Workplace Safety Market Expected to Reach USD 39 Billion by 2031| Top Players Such as – Hexagon AB, Wolters Kluwer and Bosch

Introduction of smart PPE serves as a potential opportunity for the expansion of the global workplace safety market. The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global workplace safety market, owing to the implementation of global lockdown which resulted in the adoption of work-from-home culture across the globe.

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The global workplace safety market is segmented on the basis of component, system, deployment, application and end user. On the basis of component, it is segregated into hardware, software, and service. On the basis of system, it is divided into environmental health and safety, access control and surveillance system, real time location monitoring, and others. On the basis of deployment, it is bifurcated into on-premise and cloud. On the basis of application, it is classified into incident and emergency management, PPE detection, personal tracking and others. On the basis of end user, it is segregated into energy and utilities, construction and engineering, chemical and materials, government and defense, healthcare, food and beverages and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on component, the hardware segment held the highest share in 2021, accounting for more than two-fifths of the global workplace safety market, and is expected to continue its leadership status during the forecast period. However, the services segment is expected to register the highest CAGR of 13.8% from 2022 to 2031.

Based on system, the environmental health and safety segment accounted for the highest share in 2021, contributing to more than two-fifths of the global workplace safety market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the real time location monitoring segment is expected to manifest the highest CAGR of 14.3% from 2022 to 2031.

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Based on region, North America held the largest share in 2021, contributing to around one-third of the global workplace safety market share. In addition, the Asia Pacific region is projected to maintain its dominant share in terms of revenue in 2031 and is expected to manifest the fastest CAGR of 15.4% during the forecast period.

Leading market players of the global workplace safety market analyzed in the research include HCL Technologies Ltd, inx software, Microsoft Corporation, hexagon ab, Wolters Kluwer, vector solutions, Bosch Ltd, IBM CORPORATION, Honeywell International Inc., intelex.

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Covid-19 Scenario:

  • The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global workplace safety market, owing to implementation of global lockdown which resulted in the adoption of work-from-home culture across the globe.
  • The market is expected to grow rapidly even after the pandemic.

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