The global workplace safety market size is estimated to grow USD 16.28 billion in 2024 and USD 26.71 billion by 2029, growing at a CAGR of 10.4% during the forecast period.
The integration of big data and the use of safety data as a predictive tool for risk management, as well as the introduction of new trends such as smart PPE, smart clothing, autonomous vehicles, and smart security, would provide opportunities for workplace safety businesses in the coming days.
Growing safety concerns due to the increase in the number of workplace fatalities are shifting people's focus on worker safety. According to the International Labor Organization (ILO), 612 workers die every day from workplace accidents around the world. These accidents can be avoided by installing security systems. Workplace safety systems protect people against various life-threatening situations in their work facilities.
Additionally, increasing demand from the oil and gas, manufacturing, and chemical industries is expected to drive growth in the workplace security systems market. Additionally, mandatory regulations established by NIOSH (National Institute for Occupational Safety and Health), NFPA (National Fire Protection Association), and OSHA (Occupational Safety and Health Administration) push industries to use these safety systems as a mandatory requirement, which in turn will drive growth in the workplace safety systems business.
The increasing use of automation equipment in various industries is supposed to slow the growth of the global workplace safety market. Also, the high initial cost and the presence of counterfeits in the market are foreseen to hamper this business expansion.
With the development and the possibility of earlier deployment of vaccines to treat Coronavirus, industries are slowly returning to normal during the pandemic. This change in workplace safety is expected to increase due to mandatory social distancing requirements and ongoing personal care through disinfection to eliminate even the slightest possibility of the spread of COVID-19. Organizations are supposed to update smart clothing to adequately follow social distancing standards to ensure smoother business operations. If two workers come close to social distancing rules, the smart laptop will sound an alarm for the two workers to notify them that they need to get away from each other. This will help slow the spread of Coronavirus. Employers are supposed to incorporate and apply these rules. In addition, the COVID-19 outbreak has also taught all organizations a lot about how to prepare for such uncertain and unprecedented times. Therefore, regulators around the world should introduce or update existing workplace safety regulations, which will be helpful during incidents such as the Coronavirus pandemic, to slow the spread and maintain safety in the workplace under control.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
10.4% |
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Segments Covered |
By Component, System Type, Deployment, Application, and Region |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Honeywell International Inc., Arco Limited, 3M, E.I. DuPont Nemours and Company, J&K Ross Ltd., MSA, Alpha Pro Tech Ltd., NuSafe, Seton Australia, and Conney Safety Products and Others. |
North America holds a significant portion of the worldwide market and is likely to continue its dominion in this market in the coming years.
The major companies operating in the global workplace security systems market include Honeywell International Inc., Arco Limited, 3M, E.I. DuPont Nemours and Company, J&K Ross Ltd., MSA, Alpha Pro Tech Ltd., NuSafe, Seton Australia, and Conney Safety Products, among others.
Honeywell was founded in 1985 and is headquartered in North Carolina, United States. The company provides access control, video surveillance, intrusion detection systems, etc., in almost all regions of the world. On December 31, 2017, Honeywell had over 131,000 employees at almost 46,000 locations in the USA. The company's activities are divided into four segments: the aerospace sector provides products and services to aircraft manufacturers; the home and building technology segment provides access control, video surveillance, firefighting products, remote patient monitoring systems, as well as installation, maintenance, and upgrading systems level; the Performance Materials and Technologies segment is involved in the development and manufacture of advanced materials, process technologies and automation solutions; and the Safety and Productivity Solutions segment provides products, software and connected solutions to customers to improve productivity, workplace safety and asset performance.
3M was founded in 1902 and is based in Minnesota, United States. The company was formerly known as the Minnesota Mining and Manufacturing Company. 3 M is a diverse global manufacturer, technology innovator, and distributor of a wide variety of products and services. It is a well-known supplier of products such as adhesives, laminates, dental products, orthodontic products, abrasives, and medical devices.
In November 2020, Hexagon and RealWear reformed maintenance operations with connected workflows for the heavy asset industry.
In November 2020, Hexagon AB recently completed the purchase of PAS Global.
In August 2018, Hexagon acquired External-Array to expand its operations.
By Component
Hardware
Software
Services
By System Type
Environmental Health and Safety
Access Control and Surveillance System
Real-Time Location Monitoring
Others
By Deployment
On-Premises
Cloud
By Application
Incident And Emergency Management
Asset Tracking and Management
Personal Protective Equipment Detection
Others
By Region
North America
South America
Asia Pacific
Middle East and Africa
Europe
Frequently Asked Questions
Factors such as increasing awareness about occupational hazards, stringent safety regulations, technological advancements in safety equipment, and a growing emphasis on employee well-being are driving the growth of the global workplace safety market.
Emerging economies are witnessing rapid industrialization, leading to increased awareness about workplace safety standards. Governments in these regions are implementing stricter regulations, thereby boosting the demand for workplace safety solutions.
Government regulations mandating workplace safety standards significantly influence the market by compelling organizations to invest in safety solutions to comply with legal requirements and ensure employee well-being.
Emerging trends include the integration of AI and machine learning in safety systems for predictive analytics, the proliferation of remote monitoring solutions, emphasis on mental health and well-being initiatives, and the adoption of virtual reality for safety training purposes.
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