MarketsandMarkets forecasts that the global workplace safety market would grow from an estimated USD 14.2 billion in 2022 to USD 26.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.5% from 2022 to 2027. Growing incidents of work injuries, strict industrial health and safety regulations, and proliferation of the software-as-a-service deployment model are some of the factors driving the market growth.
What is Workplace Safety?
MarketsandMarkets defines workplace safety as safety systems implemented in the industrial and commercial sectors to ensure higher productivity and reduce the overall energy consumption during the production process. Smart workplace solutions are used to increase worker safety in the industrial environment, 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, head protection equipment, eyewear and protection devices, which are connected remotely using embedded software.
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The workplace safety market is led by some globally established players, such as IBM, Honeywell, 3M, Hexagon AB, Appian, and others. These players have adopted various growth strategies, such as partnerships, agreements, collaboration, acquisitions, and product developments, to increase their market presence.
IBM is a global technology and innovation company that manufactures and sells computer hardware and software and offers infrastructure services, hosting services, and consulting services in areas ranging from mainframe computers to nanotechnology. The company provides integrated solutions and products that leverage data, information technology, and expertise in industries and business processes. It provides solutions and services for the software, consulting, and infrastructure segments. IBM offers products and solutions under domains, such as artificial intelligence, automation, blockchain, business operations, cloud computing, data and analytics, IT infrastructure, security, and supply chain. It provides consulting services under IBM consulting, business process services, design and business strategy, hybrid multicloud services, talent and transformation, application services, security services, and technology support services.
Apart from large vendors, some SMEs and startups, such as HSI, Vector Solutions, INX Software, Arventa, Atheer, and Kinetic, are also evolving in the workplace safety market.
Another important player in the workplace safety market is HIS, a provider of EHS and workforce development software, training, and compliance solutions. It offers training, safety management, and compliance solutions for businesses of all sizes. It combines content solutions with technologies to help safety professionals and HR to train and develop their workforce, keep workers safe, and meet operational and regulatory compliance requirements. It provides solutions in the training and workforce development and compliance and safety software categories. In the workplace safety market, it provides HSI safety training and compliance online training, which includes safety training; industrial skills training; HSI’s Donesafe EHS platform, which is an all-in-one safety management system and includes more than 30 modules, such as incident management, risk management, hazard management, and injury management; and employee training and development through training courses, micro-learning courses, and training videos.
Workplace Safety Market by Component (Hardware, Software, and Services), System, Application (Incident and Emergency Management, Asset Tracking, PPE Detection), Deployment Mode, End-User and Region - Global Forecast to 2027
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