Workplace Safety Market Expected to Reach USD 39 Billion by 2031 | Top Players such as - INX Software, Vector Solution and Wolters KLuwer

According to the report published by Allied Market Research "The Workplace Safety Market Expected to Reach USD 39 Billion by 2031 | Top Players such as - INX Software, Vector Solution and Wolters KLuwer." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Surge in the increase in adoption of the rising rate of injuries and deaths at workplace and rise in investments by different government and private organization in the market primarily drive the growth of the workplace safety market. However, costly implementation and insufficiently qualified workers' compensation and health providers hamper the market growth to some extent. Moreover, new trends like smart PPE being introduced are expected to provide lucrative opportunities for market growth during the forecast period.

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The research provides detailed segmentation of the global workplace safety market based on component, system, deployment, application, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

Based on application, the incident and emergency management segment accounted for the highest share in 2021, holding more than one-third of the global workplace safety market. . However, the personal tracking segment is expected to hold its leadership status in terms of revenue during the forecast period and grow at the highest CAGR of 14.4% during the forecast period.

Based on system, the environmental health and safety segment accounted for the highest share in 2021, contributing to more than two-fifths of the global workplace safety market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the real time location monitoring segment is expected to manifest the highest CAGR of 14.3% from 2022 to 2031.

Based on deployment mode, the on-premise segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global workplace safety market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the cloud segment is expected to manifest the highest CAGR of 13.1% from 2022 to 2031.

Based on component, the hardware segment held the highest share in 2021, accounting for more than two-fifths of the global workplace safety market and is expected to continue its leadership status during the forecast period. However, the services segment is expected to register the highest CAGR of 13.8% from 2022 to 2031.

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Based on region, North America held the largest share in 2021, contributing to around one-third of the global workplace safety market share. In addition, the Asia Pacific region is projected to maintain its dominant share in terms of revenue in 2031 and is expected to manifest the fastest CAGR of 15.4% during the forecast period.

Leading market players of the global workplace safety market analyzed in the research include HCL Technologies Ltd, inx software, Microsoft Corporation, hexagon ab, Wolters Kluwer, vector solutions, Bosch Ltd, IBM CORPORATION, Honeywell International Inc., intelex.

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Covid-19 Scenario:

● The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global workplace safety market, owing to implementation of global lockdown which resulted in the adoption of work-from-home culture across the globe.

● The market is expected to grow rapidly even after the pandemic.

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