Workplace Safety Market size is expected to grow from $12.1 billion in 2020 to $19.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.4%.
Northbrook, IL 60062 — (SBWIRE) — 04/22/2022 — According to a new market research report “Workplace Safety Market by Component (Hardware, Software, and Services), System, Application (Incident and Emergency Management, Asset Tracking, PPE Detection), Deployment Mode, End-User (Industrial and Commercial), and Region – Global Forecast to 2025″ published by MarketsandMarkets™, the market size expected to grow from USD 12.1 billion in 2020 to USD 19.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
The Workplace Safety Market is expected to be lucrative for technology vendors. It is also expected to witness substantial growth in the next five years due to mandates and guidelines posed by regulatory bodies such as OSHA, to increase safety in workplaces. Moreover, the growing surveillance industry, particularly in North America and Europe, would push companies to deploy or develop Workplace Safety solutions in the coming years. Furthermore, a high adoption rate is expected to be registered in APAC during the forecast period.
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Workplace safety consists of safety components and systems deployed on the premises of an organization to secure the workplace from physical, chemical, biological, and ergonomic hazards. Various industries have adopted environmental health and safety (EHS), real-time location monitoring systems (RTLMS), and access control and surveillance systems to safeguard their assets and personnel. Support from governments, regulatory bodies, such as The Occupational Safety and Health Administration (OSHA), and the surge in initiatives are the key factors that are boosting the adoption of workplace safety solutions and services. The EHS solution boosts employee productivity and ensures compliance with regulations. It plays a vital role in any business as it helps in maintaining a safe workplace and fully compliant operations. It saves time by allowing users to create complex reports in minutes, using data captured in real-time. Workplace safety solutions further ensure ensures environmental protection, safety at work, and occupational health management and aims at preventing and reducing accidents, emergencies, and health issues at work.
By system, real-time location monitoring systems segment to have the highest market share during the forecast period
Real-Time Location Monitoring Systems (RTLMS) identifies and tracks the location of objects and people in real-time within a defined area and is used for various applications, such as asset tracking, personnel or staff tracking, proximity tracking, and on-site operations monitoring. It enables companies to smoothly handle their business practices with minimal human intervention. Real-time location monitoring systems consist of components, such as sensors (location and motion sensors), RFID tags or readers, technologies such as Wi-Fi, and Ultra-Wideband (UWB) Radio Frequency (RF) signals, and other components, including software and servers. The software here is used to create geofences and business rules with associated tags, and badge alerts and reports.
In the covid-19 pandemic, worker safety is a new concern for enterprises and industries. How to ensure that workers are maintaining proper social distance, how to track contacts in case if someone tests positive for the coronavirus, and what precautionary measures would benefit employees in the pandemic are some of the concern areas of an employer. Here, companies such as UnitedSafety, AirFinder, Vero solutions, and Sewio are offering RTLMS. These systems serve many use cases, including personnel tracking, asset tracking, and management, maintaining social distancing at the worksite, and Vehicle Proximity Alert Safety System (VPASS).
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By application, incident and emergency management segment to have the highest market share during the forecast period
According to the U.S. Bureau of Labor, “Statistics received 2.8 million reports of non-fatal workplace injuries or illnesses in 2018. An average of 14 deaths occurs in the workplace every day, according to the United States Department of Labor Occupational Safety and Health Administration (OSHA).” Workplace injury cases are increasing every year, due to which medication costs are also increasing. According to the American Medical Association (AMA) report, “American healthcare costs rose almost USD 1 trillion from 1996-2015. That number is estimated to climb to USD 6 trillion by 2027, which equates to USD 17,000 per U.S. worker.” To reduce workplace injuries and accident cases, organizations deploy workplace safety systems for incident and emergency management, which is expected to be the leading application area in the coming years.
Europe to grow with the fastest growing CAGR during the forecast period
Europe comprises major economies, such as the UK, Germany, and France. The presence of stringent regulations, such as GDPR and the need to adhere to them, are increasing in the European Union (EU). The European Agency’s mission is to make Europe’s workplaces safer, healthier, and more productive. The European Agency does this by bringing together European workplaces to share knowledge and information in order to promote a culture of risk prevention. It shares good practices and communicates information in a variety of ways to reach workers and workplaces. The publicity campaigns include the European Week for Safety and Health at Work, which focuses on different themes. According to the European Agency of Safety and Health at Work, EU-OSHA has been running a series of far-sighted projects aimed at identifying new emerging risks, anticipate changes that could have an impact on workplace safety and health, and evaluating the possible effects of new technologies, new ways of working and societal change on workers’ safety and health. For example, at the Super Hospital construction project in Godstrup, Denmark, the application of 3D gaming for health and safety training between 2012 and 2017 eliminated fatalities and reduced workplace accidents to below half the national average.
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Major vendors in the global Workplace Safety Market include IBM Corporation (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Appian (US), Bosch (Germany), Cortiy Software (Canada), Enablon (Paris), Intelex (Canada), HSI (US), Vector Solutions (US), INX Software (Australia), Arventa (Australia), AWS (US), Panasonic Corporation (Japan), Damotech (Canada), Vero Solutions (England), Atheer (US), Kinetic (US), EHS Insight (US), ANVL (US), Inenseye (US), Basicsafe (US), and EngageEHS (Dublin).
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