Workplace Safety Market Size, Industry Analysis, Key Insights And Forecast To 2033

The workplace safety market size has grown rapidly in recent years. It will grow from $13.57 billion in 2023 to $14.97 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to pandemic response, ergonomics and injury prevention, workplace mental health, data-driven safety solutions.

The workplace safety market size is expected to see rapid growth in the next few years. It will grow to $22.14 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to stringent regulatory landscape, sustained response to pandemic challenges, enhanced risk assessment and management, cultivation of safety-oriented work culture, persistent demand for personal protective equipment (ppe). Major trends in the forecast period include resilience planning, collaborative safety platforms, sustainable and green practices, regulatory compliance, focus on health and wellness.

Market Overview -
Workplace safety are factors that affect the safety, health and well-being of employees. Workplace safety benefits both employees and employers and promotes better working conditions at workplaces. This can include environmental hazards, unsafe working conditions or processes, drug and alcohol abuse, cyber threat and workplace violence.

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Addressing The Surge In Workplace Injuries And Fatalities With Safety Systems
Rising occupational injuries and deaths are significantly contributing to the growth of the workplace safety market. Workplace safety systems protect employees from a variety of life-threatening situations at their workplaces, and rising occupational injuries and deaths at workplaces are leading to more companies deploying workplace safety equipment and practices that are in turn, driving the market. For instance, in December 2022, according to the Bureau of Labor Statistics, a US-based principal fact-finding agency for the federal government, there were 5,190 fatal work injuries recorded in the United States in 2021, an 8.9% increase from 4,764. The fatal work injury rate was 3.6 fatalities per 100,000 full-time equivalent (FTE) workers, up from 3.4 per 100,000 FTE in 2020. Therefore, rising occupational injuries and deaths are expected to propel future workplace safety market growth.

Competitive Landscape -
Major companies operating in the workplace safety market report are The International Business Machines Corporation, Honeywell International Inc, 3E Company Inc., Hexagon AB, Appian Corporation, Microsoft Corporation, Robert Bosch GmbH, Amazon.com Inc, Panasonic Holdings Corporation, Cority Software Inc, Nu-safe Healthcare LLP., Arco Limited, J&K Ross Ltd, Alpha Pro Tech Ltd, A-SAFE Inc., AlertMedia Inc., Anvl Inc., Avetta LLC, Blackline Safety Corp., The British Standards Institution Group, Cintas Corporation, DEKRA North America Inc., HSI Donesafe Pty Ltd., EcoOnline AS, Enablon North America Corp., Enhesa Inc., Environmental & Occupational Risk Management Inc., Benchmark Digital Partners LLC, Health and Safety Institute LLC, Intelex Technologies ULC, KPA FLEX LLC

Cutting-Edge Technologies Transforming Workplace Safety Systems
Technological advancement is a key trend in the workplace safety market. Major companies operating in the workplace safety system market are developing various new technological innovations, such as Honeywell's NIOSH-certified N95 respirator. For instance, in May 2022, Honeywell, a US-based company that that produces industrial, commercial, and residential control systems, aerospace, and automotive goods, speciality chemicals and plastics, and so on, launched the N95 respirator. This product has unique features, such as the new filtered, reusable half-mask respirator that allows workers in the healthcare sector to wear it comfortably for hours. The product offers a superior personal protection equipment portfolio and enables an ecosystem of improved safety and protection of human health.

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Key Segments -
The workplace safety market covered in this report is segmented -
1) By System: Environmental Health And Safety, Access Control And Surveillance System, Real Time Location Monitoring
2) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
3) By Application: Incident And Emergency Management, Asset Tracking And Management, Personal Protective Equipment Detection
4) By Industry: BFSI, IT And Telecom, Manufacturing And Automobile, Hospitality, Healthcare

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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