Workplace Safety Market to Generate $39 Billion by 2031, States the Report by Allied Market Research

A lead analyst at AMR has highlighted that the workplace safety market across North America generated the highest revenue in 2021.

Allied Market Research published a research report on the workplace safety market. The findings of the report state that the global market for workplace safety generated $12.8 billion in 2021, and is projected to reach $39 billion by 2031, witnessing a CAGR of 12.2% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.

“The healthcare segment is expected to experience significant growth in the coming years, owing to a rise in drug-related issues, violence, stress, and many more to improve workplace safety, especially after the COVID-19 pandemic. Also, many governments recognize that the safety and health of workers have a positive impact on productivity, economic, and social development,” said Md Shadaab Khan, Research Analyst at Allied Market Research.

The report provides insights on drivers, restraints, and opportunities to help the market players in devising growth strategies and capitalizing on opportunities. The rising rate of injuries and deaths at the workplace and an increase in investments by different government and private organizations drive the growth of the global workplace safety market. On the other hand, costly implementation and insufficiently qualified health providers restrain the growth to some extent. However, the emergence of smart PPEs is expected to create lucrative opportunities in the industry.

The report provides a detailed scenario of the impact of the Covid-19 pandemic on the workplace safety market globally. It is helpful for market players, new entrants, and investors to determine strategies as per the current scenario and improvise pertinent business models for the next few years. The outbreak of the pandemic compelled governments and enterprises to impose strict regulations for protecting employees’ health and contain the spread of this novel virus. A lot of companies had to shut down. However, this made enterprises consider employees' health above productivity which is a positive factor for the market. Also, investments by different public and private organizations boosted the market growth post-pandemic.?

The report also offers detailed segmentation of the global workplace safety market based on component, system, deployment mode, application, end-user, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.

Based on components, the hardware segment held the major market share in 2021 and is expected to rule the roost by 2031. Based on the system, the environmental health and safety segment contributed to the highest revenue in 2021 and is expected to retain its dominance throughout the forecast period. By deployment, the on-premise segment accounted for the major share in 2021 and is expected to dominate from 2022 to 2031.

Based on application, the incident and emergency management segment contributed to the major market revenue in 2021, and is projected to maintain the lion's share by 2031. By end user, the energy and utilities segment held the major share in 2021 while, on the other hand, by region, North America garnered the highest revenue in the same year.

Leading market players of the global workplace safety market analyzed in the report include Hexagon ab, Honeywell International, Inc., Wolters KLuwer, Vector Solution,?IBM corporation, Intelex, HCL technologies, INX Software, Intelex,?and Microsoft Corporation.