SecurityWorldMarket

31/01/2021

Workplace safety market to have positive impact on surveillance market

Northbrook, Il

A new research report on the Workplace Safety market to 2025, estimates that the market size is expected to grow from USD 12.1 billion in 2020 to USD 19.9 billion by 2025, at a CAGR of 10.4% during the forecast period. Marketsandmarkets, the researchers, suggest that the Workplace Safety market will growth will have a lucrative impact for technology vendors.

It is also expected 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. Moreover, the analysts expect the growing surveillance industry, particularly in North America and Europe, would 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.

Workplace safety consists of safety components and systems deployed on the premises of an organisation 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.

By system, it is the real-time location monitoring systems segment that is predicted to have the highest market share during the forecast period. Real-time location monitoring Systems (RTLMS) 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.

In the Covid-19 pandemic, 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, 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).

The incident and emergency management segment is forecast have the highest market share during the forecast period. According to the U.S. Bureau of Labor, “Statistics received 2.8 million reports of non-fatal workplace injuries or illnesses in 2018. An average of 14 deaths occurs in the workplace every day, according to the United States Department of Labor Occupational Safety and Health Administration (OSHA).

In geographical terms, Europe is expected to grow with the fastest growing CAGR during the forecast period. The presence of stringent regulations, such as GDPR and the need to adhere to them, are increasing in the European Union (EU). The European Agency’s mission is to make Europe’s workplaces safer, healthier, and more productive.  According to the European Agency of Safety and Health at Work, EU-OSHA has been running a series of far-sighted projects aimed at identifying new emerging risks, anticipate changes that could have an impact on workplace safety and health, and evaluating the possible effects of new technologies, new ways of working and societal change on workers’ safety and health. 

Just a few of the major vendors in this market space as named by the research include, IBM, Honeywell, 3M, Hexagon, Appian, Bosch, Cortiy Software, Enablon, Kinetic.


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