Workplace Safety Market Size, Share & Industry Analysis, By Component (Solution, Services), By Type (Personal Safety, Public Safety, Machinary and Equipement Safety), By Industry (Construction, Manufacturing, Transportation, Chemicals, Pharmaceuticals, Oil and Gas) And Regional Forecast, 2024-2032

Recognizing workplace issues and safety hazards is the first-step in defending employees. However, the growing occupational injuries and deaths have raised workplace safety concerns. In December 2020, the United States Bureau of Labor Statistics reported that fatal work injuries recorded in the United States increased from 5,250 in 2018 to 5,333 in 2019. Also, as per International Labor Organization (ILO), every day, worldwide about 612 workers dies due to occupational accident. The workplace safety systems defend peoples from numerous life-threatening conditions at their work premises. The workplace safety systems are designed to protect the workplace from various chemical, physical, biological, and ergonomic hazards. Thus, the growing concerns regarding occupational safety enhance the demand for workplace safety solutions. High requirement for reliable safety systems for ensuring asset and personal protection drives the market growth significantly.

Strict industrial health and safety regulations asserting obligatory use of industrial safety solutions in workplaces is the key factor in driving the growth of the workplace safety systems market. Initiatives taken by various governments and regulatory bodies, such as the national institute of occupational safety and health (NIOSH), occupational safety and health administration (OSHA), are likely to fuel the adoption of workplace safety solutions. The new, emerging trends such as intelligent clothing, smart PPE, smart safety, and autonomous vehicles would likely offer lucrative opportunities for the workplace safety market to grow. The growing integration of big data in safety tools and the use of safety information as a predictive tool for risk management further supports the market growth. The surveillance industry is growing exceptionally, specifically in Europe and North America, which would likely to drive the demand for workplace safety solutions during the forecast period. Numerous industries have started adopting real-time location monitoring systems (RTLMS), environmental health and safety system (EHS), and monitoring and surveillance solutions to defend their assets, supporting workplace safety market growth. The industrial internet of things (IIoT) is forming new growth opportunities for the industrial safety systems market.

Moreover, the global Covid-19 pandemic has accelerated worker and workplace safety solutions and services. Industries and corporate offices are increasingly looking for workstation safety solutions for ensuring employers' safety from coronavirus. The government's precautionary measures have increased the demand for various workplace safety solutions such as asset tracking, personnel tracking, and vehicle proximity-alert safety system (VPASS). Thus, the Covid-19 pandemic would be likely to impact positively on the workplace safety system market.

Key Market Driver -

• Stringent government regulations for workers health and safety to drive the market growth • Growing worker’s health and safety concens is accelerating the market growth

Key Market Restraint -

• Increasing trend of automation in various industries is expected to limit the growth.

Key Players Covered:

The workspace safety market players are implementing numerous organic and inorganic business growth strategies to sustain their market competence. The key strategies adopted by the prominent market players include new product launches, enhancement in existing offerings and portfolios. Key players are continuously developing their existing products and solutions using advanced technologies to provide a healthy, hazard-free working environment. Several key players focus on strategic associations, contracts, partnerships, and collaborations to strengthen their position in a global marketplace. Some vendors in the workplace safety systems market are focusing on the acquisition of small and medium firms in order to uplift their position in the global market.    

Prominent companies included in the global digital asset management market are Cegid Group, Celerant Technology, Clover Network, Inc., EPOS Now (ePOS Inc.), ERPLY, Future POS, Kounta Holdings Pty Limited, Lightspeed POS Inc., NCR Corporation, Oracle Corporation, PAR Technology, Phorest Salon Software, Revel Systems, Inc., Shopify, Shopkeep, Inc., Square, Inc., Toast, Inc., TouchBistro, Inc., Upserve, Inc., Vend Limited, and among others.

Regional Analysis:

North America is anticipated to emerge as the major contributor in terms of revenue in the workplace safety market. The presence of global innovative technology providers and tech-savvy consumers drives the demand for innovative workplace safety solutions. The key factors responsible for driving the workplace safety market growth in North America include stringent government regulations and safety standards. The growing integration of advanced technologies and smart sensors in workplace safety to monitor and track equipment offers opportunities to the workspace safety vendors in the region. The regulatory frameworks designed by different labor safety organizations such as the United States department of labor occupational safety and health administration (OSHA), would support the market growth across North America.

Similarly, Europe is expected to showcase significant market growth due to stringent regulations like GDPR. The mission started by the European Agency for making Europe's workplaces healthier, safer, and more productive would impact positively on the market growth.

The Asia Pacific would exhibit a significant growth rate during the forecast period due to stringent government and regulatory framework for labor safety and well-being. Government initiatives in India, such as "Make in India," are projected to support the manufacturing industry's growth, which will probably drive workplace safety market growth. Machine safety regulations and standards implemented by the local government will drive the market growth in the Asia Pacific in the coming years.

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Segmentation

Key Industry Developments:

• November 2019: Oregon Occupational Safety and Health (Oregon OSHA) launched a free, online video training course for the roofing industry workers to increase their ability to address fall hazards.