Workplace Safety Market Size Worth $42.96 Billion By 2032 | CAGR: 11.8%

Workplace Safety Market Size Worth $42.96 Billion By 2032 | CAGR: 11.8%

The global workplace safety market size is expected to reach USD 42.96 billion by 2032, according to a new study by Polaris Market Research. The report “Workplace Safety Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, and Services); By Application; By End-User; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rapid surge in the incidences of physical injuries and accidents on workplaces all over the world, a shift towards the more all-encompassing approach towards the well-being beyond workers physical health along with the continuous increase in the spending on employee safety and public awareness regarding the advantages of implementing several innovated solutions are anticipated to accelerate the global market growth.

Moreover, tremendous growth across various end-user industries including manufacturing and chemical industries, where workers are more prone to accidents and injuries during several processes, are also likely to fuel the demand and create significant growth opportunities in the coming years.

For instance, in August 2022, Petrobras, introduced its first mobile applications to prevent incidents in the workplace and to record safety observations on oil extraction and refining locations. With this app, every time an employee sees any type of potential hazard related to structure integrity, drops, loss of contention, or fire causing situation, they can easily register this safety observation in the app and task management will be created.

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With the advent of personal protective equipment (PPE), that is a vital part of the employee safety apparel and serves as a first line of defense during the event of an incident coupled with innovations in wearable technologies and increasing prevalence of miniaturization of sensors and scaleups to convert PPE into the smart devices. These smart PPEs are capable of monitoring the conditions of both employee and their nearby surroundings and are equipped with a panic button, that automatically triggered when an accident is detected.

Workplace Safety Market Report Highlights

  • The software segment is expected to grow fastest over the projected period, on account increasing proliferation of various safety practices and adoption for innovative software solutions among large organizations
  • Incident and emergency segment accounted for largest global market share in 2022, which is mainly accelerated increasing need for mobile-ready and interactive solutions
  • Energy & utilities segment projected to hold substantial market share during the anticipated period, owing to increasing risk of injuries and accidents during various operational processes
  • North America region dominated the global market in 2022, which is mainly attributed to early adoption of numerous types of innovative technologies and extensive rise in the number of injuries in the region
  • The global key market players include HCL Technologies, Microsoft Corporation, Hitachi Solutions, Robert Bosch GmbH, Panasonic Corporation, and Wolters Kluwer

Polaris Market Research has segmented the workplace safety market report based on component, application, end-user and region:

Workplace Safety, Component Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hardware
  • Software
  • Services

Workplace Safety, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Incident and Emergency Management
  • PPE Detection
  • Personal Tracking
  • Others

Workplace Safety, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

  • Energy and Utilities
  • Construction and Engineering
  • Chemical and Materials
  • Government and Defense
  • Healthcare
  • Food and Beverages
  • Others

Workplace Safety, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa