Workplace Safety Market Expected to Reach $39 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Workplace Safety Market" was valued at $12.8 billion in 2021, and is estimated to reach $39 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.

The multidisciplinary field of occupational safety and health, often known as occupational health and safety, occupational health, or occupational safety, is concerned with the welfare, safety, and health of people while they are at work. A safe workplace promotes productivity. No of the size or nature of the company, all employees must follow the workplace safety regulations. Employers, equipment, and company assets are all safeguarded by safety measures. A business will incur fewer costs and make more money if injuries and damage to tools and facilities are avoided or minimized. People are protected from a variety of life-threatening situations at their workplaces through workplace safety measures. The systems for workplace safety are made to guard against a variety of ergonomic, chemical, physical, and biological dangers. Therefore, the demand for workplace safety solutions is increased by the growing worries about occupational safety. Significant market growth is driven by the high need for dependable safety solutions to ensure asset and personal security. Strict standards for industrial health and safety. The market for workplace safety systems is expanding primarily due to the mandated usage of industrial safety solutions in workplaces.

Furthermore, surge in increase in adoption of rising rate of injuries and deaths at workplace and rise in investments by different government and private organization in the market primarily drive the growth of the workplace safety market trends. However, costly implementation and insufficiently qualified workers' compensation and health providers hamper the market growth to some extent. Moreover, new trends like smart PPE being introduced are expected to provide lucrative opportunities for the market growth during the forecast period.

Depending on the application, the incident and emergency management segment dominated the workplace safety market share in 2021 and is expected to continue this trend during the forecast period, owing to growth in data in large enterprises and increase in need to keep a central repository in an organization. However, the personal tracking segment is expected to witness the highest growth in the upcoming years, owing to witness highest growth, because GPS tracking can track staff locations and headcount in the event of emergencies or significant injuries, enabling swift rescue operations are the major factors that drive the workplace safety industry.

Region-wise, the workplace safety market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to rise in awareness Internet of Things and artificial intelligence, are developed and their systemic integration quickens aiding the growth of the workplace safety market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the rise of the manufacturing sector is anticipated to increase demand for industrial safety, which is expected to fuel the market growth in this region.

COVID-19 has impacted all industries majorly. Similarly, the global workplace safety market has also been significantly impacted. This pandemic has compelled governments, and enterprises to impose strict regulations for protecting employee’s health and contain the spread of this novel virus. These regulations caused serious repercussions. Many industries suffered a huge loss after these Impositions as these companies had to shut down. This also severely affected the economy of many countries. However, this made enterprises to consider employees' health above the productivity which is a positive factor for the market. Additionally, many companies are now prioritizing employees' health and thus adopting new workplace safety solutions. Thus, the workplace safety market is expected to grow further.

KEY FINDINGS OF THE STUDY

• By component, the hardware segment accounted for the largest workplace safety market share in 2021.
• On the basis of system, the environmental health and safety segment generated the highest revenue in 2021.
• On the basis of deployment, the on-premise segment generated the highest revenue in 2021.
• By application, the incident and emergency management segment accounted for the largest workplace safety market forecast in 2021.
• On the basis of end user, the Energy and Utilities segment generated the highest revenue in 2021.
• Region-wise, North America generated the highest revenue in 2021

The key players profiled in the workplace safety market analysis are HCL technologies, Hexagon ab, Honeywell International, Inc., IBM corporation, Intelex, INX Software, Microsoft Corporation, Vector Solution, Wolters KLuwer. These players have adopted various strategies to increase their market penetration and strengthen their position in the workplace safety industry.