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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.

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What is workplace safety?

MarketsandMarkets defines workplace safety as the provision of a safe work environment and safe equipment to ensure workers’ health and safety. Workplace safety systems are implemented in industrial and commercial sectors to ensure higher productivity and reduce the overall energy consumption during the production process. Smart workplace safety solutions are used to increase worker safety in industrial environments, along with tracking the work of employees in the most efficient way. Workplace safety solutions include hardware and real-time software solutions, such as Personal Protective Equipment (PPE), head protection equipment, and eyewear and protection devices that are connected remotely using embedded software.

Competitive overview:

The workplace safety market is led by some of the globally established players, such as IBM (US), Honeywell (US), 3M (US), Hexagon AB (US), Appian (US), Microsoft (US), Bosch (Germany), Cority (Canada), Wolters Kluwer (Netherlands), Intelex (Canada), and HCL technologies (India). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies these players use to increase their market presence.

IBM (US), a global technology and innovation leader, stands as a major employer in the technology and consulting sector worldwide. Renowned for its diverse portfolio encompassing computer hardware, software, infrastructure services, and consulting expertise, IBM provides integrated solutions leveraging data, information technology, and industry-specific expertise. With a broad range of offerings in artificial intelligence, automation, blockchain, cloud computing, and more, IBM serves industries like banking, healthcare, manufacturing, and telecommunications. Collaborating with over 55,000 global partners, including industry leaders like Lufthansa Group and BBC Studios, IBM's presence spans North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. In workplace safety, IBM excels with solutions such as Maximo Worker Insights, Maximo Safety, and Video Analytics, showcasing a commitment to cutting-edge technology for real-time decision-making and global operational monitoring.

Honeywell (US), an innovative engineering and technology company, addresses key safety, security, and energy macro trends. Operating across diverse domains, including building, aerospace, automation, safety, and materials, Honeywell's strategic business segments include aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. The company provides comprehensive products and services in aerospace, while building technologies offer solutions in access control, building management, and more. The safety and productivity solutions segment caters to various needs, including electrical safety and fall protection. With a global workforce of approximately 110,000 employees, including over 19,000 engineers and scientists, Honeywell boasts a formidable presence in North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. Honeywell's commitment to technological advancement is evident in its diverse product offerings, spanning aerospace, healthcare, and retail industries, solidifying its status as a pioneering force in innovation and excellence.

Apart from prominent vendors, some other key players, such as HIS (US), Vector Solutions (US), INX Software (Australia), Arventa (Australia), AWS (US), Hitachi Solutions (Japan), Damotech (Canada), EHS Insight (US), EcoOnline (Norway), Guardhat (US), StrongArm Tech (US), Kinetic (US), ANVL (US), and Intenseye (US) are also evolving in the workplace safety market.

According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with workplace safety software and professional services, which would assist businesses in boosting market revenue.

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

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