends such as smart PPE, intelligent clothing, autonomous vehicles, and smart safety), and challenges (lack of skilled workplace safety & health professionals and balancing safety with employee privacy)

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the workplace safety market.

Market Development: Comprehensive information about lucrative markets – the report analyses the workplace safety market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the workplace safety market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players IBM (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Appian (US), among others, in the workplace safety market strategies.