Workplace Safety Global Market Report 2024

The global workplace safety market 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 observed in the historical period can be attributed to several factors, including a heightened focus on pandemic response measures, initiatives addressing ergonomics and injury prevention in the workplace, increased attention to workplace mental health, and the adoption of data-driven safety solutions. These elements collectively contributed to advancements in workplace safety during the specified period.

The global workplace safety market 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 anticipated growth in the forecast period can be attributed to several factors, including a stringent regulatory landscape influencing workplace safety, continued responses to pandemic challenges, advancements in risk assessment and management practices, the cultivation of safety-oriented work cultures, and a persistent demand for personal protective equipment (PPE). Major trends expected during the forecast period include the emphasis on resilience planning, the emergence of collaborative safety platforms, an increased focus on sustainable and green practices, a commitment to regulatory compliance, and a heightened focus on health and wellness initiatives in the workplace.

Rising incidents of occupational injuries and fatalities are significant drivers propelling the workplace safety market's growth. Workplace safety systems are pivotal in safeguarding employees from life-threatening scenarios in their work environments. The escalating instances of work-related injuries and fatalities prompt companies to adopt enhanced safety measures and equipment, intensifying the demand for workplace safety practices and technologies. For instance, data from the Bureau of Labor Statistics in December 2022 reported a notable surge in fatal work injuries in the United States, underscoring the imperative need for bolstered safety measures. As these concerns persist, the market for workplace safety is poised for continual growth.

The trajectory of workplace safety market expansion is significantly influenced by the rise in industrialization. Industrialization involves the transformation of economies from agricultural to mechanized manufacturing-based systems. This transition amplifies the reliance on optimized manufacturing processes, accompanied by heightened risks for workers. Workplace safety measures in industrial settings are crucial for mitigating these hazards and fostering secure work environments that facilitate productivity. Notably, a report from the United Nations Industrial Development Organization in March 2022 highlighted a resurgence in global manufacturing production post-pandemic, emphasizing the parallel increase in potential workplace hazards. As industrialization advances, the demand for robust workplace safety solutions is anticipated to escalate.

Technological advancements stand as a pivotal trend shaping the landscape of the workplace safety market. Key industry players are actively developing innovative technological solutions, exemplified by Honeywell's introduction of the NIOSH-certified N95 respirator. This groundbreaking product, launched in May 2022, showcases unique attributes tailored for healthcare workers, offering comfortable wearability over extended durations. Honeywell's N95 respirator embodies advanced features that augment personal protection equipment portfolios, contributing to an ecosystem prioritizing enhanced safety and the well-being of individuals. Such innovations underline the market's drive towards leveraging cutting-edge technology to address safety challenges and enhance protective measures in various work settings.

Major players within the workplace safety market are strategically embracing Software as a Service (SaaS) offerings to gain a competitive advantage. These SaaS-based solutions encompass a range of sophisticated features, including predictive AI-powered digital safety tools, real-time insights into operational realities within plants, advanced visualization capabilities, dynamic risk management for work activities, and actionable insights spanning organizational hierarchies. In November 2022, IBM introduced its Incident Management SaaS, aimed at empowering enterprises to gain deeper insights into their infrastructure and application resources. This SaaS offering plays a pivotal role in assisting central IT operations teams in swiftly identifying and resolving incidents by providing a unique topology-led approach to contextualizing events and occurrences.

In November 2023, MidOcean Partners, a US-based private equity firm, completed the acquisition of Smith System for an undisclosed sum. MidOcean's acquisition strategy is centered on leveraging its expertise to foster Smith System's continued growth, both organically and through strategic investments. Smith System, renowned for its B2B workplace safety training solutions tailored for large commercial fleets, stands to benefit from MidOcean's support to expand its market presence, explore additional growth avenues, and enhance its suite of products and services.

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

North America was the largest region in the workplace safety market in 2023. The regions covered in the workplace safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the workplace safety market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the workplace safety market, the main types of systems include environmental health and safety, access control and surveillance systems, and real-time location monitoring. Environmental Health and Safety is a comprehensive term that encompasses laws, rules, regulations, professions, programs, and workplace initiatives designed to protect employees' and the public's health and safety, along with preserving the environment from workplace hazards. Workplace safety systems find applications across small and medium enterprises, as well as large enterprises, for purposes such as incident and emergency management, asset tracking and management, and detection of personal protective equipment. Various industries, including BFSI (Banking, Financial Services, and Insurance), IT and telecom, manufacturing and automobile, hospitality, and healthcare, utilize workplace safety solutions.

This report provides workplace safety market statistics, including workplace safety industry global market size, regional shares, competitors with a workplace safety market share, detailed workplace safety market segments, market trends and opportunities, and any further data you may need to thrive in the workplace safety industry. This workplace safety market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The workplace safety market consists of revenues earned by entities by real-time location monitoring, environment health and safety, access control and surveillance systems. The market value includes the value of related goods sold by the service provider or included within the service offering. The workplace safety market also includes sales of sensors, RFID tags and readers, and wearables. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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