USD 39 Billion Workplace Safety Market Expected to Reach by 2031 | Top Players such as - Hexagon, Wolters Kluwer anda Bosch

According to the report published by Allied Market Research, The USD 39 Billion Workplace Safety Market Expected to Reach by 2031 | Top Players such as - Hexagon, Wolters Kluwer anda Bosch. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Rapidly changing government and industry regulations across countries, rise in demand of decision management solutions, and growing requirement to automate high-volume decisions across the enterprises drive the growth of the global management decision market. However, lack of availability of skilled personnel with sufficient knowledge hinders market growth. On the other hand, ongoing partnership & product launches as well as an increase in spending on analytics are anticipated to offer new opportunities in the coming years.

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The global workplace safety market was valued at USD 12.8 billion in 2021, and is projected to reach USD 39 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.

The global workplace safety market is segmented on the basis of component, system, deployment, application and end user. On the basis of components, it is segregated into hardware, software, and service. On the basis of the system, it is divided into environmental health and safety, access control and surveillance system, real time location monitoring, and others. On the basis of deployment, it is bifurcated into on-premise and cloud. On the basis of application, it is classified into incident and emergency management, PPE detection, personal tracking and others. On the basis of end user, it is segregated into energy and utilities, construction and engineering, chemical and materials, government and defense, healthcare, food and beverages and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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 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 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.

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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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