Workplace Safety Market worth $19.9 billion by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, Jan. 22, 2021 /PRNewswire/ -- According to a new market research report "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", published by MarketsandMarkets, the market size is expected 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 Workplace Safety Market is expected to be lucrative 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 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.
Browse in-depth TOC on "Workplace Safety Market"
331 – Tables
44 – Figures
272 – Pages
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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.