Workplace Safety Market

Workplace Safety Market Size & Share - Growth Predictions

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. The increasing recognition of the importance of employee well-being fuels the growth of the workplace safety market. This shift is driven by a proactive approach inspired by NIOSH's Total Worker Health concept, emphasizing prevention-focused programs and education. Additionally, strict regulations from entities such as OSHA and global organizations like the ILO further propel the adoption of safety solutions.

Furthermore, the rising awareness prompts organizations to invest in innovative technologies, including IoT-enabled sensors and wearable devices, showcasing a commitment to safety and operational efficiency. Moreover, the influence of cloud technology, particularly through software-as-a-service models, optimizes cost and budgetary compliance, contributing significantly to the continued expansion of the global workplace safety market.

Workplace Safety Market is poised for substantial growth in the coming years, driven by several key factors:

  • Regulatory Compliance
  • Increasing Awareness
  • Technological Advancements
  • Industry Verticals
  • Cost Savings
  • Corporate Social Responsibility (CSR)
  • Globalization and Supply Chain Complexity
  • Pandemic Preparedness:
  • Employee Empowerment

These factors collectively contribute to the growth of the Workplace Safety Market, driving innovation and adoption of advanced safety solutions and services.

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Regulatory Compliance:

  • Stringent regulations and mandates regarding workplace safety issued by governments and regulatory bodies push organizations to invest in safety measures to avoid penalties and legal issues.

Increasing Awareness:

  • Heightened awareness among employers and employees about the importance of workplace safety due to incidents, accidents, and health concerns fosters demand for safety solutions.

Technological Advancements:

  • Innovations in safety technologies such as IoT sensors, wearables, AI-powered predictive analytics, and VR/AR-based training enhance safety measures and attract investments from organizations looking to modernize their safety protocols.

Industry Verticals:

  • Growth in industries like manufacturing, construction, healthcare, and oil & gas, where workplace hazards are more prevalent, drives the demand for safety solutions and services.

Cost Savings:

  • Investing in workplace safety measures can lead to cost savings in the long run by reducing accidents, injuries, downtime, and workers' compensation claims, making it an attractive proposition for businesses.

Corporate Social Responsibility (CSR):

  • Organizations increasingly prioritize CSR initiatives, including ensuring the safety and well-being of their employees, to maintain their reputation and appeal to socially conscious consumers and investors.

Globalization and Supply Chain Complexity:

  • With the expansion of global supply chains and increased outsourcing, ensuring workplace safety becomes critical to maintaining operational continuity and mitigating risks across various locations.

Pandemic Preparedness:

  • The COVID-19 pandemic has highlighted the importance of workplace health and safety, leading to increased investments in measures such as hygiene protocols, social distancing solutions, and remote monitoring technologies.

Employee Empowerment:

  • Growing emphasis on employee well-being and satisfaction encourages organizations to invest in safety measures to foster a safe and healthy work environment, which can improve morale, productivity, and retention rates.

Workplace Safety Market Share - Global Industry Landscape :

  • AWS (US)
  • Hitachi Solutions (Japan)
  • Amotech (Canada)
  • EHS Insight (US)
  • EcoOnline (Norway)
  • Guardhat (US)
  • StrongArm Tech (US)

brief overview of the market share and key offerings for each of the mentioned companies in the Workplace Safety Market,

AWS (US):

  • Market Share: AWS (Amazon Web Services) provides cloud computing services and doesn't specialize solely in workplace safety solutions, but its cloud infrastructure is used by many safety solution providers to host and deliver their applications.
  • Key Offering: AWS offers a wide range of cloud computing services, including storage, compute power, machine learning, and IoT solutions, which can be leveraged by workplace safety solution providers to enhance their offerings.

Hitachi Solutions (Japan):

  • Market Share: Hitachi Solutions is a subsidiary of Hitachi Group and provides various solutions, including workplace safety solutions, but its market share specifically in workplace safety may vary depending on its regional presence and competitive landscape.
  • Key Offering: Hitachi Solutions offers workplace safety solutions that may include IoT sensors, predictive analytics, and AI-powered monitoring to detect and prevent workplace accidents and hazards.

Amotech (Canada):

  • Market Share: Amotech is a Canadian company specializing in workplace safety solutions, with a market share that may vary depending on its adoption and customer base.
  • Key Offering: Amotech likely offers a range of workplace safety solutions, including safety management software, risk assessment tools, safety training programs, and compliance management systems tailored to various industries.

EHS Insight (US):

  • Market Share: EHS Insight is a US-based company specializing in Environment, Health, and Safety (EHS) management solutions, with a notable presence in the workplace safety market.
  • Key Offering: EHS Insight provides comprehensive EHS management software that covers various aspects of workplace safety, including incident management, risk assessment, audits, training management, and regulatory compliance.

EcoOnline (Norway):

  • Market Share: EcoOnline is a Norwegian company offering EHS software solutions, including workplace safety management, with a presence primarily in Europe.
  • Key Offering: EcoOnline offers cloud-based EHS software tailored for managing workplace safety, chemical safety, risk assessments, compliance reporting, and employee training, focusing on sustainability and regulatory compliance.

Guardhat (US):

  • Market Share: Guardhat is a US-based company specializing in smart personal protective equipment (PPE) and workplace safety solutions, with a growing presence in the market.
  • Key Offering: Guardhat provides wearable technology solutions, including smart hard hats equipped with sensors and communication capabilities, designed to monitor worker safety in real-time, detect hazards, and provide alerts and data insights.

Related Reports:

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 Size,  Share & Growth Report
Report Code
TC 7820
RI Published ON
4/5/2024
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