Workplace Safety Market - Introduction
- Companies are more focused on workplace safety solutions to avoid accidents at the worksite or workplace. Workplace safety solutions are utilized to protect employees or persons from life-threatening scenarios and situations at the workplace.
- Plants and construction site are experiencing workplace accidents such as high noise, explosion, falling from heights, uncontrolled machinery or cranes. According to International Labor Organization (ILO), more than 612 workers die per day globally due to a lack of a safety system in the workplace.
- Commercial spaces and infrastructures are also investing in workplace safety systems and solutions to avoid any critical conditions for employees’ safety. The rate of adoption of workplace safety has increased across major industries such as manufacturing, construction, chemical, transportation, pharmaceutical, oil & gas, and food & beverage.
- Local governments in developed and developing countries are compelling companies to follow all safety guidelines at the workplace to protect their employees from any incidents. The rate of adoption of workplace safety is estimated to increase significantly in the oil & gas, chemical, and pharmaceutical industries during the forecast period.
Key Drivers of the Workplace Safety Market
- Rise in demand for advanced safety solutions and consumer spending on employee safety is projected to drive the market. Increasing initiatives by governments and other employee safety committees to maintain all workplace safety standards are also expected to boost the workplace safety market.
- Increase in awareness about workplace safety solutions in different industries is anticipated to create considerable business and revenue opportunities for solution providers of workplace safety.
High initial implementation cost and lack of awareness in small enterprises to hinder market
- High initial implementation cost related to workplace safety solution restrains the market. Companies are also investing in automation solutions to improve efficiency with safety, which also hampers the workplace safety market.
- Lack of awareness of workplace safety across small enterprises in developing countries is estimated to further hamper the market
Impact of COVID-19 on Global Workplace Safety Market
- Companies are adopting work-from-home business modules due to the increasing COVID-19 pandemic situation in various regions. Most construction site and development work has been stopped due to the unavailability of the workforce to continue the business process.
- Demand for workplace safety is decreasing during the COVID-19 lockdown situations due to the low rate of adoption of technology solutions in industries due to low return on investment
North America to Hold Major Share of Global Workplace Safety Market
- North America holds a prominent share of the workplace safety market due to the early adoption of technologically advanced workplace solutions among various industries across North America
- The workplace safety market in the Asia Pacific is estimated to expand at a rapid pace during the forecast period due to rising investment by major players to provide workplace safety solutions across the regions and also due to increasing adoption of the advanced workplace safety systems in commercial offices and manufacturing sectors.
Key Players Operating in the Global Workplace Safety Market
- Honeywell International Inc.
Honeywell International Inc. offers products and solutions for highly critical challenges around energy, safety, security, productivity, and global urbanization. The company offers its products and solutions under four major segments, namely Aerospace; Honeywell Building Technologies; Performance Materials and Technologies; and Safety and Productivity Solutions.
- 3M Company
3M Company was founded in 1902, in Two Harbors, Minnesota, U.S. The company provides solutions in industrial sectors, U.S. healthcare, worker safety, and consumer goods. The company has expertise in offering personal protective equipment (PPE) solutions for various industries.
Other key players operating in the global workplace safety market include Alpha Pro Tech, Ltd., J & K Ross Ltd., ARCO LIMITED, Brady Australia Pty Ltd, and Arventa Pty Ltd.
Global Workplace Safety Market: Research Scope
Global Workplace Safety Market, by Component
- Professional Services
- Managed Services
Global Workplace Safety Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Workplace Safety Market, by Industry
- IT & Telecom
- Manufacturing & Automobile
Global Workplace Safety Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Environment Health & Safety
- Occupational Health & Workplace Safety Industry
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.