Workplace Safety Market worth $30.3 billion by 2028, growing at a CAGR of 14.0%: Report by MarketsandMarkets™

Chicago, Jan. 24, 2024 (GLOBE NEWSWIRE) — The global Workplace Safety Market size is projected to grow from 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,  according to a new report by MarketsandMarkets™.

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Workplace Safety Market Dynamics:

Drivers:

  • Rising workplace safety concerns due to increasing work injuries and deaths
  • Strict industrial health and safety regulations
  • Increasing recognition of significance of workplace safety
  • Proliferation of software-as-a-service deployment model

Opportunities:

  • 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

Restraints:

  • High initial implementation costs
  • Resistance to change

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The heightened recognition of the significance of safety has led to an increased demand for innovative solutions. This trend prompts employers to invest in IoT-enabled sensors and wearable devices, showcasing a commitment to employee well-being and operational efficiency. Additionally, the transformative influence of cloud technology is reshaping software deployment in workplace safety solutions. The prevalence of software-as-a-service models, seamlessly integrating mobile and cloud technologies, optimizes cost and ensures budgetary compliance, thereby driving global market growth.  Moreover, a proactive shift in workplace safety is observable in response to a surge in work injuries. Organizations prioritize employee well-being through prevention-based programs and education, aligning their strategies with NIOSH’s Total Worker Health concept. Furthermore, stringent regulations from entities like OSHA and global governmental bodies, including the ILO, serve as key drivers by setting standards to enhance workplace safety, responding to the significant global toll of work-related deaths.

Trend: Wearable Devices

Wearable devices have transformed workplace safety, providing real-time hazard detection through embedded sensors, preventing injuries by monitoring physical activity and posture, and enabling swift emergency response with GPS and fall detection. These devices also enhance data collection, communication, and collaboration, fostering worker engagement. As technology evolves, wearables promise further innovative applications in the ongoing pursuit of improved workplace safety.

Trend: Artificial Intelligence

Artificial intelligence (AI) is transforming workplace safety through predictive maintenance, real-time monitoring, hazard identification, personalized training programs, and accident investigation. By analyzing data from sensors, AI predicts equipment failures, monitors worker behaviors in real time, identifies potential hazards, tailors training to individual needs, and analyzes accident data for root cause identification. These applications enhance safety by enabling preventive measures, immediate feedback, proactive hazard mitigation, targeted training, and informed accident prevention strategies.

Trend: Drones

The integration of drones is a growing trend in enhancing workplace safety. These aerial devices mitigate risks by inspecting challenging areas, reducing the need for workers to enter hazardous zones. Drones also improve efficiency by swiftly covering large spaces, cutting inspection time and costs. Equipped with various sensors, they enhance data collection, providing valuable insights for preemptive issue resolution. Industries like construction, oil and gas, mining, utilities, and emergency response leverage drones for safety inspections, monitoring, and rapid assessment in challenging environments.

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By component, the software segment accounts for the highest CAGR during the forecast period.

The rapid growth of software in the workplace safety market can be attributed to factors such as organizations prioritizing worker and asset safety, accident reduction, and compliance with occupational health and safety laws. Workplace safety management solutions play a crucial role in fostering a safety-oriented culture and safeguarding the workforce. These solutions, exemplified by offerings from prominent players like IBM, Honeywell, and 3M, collect and analyze real-time field data from devices to identify and mitigate occupational hazards, reducing the risk of injuries and illnesses. IBM’s Maximo Safety, a central application in worker insights, exemplifies this trend by providing interactive reporting tools for visualizing and exporting key performance indicators (KPIs). The growing incidents of workplace accidents further drive the adoption of such software, making it an indispensable tool for organizations aiming to transform and lead in employee and environmental safety.

By system, the Environmental Health and Safety segment accounts for a larger share of the market.

The dominance of environmental health and safety (EHS) in the workplace safety market stems from its pivotal role in enhancing business performance. EHS management involves implementing procedures to ensure and improve worker safety and environmental well-being. Key elements, such as policy formulation and risk assessments, demand meticulous attention within organizations. Compliance with regulatory standards, such as OSHA requirements for medical surveillance, necessitates secure storage, archiving, tracking, and sharing employee medical records. EHS systems streamline these processes, allowing companies to allocate more time to care delivery. Increasingly, organizations prioritize high standards in EHS management, emphasizing a structured approach to hazard identification, risk evaluation, and control. This commitment anticipates and prevents conditions that may lead to occupational injury, illness, or adverse environmental impact, positioning EHS at the forefront of the workplace safety market.

Opportunity: Emergence of trends like Smart PPE, Intelligent Apparel, Autonomous Vehicles, and Advanced Safety Solutions for workplace safety

The incorporation of state-of-the-art technologies into workplace safety has initiated a new era, creating diverse avenues for progress. Notably, there is a growing trend in integrating Personal Protective Equipment (PPE) with sensors for real-time monitoring of biometrics, location, and movement data. Similarly, the adoption of autonomous vehicles, including self-driving cars equipped with advanced sensors and software, is gaining momentum in industries such as production, manufacturing, and heavy engineering. Companies like Guardhat are contributing to this shift by providing smart hardhats embedded with sensors and communication capabilities, ensuring real-time safety monitoring and hazard alerts in challenging environments. ProGlove enhances worker safety and productivity with smart gloves featuring integrated scanners and sensors, which are particularly valuable in industrial settings. RealWear’s AR-enabled smart glasses enable the hands-free operation and remote assistance in industrial and field service applications. In tandem with these innovations, SafeSite introduces a smart safety platform utilizing IoT sensors and real-time data, addressing crucial aspects such as social distancing monitoring and contact tracing. This integration elevates workplace safety and presents lucrative opportunities for vendors offering innovative safety solutions and services.

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