SecurityWorldMarket

07/02/2021

Workplace safety market set to reach $19.9 billion by 2025

Northbrook, Il (UK)

The Workplace Safety market is expected to be lucrative for technology vendors over the coming years according to Marketsandmarkets latest research, which shows this sector is predicted to grow from USD 12.1 billion in 2020 to USD 19.9 billion by 2025, at a compound annual growth rate of 10.4% during the forecast period.

The analysts expect the market to witness substantial growth in the next five years due to mandates and guidelines posed by regulatory bodies such as OSHA, to increase safety in workplaces. More specifically, the growing surveillance industry, particularly in North America and Europe, could push companies to deploy or develop Workplace Safety solutions in the coming years. Furthermore, a high adoption rate is expected to be registered in APAC during the forecast period.

Regulatory bodies dictate the rules

Workplace safety consists of safety components and systems deployed on the premises of an organization to secure the workplace from physical, chemical, biological, and ergonomic hazards. Various industries have adopted environmental health and safety (EHS), real-time location monitoring systems (RTLMS), and access control and surveillance systems to safeguard their assets and personnel. Support from governments, regulatory bodies, such as The Occupational Safety and Health Administration (OSHA), and the surge in initiatives are the key factors that are boosting the adoption of workplace safety solutions and services. The EHS solution boosts employee productivity and ensures compliance with regulations. It plays a vital role in any business as it helps in maintaining a safe workplace and fully compliant operations. It saves time by allowing users to create complex reports in minutes, using data captured in real-time. Workplace safety solutions further ensure ensures environmental protection, safety at work, and occupational health management and aims at preventing and reducing accidents, emergencies, and health issues at work.

Minimal human intervention

Real-time location monitoring systems are predicted to have the highest market share over the period.  These systems identify and track the location of objects and people in real-time within a defined area and are used for various applications, such as asset tracking, personnel or staff tracking, proximity tracking, and on-site operations monitoring. It enables companies to smoothly handle their business practices with minimal human intervention. Real-time location monitoring systems consist of components, such as sensors (location and motion sensors), RFID tags or readers, technologies such as Wifi, and Ultra-Wideband (UWB) Radio Frequency (RF) signals, and other components, including software and servers. The software here is used to create geofences and business rules with associated tags, and badge alerts and reports.

Covid brings new concerns

Additionally, in the Covid-19 pandemic era, worker safety is a new concern for enterprises and industries. How to ensure that workers are maintaining proper social distance, how to track contacts in case if someone tests positive for the coronavirus, and what precautionary measures would benefit employees in the pandemic are some of the concern areas of an employer. Here, for example, companies such as Unitedsafety, Airfinder, Vero solutions, and Sewio are offering RTLMS. These systems serve many use cases, including personnel tracking, asset tracking, and management, maintaining social distancing at the worksite, and Vehicle Proximity Alert Safety System (VPASS).

Major vendors named by Marketsandmarkets as active in the global Workplace Safety market include IBM Corporation, Honeywell, 3M , Hexagon, Appian, Bosch, Cortiy Software, Enablon, Intelex, HSI, Vector Solutions, INX Software, Arventa, AWS, Panasonic Corporation, Damotech, Vero Solutions, Atheer, Kinetic, EHS Insight, ANVL, Inenseye, Basicsafe, and Engage EHS.


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