[150 Pages Report] Workplace safety market was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 10.4% during the forecast period (2022-2029).
Workplace safety refers to the workplace environment and concerns all the major factors that impact workers' health, safety and well-being. Environmental hazards, mental and physical well-being of workers, hazardous working conditions, workplace violence and drug or alcohol abuse determine workplace safety.
It is the primary and moral responsibility of the employer to ensure sound workplace safety regulations that protect the health of workers and business property. Companies typically involve the services of professional management consultants to ensure compliance with major workplace safety regulations. Governmental regulatory agencies such as Occupational Health and Safety Agency (OSHA) in U.S. oversee the implementation of health and safety regulations for workplaces. Egregious violations of safety regulations result in hefty financial penalties or prison for violating employers.
Adopting holistic and well-developed workplace safety regulations reduces worker stress, increases productivity, reduces workplace accidents and prevents damage to life and property. Technological innovation is playing a crucial role in ensuring workplace safety. Internet of things (IoT), artificial intelligence (AI), machine learning and data analytics are emerging technologies used for predictive analysis to preempt accidents and improve safety. With changes in attitude and growing emphasis on worker well-being, the adoption of workplace safety solutions is likely to increase.
The workplace safety demand is mainly driven by an increasing emphasis on industrial working conditions. The rising adoption of automation across various industries is a key factor in limiting the growth of this market.
Increasing emphasis on industrial working conditions
Companies have been increasing emphasis on workers and working conditions in recent years. Worker's labor rights movements, the rising number of workplace accidents and investigative journalism about exploitative working conditions have prompted a fundamental shift in approach toward working conditions and worker safety.
Companies are investing substantial sums in adopting new standards geared toward injury prevention and preserving worker health. The multi-pronged strategy includes investments in improving workers' social, economic, mental and environmental well-being. Another major factor is the upgradation of the working environment and ensuring holistic worker safety training. Therefore, the increasing emphasis on industrial working conditions is a key driver for the global workplace safety market.
Rising adoption of automation across industries
In recent years, the adoption of automation technologies has increased across various industrial verticals. Automation greatly increases productivity while reducing production costs, which makes it an attractive option for industries. Furthermore, consistent production quality can be obtained. The high capital expenditure on automation technology can easily recoup from increased production output.
Modern automation technologies are implemented using the best industrial practices. It ensures compliance with the highest standards of safety and security. A high degree of automation in an industry corresponds to lower human interaction, thereby greatly improving workplace safety. The need for different workplace safety solutions is redundant with decreasing need for manual labor and general improvement in workplace safety due to automation. The rising adoption of automation across various industries is a key challenge for the growth of the global market.
COVID-19 impact analysis
The COVID-19 pandemic positively impacted the global workplace safety market. Various manufacturing and construction industries were impacted due to the lockdowns and movement restrictions put in place by the government to curb the spread of the pandemic. Manufacturing of essential commodities was allowed with sanitization and social distancing regulations. Companies had to institute stringent workplace safety regulations to ensure operational continuity.
The pandemic period witnessed fundamental changes in the labor force. Many workers quit their jobs due to low pay and hazardous working conditions. The violation of workplace safety conditions, which was commonplace before the pandemic, was a major detriment to companies. With cases receding and the gradual restoration of normalcy starting in mid to late 2021, many workers refused to return to old jobs, prompting companies to overhaul workplace safety culture completely.
The COVID-19 pandemic has profoundly impacted the workplace safety market. The pandemic has created fundamental changes in the way workplace safety is managed. The pandemic will boost the prospects of the global workplace safety market's medium and long-term growth. The demand for workplace safety remains strong and is expected to grow gradually in the coming years.
Workplace Safety Market - Strategic Insights
By Type, By Application, By Component, and By Region
Report Insights Covered
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing Region
Largest Market Share
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The global workplace safety market is segmented into type, component, application and region. The workplace safety market by type is further segmented into personal, public, and machinery and equipment safety. Personal safety is leading in this segmentation since it is the most widely used type of workplace safety.
In recent years, industrial accidents have led to injuries and fatalities among workers. Implementing workplace safety solutions to minimize worker casualties has been a major objective. Implementing workplace safety leads to greater worker satisfaction, increased productivity, reduced downtime and cost savings.
North America is leading in the global safety light curtain market. North America is a highly industrialized region with high-income, developed countries such as U.S. and Canada. The industries operating in North America have a high degree of automation with minimum human interaction. Strong legislation mandating the enforcement of workplace safety regulations is present in both countries.
Governmental regulatory bodies such as the occupational safety and health administration (OSHA) in U.S. and the center for occupational health and safety (COHS) in Canada oversee workplace conditions and ensure the enforcement of worker health and safety regulations. Despite the stringent regulations on paper, the enforcement of regulations in actuality is hampered by bureaucracy and red tape. As a result, health and safety regulations are routinely ignored, leading to rising workplace accidents and worker casualties.
Due to lax regulations and slow reform on working conditions, many companies have turned to technology proactively improving workplace safety. Although increasing automation and the shift of manufacturing to Asia-Pacific have withered industries in North America, working conditions are still better than in other regions. North America is expected to retain a large regional share of the global workplace safety market.
The global Workplace safety market is competitive due to the availability of a wide variety of workplace safety solutions and services that cater to different end-use applications. Some of the major players contributing to growth in the market are IBM Corporation, Honeywell International Inc., Robert Bosch GmBH, ABB, 3M, Microsoft, Appian, Hexagon AB, Panasonic Corporation and Wolters Kluwer N.V. The major players in the market adopt several growth strategies such as new product launches, upgradation of existing products, research publications, joint ventures, collaborations and government tie-ups to contribute to the growth of the global industry.
Overview: International Business Machines (IBM) Corporation is a technology company that supplies its products and solutions in 9 categories, namely AI, blockchain, cloud computing, data analytics, IT infrastructure, security, supply chain and business operations. The company provides services to various industrial sectors, including automotive, aerospace, finance, education and electronics. The company operates in more than 175 countries, expanding in the Americas, Africa, Asia Pacific, Europe and Middle East. IBM Corporation was founded in 1911 and is headquartered in Armonk, New York, U.S.
• IBM Maximo Worker Insights is the company's proprietary range of software solutions for workplace safety. IBM Maximo Worker Insights uses data analytics, the internet of things (IoT) and artificial intelligence (AI) to provide real-time insights into workers in the work environment. It uses big data analytics and predictive modeling to address workplace safety issues before they pose a worker problem. The solutions suite can be integrated with the existing workplace monitoring infrastructure.
• In February 2019, the IBM Corporation partnered with the Metropolitan Atlanta Rapid Transit Authority (MARTA) of Atlanta, Georgia, U.S., to demonstrate a proof of concept (POC) for the IBM Maximo Worker Insight's predictive maintenance suite on MARTA'S tunnel ventilation system. IBM Maximo Worker Insights demonstrated increased worker safety along with potential energy and cost savings.
What is the Workplace safety market growth?
The market is growing at a CAGR of 10.4%.
What is Workplace safety market size in 2021
The Workplace safety market size was valued at USD YY million in 2021.
Who are the key players in Workplace safety market?
Robert Bosch GmBH, ABB, 3M, Microsoft, Appian, Hexagon AB, Panasonic Corporation.
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