Workplace Safety Market worth $26.7 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 17, 2022 /PRNewswire/ -- According to a research report "Workplace Safety Market by Component (Hardware, Software, and Services), System, Application (Incident and Emergency Management, Asset Tracking, PPE Detection), Deployment Mode, End-User and Region - Global Forecast to 2027" published by MarketsandMarkets, the global Workplace Safety Market is projected to grow from an estimated USD 14.2 billion in 2022 to USD 26.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.5% from 2022 to 2027. Growing work injuries and strict industrial and strict industrial health and safety regulations are some of the factors driving market growth.

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By deployment mode, on-premises segment to account for larger market size during forecast period

The on-premises deployment mode is one of the oldest and most traditional approaches to deploying software and solutions. It requires that an enterprise purchase a license or copy of the software to use it. As the software itself is licensed, and the entire software resides within the organization's premises, it offers greater protection than a cloud computing infrastructure. It is preferred by enterprises due to factors, such as the ability to store data within the company's premises, the availability of security measures, and the elimination of third-party involvement. All the operational activities, such as setup, configuration, maintenance, and deployment of the solution, are handled locally on the end-users premises.

By vertical, healthcare segment to grow at highest CAGR during the forecast period

The healthcare industry is growing continually on a global scale. Healthcare workers face several serious safety and health hazards. They include potential chemical and drug exposures, waste anaesthetic gas exposures, respiratory hazards, and ergonomic hazards from lifting and repetitive tasks. Some of the potential chemical exposures include formaldehyde, ethylene oxide, peracetic acid, and numerous other chemicals used in healthcare laboratories. The industry is facing increasing cases of workplace injuries and illnesses. The total incidence rate for this sector was 5.5 cases per 100 full-time employees in 2020 compared to 3.8 per 100 full-time workers in 2019. Governments and organizations are increasingly deploying workplace safety measures. The WHO's work on protecting the health and safety of health workers includes the development of norms and standards for the prevention of occupational risks in the health sector and advocacy and networking for strengthening the protection of health and safety of health workers.

By region, North America to account for the largest market size during the forecast period

North America is expected to account for the largest market share in the Workplace Safety Market. It is one of the most advanced regions in terms of security technology adoption and infrastructure. The region is witnessing an increase in the adoption of cloud technology across different industries, which has driven the market for cloud-based solutions in the Workplace Safety Market. It has witnessed a rise in the number of workplace injuries and illnesses across organizations and has prompted organizations to adopt products and solutions in the Workplace Safety Market. The regional presence of key industry players offering workplace safety technology solutions contributes to driving the market growth in North America. Another factor driving the growth of workplace safety in the North American region is the need for strengthening safety standards and government regulations. Three US Department of Labour agencies are responsible for the administration and enforcement of the laws enacted to protect the safety and health of workers in North America. The Fair Labor Standards Act contains rules concerning the employment of young workers, those under the age of 18, and is administered and enforced by the Department of Labor (DOL) Wage and Hour Division. Intended to protect the health and well-being of youth in the region, the Fair Labor Standards Act (FLSA) contains minimum age restrictions for employment, restrictions on the times of day youth may work, and the jobs they perform. The regional organizations are increasingly engaging in partnerships and collaborations to deploy solutions according to the customers' workplace safety requirements. Countries analysed for the Workplace Safety Market in this region are the US and Canada.

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Key Players

The major vendors in the Workplace Safety Market are IBM (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Microsoft (US), Bosch (Germany), Cority (Canada), Wolters Kluwer (The Netherlands), Intelex (Canada), HCL Technologies (India), HSI (US), Vector Solutions (US), INX Software (UK), Arventa (Australia), AWS (US), Hitachi Solutions (Japan), Damotech (Canada), EcoOnline (Norway), Atheer (US), Kinetic (US), among others.

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