Press release
Workplace Safety Market Growing at 12.2% CAGR Reach USD 39 Billion by 2031 Globally
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.
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Driving Factors Workplace Safety Market
Surge in as increase in adoption of 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 the market growth during the forecast period.
Market Segmentation of Workplace Safety Market
The global workplace safety market is segmented on the basis of component, system, deployment, application and end user. On the basis of component, it is segregated into hardware, software, and service. On the basis of 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.
Key Players in Workplace Safety Market
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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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.
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.
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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 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.
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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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