Workplace Safety Market Growing at a CAGR 10.4% | Key Player Honeywell, Hexagon AB, Appian, Microsoft, Cority

March 03 18:40 2021
Workplace Safety Market Growing at a CAGR 10.4% | Key Player Honeywell, Hexagon AB, Appian, Microsoft, Cority

IBM Corporation (US), Honeywell (US), 3M (US), Hexagon AB (Sweden), Appian (US), Bosch (Germany), Cortiy Software (Canada), Enablon (Paris), Intelex (Canada), HSI (US), Vector Solutions (US), INX Software (Australia), Arventa (Australia), AWS (US), Panasonic Corporation (Japan), Damotech (Canada), Vero Solutions (England), Atheer (US), Kinetic (US)
Workplace Safety Market by Component (Hardware, Software, and Services), System, Application (Incident and Emergency Management, Asset Tracking, PPE Detection), Deployment Mode, End-User (Industrial and Commercial), and Region – Global Forecast to 2025

The global Workplace Safety Market size is projected to grow from USD 12.1 billion in 2020 to USD 19.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period. The major factors driving the market include substantial shift within industries towards a more holistic approach to health and well-being and Increasing need for stricter safety regulations.

By system, real-time location monitoring systems segment to have the highest market share during the forecast period

Real-Time Location Monitoring Systems (RTLMS) identifies and tracks the location of objects and people in real-time within a defined area and is 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 Wi-Fi, 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).

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By application, incident and emergency management segment to 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).” Workplace injury cases are increasing every year, due to which medication costs are also increasing. According to the American Medical Association (AMA) report, “American healthcare costs rose almost USD 1 trillion from 1996-2015. That number is estimated to climb to USD 6 trillion by 2027, which equates to USD 17,000 per U.S. worker.” To reduce workplace injuries and accident cases, organizations deploy workplace safety systems for incident and emergency management, which is expected to be the leading application area in the coming years.

IBM (US), Honeywell (US), 3M (US), Hexagon AB (US), Appian (US), Microsoft (US), Bosch Building Technologies (Germany), Cority (Canada), Enablon (France), Intelex (Canada), HIS (Oregon), Vector Solutions (Florida), INX Software (Australia), Arventa (New South Wales), AWS (US), Panasonic Corporation (Japan), Damotech (Canada), Vero Solutions (England), Atheer (US), Kinetic (US), EHS Insight (US), ANVL (Indiana), Intense Eye (US), BasicSafe (US), and Engage EHS (Ireland).

These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the Workplace Safety market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.

Honeywell was founded in 1985 and is headquartered in North Carolina, US. The company offers intrusion, access control, and video surveillance products and systems in the Americas, APAC, Europe, and MEA. As of December 31, 2017, Honeywell had approximately 131,000 employees at approximately 46,000 locations in the US. The company’s business is divided into four segments: the Aerospace segment offers products and services for aircraft manufacturers; the Home and Building Technologies segment provides access control, video surveillance, fire products, remote patient monitoring systems, as well as installation, maintenance, and upgradation of systems; the Performance Materials and Technologies segment is involved in developing and manufacturing advanced materials, process technologies, and automation solutions; and the Safety and Productivity Solutions segment offers products, software, and connected solutions to customers for improving productivity, workplace safety, and asset performance. Honeywell Security Group, founded in 1929, is a provider of security and automation solutions for residential and commercial applications. The company operates as a subsidiary of Honeywell International Inc. (US), and majorly functions in the security sector. The company was formerly known as Ademco Security Group, Inc. (US); it changed its name to Honeywell Security Group in 2011. It offers intrusion products such as Lyric security and home control system, control panels, keypads, expansion modules and accessories, wireless products, alarm communications and total connect sensors, and life safety kits. Its video surveillance product offerings include cameras, encoders, analog components, recording devices, hosted video services, systems and system accessories, intelligent analytics solutions, and video surveillance product matrix.

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3M was founded in 1902 and is headquartered in Minnesota, US. The company was formerly known as Minnesota Mining and Manufacturing Company. The company is a diversified global manufacturer, technology innovator, and marketer of a wide variety of products and services. 3M is a well-known provider of products, such as adhesives, laminates, dental products, orthodontic products, abrasives, and medical appliances. The company operates worldwide and caters to more than 65 nations. It delivers its products through retailing and distributing partners in more than 200 nations. The company offers its products to verticals, such as healthcare; consumer and office; transportation and industry; safety, display and graphics; security and protection services; and electronics and communication. It also develops, manufactures, and markets its innovative products for the global market. For workplace safety, 3M provides a wide range products and solutions portfolio that includes 3M connected safety, connected PPE, fall protection head and face protection.

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