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Workplace Safety Market Growing at a CAGR 10.4% | Key Player IBM Corporation, Honeywell, 3M, Hexagon AB, Appian
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.
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.
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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).
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).
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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.
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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