New York, NY, May 09, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “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” in its research database.
“As per the latest research analysis, the global workplace safety market size/trends will be valued at roughly USD 14.14 Billion in 2022, and its revenue is projected to reach about USD 42.96 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 11.8% between 2023 and 2032.”
What is Workplace Safety? How Big is the Workplace Safety Industry?
- Overview
Workplace safety refers to the process of protecting employees, equipment, and other business resources. Workplace safety is considered the responsibility of the employer to ensure the safety of the employees. Taking prior safety measures will result in minimum injuries and damage to equipment as well as more productivity. Also, employees feel more satisfied and productive in such an environment.
Factors that impact safety include unsafe working conditions or processes, environmental hazards, substance abuse, and workplace violence. To combat these risks, employers should incorporate essentials for the well-being of employers. Increasing awareness about the significance of workplace safety and convenience worldwide and the rising number of initiatives conducted by start-ups are majorly driving the workplace safety market size.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- 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
- Atheer
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Prominent Growth Driving Factors
- Rising workplace accidents and injuries: There has been a surge in workplace accidents and injuries across organizations in different regions is concerning and highlights the need for organizations to take a proactive approach toward workplace safety. Thus, the market is expected to grow as more organizations prioritize workplace safety and invest in these types of solutions to minimize the risk of accidents and injuries.
- Growing demand for workplace safety solutions: High demand for workplace safety from the oil & gas, manufacturing, and chemical sectors, and the guideline charged by the “National Institute of Occupational Safety and Health and Occupational Safety” is making use of these safety systems imperative for organizations and businesses, which in turn, boosting the workplace safety market demand.
- Increased expenditure on employee safety: Increasing expenditure on employee safety is expected to create effective workplace safety solutions. Companies invest in employee safety through a variety of strategies, such as delivering safety education and training, supplying protective gear, putting in place safety regulations and procedures, and enhancing workplace ergonomics. Such expenditure is positively influencing the workplace safety market growth.
- The growing role of technology in workplace safety: Advancements in technology, such as smart personal protective equipment (PPE) and autonomous vehicles, are becoming increasingly popular in the workplace safety market. Smart PPE has the capability of connecting to the internet and providing real-time information on worker safety, which is expected to propel the market expansion.
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Top Report Findings:
- Increased awareness of the value of worker convenience and safety around the world, along with the rise prevalence of alert systems in workplaces, pushes the industry's growth.
- The market is segmented based on component, application, end-user, and region.
- Based on geography, the North America region dominated the market in 2022
Recent Trends Influencing the Market
- Key Players Introduce Solutions: Several workplace safety market key players are introducing cutting-edge solutions to meet the demand for improved safety systems across various industries which is propelling the market growth.
- Industry 4.0 and industrial growth: Further, the market is expected to experience significant expansion over the next several years as a result of the Industry 4.0 revolution, unrealized potential in developing countries, and booming industrial activity.
- For instance, in April 2022, Bokaro Steel introduced a new app called "Kavach" in order to minimize the occurrence of accidents and injuries within the plant. The company collaborated with ASK-EHS Engineering and Consultants to develop this user-friendly accident analysis app, which allows supervisors to instantly report incidents such as near-misses and risky behavior in real-time.
Segmental Analysis
- Software segment is anticipated to grow at the fastest rate during the forecast period
Based on component workplace safety market segmentation, the software category is likely to register the fastest CAGR over the predicted period due to the increased growth in the understanding of the significance of various workplace safety procedures along with growing demand for advanced software across various prominent companies to simplify their process of monitoring their workers’ health and provide better safety during operations
- Incident and emergency segment held for largest revenue share in 2022
By application, the incident and emergency category generated the largest workplace safety market share in 2022, owing to increasing demand for interactive, collaborative, and mobile-ready solutions among large corporations to record, track, analyze, report, and investigate incidents and accidents. Also, the workplace safety system has the ability to allow the assessment, appraisal, monitoring, and management of current, potential, and dangerous threats in an organization which is fueling the segment growth.
- Energy & utility segment is projected to account for a substantial market share throughout the study period
Based on end-user, the energy & utility category is anticipated to hold a substantial revenue share during the forecast period. This growth can be attributed to the rising demand for the optimization of manufacturing processes and reducing overall maintenance costs by offering the necessary safety equipment. These factors support segment growth.
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Workplace Safety Market: Report Scope & Coverage
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 42.96 Billion |
| Market size value in 2023 | USD 15.75 Billion |
| Expected CAGR Growth | 11.8% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | 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. |
| Segments Covered | By Component, By Application, By End-User, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
North America: The region dominated the market in 2022 due to an increase in the use of cloud computing across a variety of industries coupled with an increase in illness and injuries across numerous large organizations which has led them to adopt the latest products and services for the safety of their employees. In addition, North America is home to the majority of leading and innovative technology firms, which is further expected to accelerate market growth.
Asia Pacific: The workplace safety market in Asia Pacific is expected to register the fastest growth over the forecast period owing to the rapidly growing manufacturing sector in nations such as China, India, Indonesia, and Malaysia. In addition, the increasing prevalence of industrialized safety and health rules contributes to regional market growth.
Browse the Detail Report “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” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/workplace-safety-market
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Recent Developments
- In September 2022, Ansell launched the "Inteliforz" brand of workplace safety products and services, which makes use of worker contextual networking and data analytics. In order to enhance its workplace safety solutions, the company has partnered with "Modjoul," a top data analytics and wearable startup, with this launch.
- In September 2022, MOM unveiled a code of conduct that outlines the responsibilities of corporate CEOs and directors with regard to workplace health and safety as well as reducing the likelihood of workplace accidents. It will be applicable to businesses in all industries, even those with very little risk of physical harm and no manual labor.
The Report Answers Questions Such as
- What is the market size and forecast of the industry?
- What are the inhibiting factors and impact of key factors shaping the market during the forecast period?
- Who are the key players operating in this market?
- Which application/end-user or product type may seek incremental growth prospects?
- What are the most significant challenges the market could face in the future?
- What growth strategies are the players considering to stay in the market?
Polaris Market Research has segmented the workplace safety market report based on component, application, end-user and region:
By Component Outlook
- Hardware
- Software
- Services
By Application Outlook
- Incident and Emergency Management
- PPE Detection
- Personal Tracking
- Others
By End-User Outlook
- Energy and Utilities
- Construction and Engineering
- Chemical and Materials
- Government and Defense
- Healthcare
- Food and Beverages
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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