Workplace Safety Market – Introduction
- Companies are more focused on workplace safety solutions to avoid accidents at the worksite or workplace. Workplace safety solutions are utilized to protect employees or persons from life-threatening scenarios and situations at the workplace.
- Plants and construction site are experiencing workplace accidents such as high noise, explosion, falling from heights, uncontrolled machinery or cranes. According to International Labor Organization (ILO), more than 612 workers die per day globally due to a lack of a safety system in the workplace.
- Commercial spaces and infrastructures are also investing in workplace safety systems and solutions to avoid any critical conditions for employees’ safety. The rate of adoption of workplace safety has increased across major industries such as manufacturing, construction, chemical, transportation, pharmaceutical, oil & gas, and food & beverage.
- Local governments in developed and developing countries are compelling companies to follow all safety guidelines at the workplace to protect their employees from any incidents. The rate of adoption of workplace safety is estimated to increase significantly in the oil & gas, chemical, and pharmaceutical industries during the forecast period.
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Key Drivers of the Workplace Safety Market
- Rise in demand for advanced safety solutions and consumer spending on employee safety is projected to drive the market. Increasing initiatives by governments and other employee safety committees to maintain all workplace safety standards are also expected to boost the workplace safety market.
- Increase in awareness about workplace safety solutions in different industries is anticipated to create considerable business and revenue opportunities for solution providers of workplace safety.
High initial implementation cost and lack of awareness in small enterprises to hinder market
- High initial implementation cost related to workplace safety solution restrains the market. Companies are also investing in automation solutions to improve efficiency with safety, which also hampers the workplace safety market.
- Lack of awareness of workplace safety across small enterprises in developing countries is estimated to further hamper the market
Impact of COVID-19 on Global Workplace Safety Market
- Companies are adopting work-from-home business modules due to the increasing COVID-19 pandemic situation in various regions. Most construction site and development work has been stopped due to the unavailability of the workforce to continue the business process.
- Demand for workplace safety is decreasing during the COVID-19 lockdown situations due to the low rate of adoption of technology solutions in industries due to low return on investment
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North America to Hold Major Share of Global Workplace Safety Market
- North America holds a prominent share of the workplace safety market due to the early adoption of technologically advanced workplace solutions among various industries across North America
- The workplace safety market in the Asia Pacific is estimated to expand at a rapid pace during the forecast period due to rising investment by major players to provide workplace safety solutions across the regions and also due to increasing adoption of the advanced workplace safety systems in commercial offices and manufacturing sectors.
Key Players Operating in the Global Workplace Safety Market
- Honeywell International Inc.
Honeywell International Inc. offers products and solutions for highly critical challenges around energy, safety, security, productivity, and global urbanization. The company offers its products and solutions under four major segments, namely Aerospace; Honeywell Building Technologies; Performance Materials and Technologies; and Safety and Productivity Solutions.
- 3M Company
3M Company was founded in 1902, in Two Harbors, Minnesota, U.S. The company provides solutions in industrial sectors, U.S. healthcare, worker safety, and consumer goods. The company has expertise in offering personal protective equipment (PPE) solutions for various industries.
Other key players operating in the global workplace safety market include Alpha Pro Tech, Ltd., J & K Ross Ltd., ARCO LIMITED, Brady Australia Pty Ltd, and Arventa Pty Ltd.
Global Workplace Safety Market: Research Scope
Global Workplace Safety Market, by Component
- Professional Services
- Managed Services
Global Workplace Safety Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Workplace Safety Market, by Industry
- IT & Telecom
- Manufacturing & Automobile
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Global Workplace Safety Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Environment Health & Safety
- Occupational Health & Workplace Safety Industry
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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