The safetytech market

‘The safetytech market’, the first report of its kind, predicts that the market will expand rapidly led by start-ups and tech-driven businesses combining digital technologies that will disrupt traditional approaches to workplace safety.

Safetytech - the collective term for technology, products and services that are starting to significantly enhance safety management in safety-critical industries and infrastructure - is only recently defined, yet this new research shows that it is set for aggressive growth.

For safety-critical industries alone, the market for safetytech is set to grow by up to $455bn by 2023. These industries and their associated supply chains have yet to realise the full potential of real-time operational insight, made possible from continuously generated data and analytics enabled by digital technologies.

The largest proportion of the safetytech market is the Internet of Things (IoT) which represents nearly 77% of the market, followed by wearables, robotics and analytics.

The International Labour Organisation (ILO) estimates that 2.8m deaths each year are directly attributed to inadequate safety measures and hazardous work environments. Work-related safety incidents result in the significant loss of approximately 3.9 % of worldwide GDP, equating to approximately $3,146 billion1. It is hoped that the market growth outlined in today’s report will contribute to a reduction in such incidents and accidents.

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  ILO website

• Wearables represents the fastest growth within the Safetytech market at 28% Compound Annual Growth Rate (CAGR).
• The largest sub-sector by market size within manufacturing and natural resources is natural resources and materials, forecasted to be worth $89.8 bn by 2023 and exhibiting a growth (CAGR) of nearly 14%.
• The largest sub-sector by market size within transportation is warehousing and couriers (forecasted to be worth $34.9bn by 2023 with a growth of 14% CAGR).
• Amongst Lloyd’s Register Market Focus industries (Energy, marine and manufacturing), the energy industry has the largest market size as it is forecasted to grow to $25bn in 2023 with a CAGR of 8.3%, the fastest growth rate amongst the Lloyd’s Register Market Focus sectors.
• The other sub-sectors that are likely to see large growth and adoption of Safetytech are motor freight (forecasted to be $9.6bn with a CAGR of 10.2%) and air & marine transportation (forecasted to be $6.9bn and $6.5bn with CAGRs of 10% and 7.7% respectively).

• 153 workers have a work-related accident every 15 seconds which equates to 317 million accidents annually worldwide, many leading to the extended absences.
• Across the globe nearly 7,620 people are estimated to die as a result of occupational accidents or work-related diseases every day which amounts to more than 2.8 million deaths per year that are directly attributable to inadequate safety measures and hazardous work environments.
• Work-related safety incidents result in the loss of approximately 3.9 % of the world’s GDP, while the financial cost of safety incidents to organisations is primarily suffered as an indirect consequence and is often unaccounted for in official figures.
• The largest proportion of the costs (between 68% and 72%) related to safety incidents are indirect and not immediately visible.
• Nearly 47% of the costs incurred by organisations, post-incident, are usually unaccounted for.
• Analysis of financial markets typically show that shareholders suffer a loss of 1.3% over the two days immediately following disasters, one fatality or serious injury is associated with an additional loss of $164 million, while the occurrence of a toxic release corresponds to an additional drop of around $1 billion.

If you wish to use and reference The Safetytech Market Report, please include the following DOI: https://doi.org/10.60743/yx4q-s345

Example Citation in Harvard Style:

Lloyd's Register Foundation (2020) The Safetytech Market Report. Lloyd's Register Foundation. doi: 10.60743/YX4Q-S345.