The Global Workplace Safety market size is predicted to reach $32.5 billion by 2030, growing at a CAGR of 12.5% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The primary factors influencing the market growth are the rise in the accidents and injuries in the workplace and strict industrial health and safety regulations demand, finds IndustryARC in its recent report, titled “Workplace Safety Market – By Component (Hardware, Software, Services), By System (Environmental Health & Safety, Access Control and Surveillance System, Real Time Location Monitoring, Others), By Deployment Model (On-Premise, Cloud), By Application (Incident and Emergency Management, PPE Detection, Personal Tracking, Others), By End User (Energy & Utilities, Construction & Engineering, Chemical & Materials, Government and Defence, Healthcare, Food & Beverages, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030.”
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North America to Dominate the Market:
North America is considered one of the most innovative security technology adoption and infrastructure regions in the world. The region is seeing an increase in the use of cloud technology across various industries, which is driving the adoption of cloud-based solutions in the workplace security market. The region has also seen an increase in workplace injuries and illnesses among organizations, which is driving organizations to adopt workplace safety products and solutions. The presence of major industry players in the region that offer workplace safety technology solutions is also contributing to the growth of the market in North America. The strengthening of workplace safety standards and government regulation in North America is also driving the growth of the workplace safety market in the region. The US Department of Labor is responsible for the efficient administration and enforcement of legislation enacted to protect the health and safety of workers in the U.S and is a major driver of workplace safety in the market.
Workplace Safety Market 2023-2030: Segmentation
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Workplace Safety Market Report – Key Takeaways:
The workplace safety market in the Asia Pacific region is projected to experience ` significant growth in the near future, largely due to the implementation of stringent government and regulatory measures to guarantee labor safety and social protection. Initiatives such as the ‘Make in India’ initiative in India are expected to further expand the manufacturing sector, thus contributing to the overall growth of the market. Furthermore, the implementation of machinery safety legislation and standards by local governments is expected to be a major factor in the growth of the Asia Pacific market in the near future.
The importance of workplace safety has grown in recent years as companies recognize that a proactive approach to preventing and treating injuries demonstrates their commitment to the well-being of their employees. The National Safety Council reports that an occupational injury occurs on average every seven seconds. A shift towards a more comprehensive approach to health and well-being outside of physical health is taking place within the sector due to the implementation of the NIOSH concept of Total Worker Health. Since the introduction of this program, the focus of workplace safety programs has shifted from the identification of unsafe circumstances to the identification of risks for prevention-based programs that focus on education, training and the identification of problems before someone is injured.
In potentially hazardous situations, technological advances can be beneficial in improving workplace safety. It is a moral imperative for safety managers to seek out technologically-based ergonomic solutions for their employees. Personal Protective Equipment (PPE), machine guards, automated processes, and safety education are some of the technological developments that have contributed to the development of new safety regulations. For example, the Occupational Safety and Health Administration (OSHA) was established in 1971 to address the increasing number of fatalities and injuries at the workplace. OSHA is responsible for the development and enforcement of workplace safety regulations, which are designed to protect employees from potential hazards such as contact with dangerous substances or being hit by an object falling from above. Technology has been a driving force in the workplace since the printing press was invented, and there are still new technologies being developed that could potentially improve worker safety. One such technology is the Wearable Technology, which will provide businesses with the ability to proactively enhance employee engagement and productivity, as well as analytical critical metrics.
Safety professionals are individuals who have specialized roles to assist with particular tasks related to workplace health and safety. Workplaces face a variety of health and safety issues that can have a direct effect on workers, both physically and mentally. Upskilling workers in health and well-being can significantly reduce the risks associated with such issues. Organizations must direct safety professionals to utilize tools and resources that can be incorporated into workplace safety measures to enhance worker life. Safety professionals with all of these skill sets are hard to come by. However, this is beginning to change as many other companies recognize the need to employ professionals to avoid costly accidents to their employees and employee engagement. Companies are training existing safety professionals to provide them with the necessary skills. Health and safety officials are required in every industry to meet regulatory requirements. The demand for these professionals is expected to increase by 7%, 11% and 11% respectively between 2020 and 2022. The manufacturing and construction sectors are the primary industries that traditionally have the highest demand for health and safety professionals.
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Key Opportunity Analysis:
Emergence of new trends, including driverless cars and smart personal protective equipment
As technology advances, Smart PPE is becoming increasingly integrated into the market. Its integration into the workplace safety market appears to be gaining traction. Smart PPE can connect to the internet and other devices via Bluetooth, providing real-time information on worker safety. Additionally, it can collect data on worker movements and provide notifications on improvements to positioning. Furthermore, the ever-evolving automotive technology is providing greater safety benefits than ever before. The NHTSA estimates that billions of lives are lost in motor vehicle crashes each year. There is a growing investment in safe testing and the development of autonomous driving systems. The UN Economic Commission for Europe report, Safety at the Core of the New Framework to Guide UN Regulatory Work on Autonomous Vehicles, states that the automated driving functions must enable user safety and comply with regulations. As a result of the integration of these opportunities, there are expected to be numerous lucrative opportunities for workplace safety vendors.
Data Analytics and Predictive Maintenance
Data analytics can analyze historical safety data to identify patterns and trends leading to accidents and incidents. By recognizing these patterns, organizations can take preventive measures to avoid future accidents. For example, identifying a recurring issue with a specific piece of equipment can prompt maintenance or replacement before it causes an accident. Predictive analytics can assess potential safety risks based on various factors, including environmental conditions, equipment usage, and employee behaviour. This allows organizations to address safety concerns before they escalate into critical issues. Predictive maintenance uses data from sensors and equipment to predict when machinery or infrastructure components are likely to fail. This not only reduces the risk of accidents caused by equipment malfunctions but also extends the lifespan of assets, saving costs in the long run.
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The Report also covers the following Areas:
Workplace Safety Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
The coronavirus pandemic has brought into focus the importance of workplace safety. Both employers and employees have become increasingly cognizant of the need to take measures to prevent the spread of the virus, which has resulted in an increase in investments in workplace security solutions. During the pandemic, the demand for Personal Protective Equipment (PPE) increased significantly, prompting manufacturers of PPE to adjust their operations accordingly. As remote work has become commonplace in many industries, the demand for digital solutions for monitoring and maintaining workplace safety has increased, resulting in the development and utilization of tools such as health screening apps and contact tracing software as well as remote safety audits.
The Russia Ukraine conflict has had a significant impact on businesses in the region, particularly in Eastern Europe, as it has disrupted the supply chain for essential safety equipment, materials and technology. This has resulted in delays in the acquisition of safety gear and components, which can have a significant impact on the safety of the workplace. Furthermore, the economic instability of Ukraine and some neighboring regions has led to financial difficulties for companies operating in these areas, which may limit their capacity to invest in the necessary safety measures, training and equipment. Furthermore, the conflict has had a detrimental effect on infrastructure, such as roads, utilities and buildings, which can lead to hazardous conditions and costly safety repairs and upgrades.
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List of Key Market Players inWorkplace Safety Market:
The Workplace Safety Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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