Technology Innovation Will Help Grow The Safety Management Software Market To A $1.7 Billion Industry In 2026
Workers today should be safer than at any other point in history. Health and safety data for the US and UK show this to be largely true. In the UK the number of fatal injuries to employees has been in steady decline since the 1970’s. However, historical trend data reveal that certain safety metrics across developed countries have flatlined or even worsened in the past 10 years. In the US, the number of preventable deaths has steadily increased from a low of 3,744 in 2009 to a high of 4,572 in 2019, while the preventable death rate has hovered at around 3.0. Meanwhile in the UK, the days lost per worker due to work-related incidents has remained flat in recent years. As EHS executives strive for zero incident workplaces, safety management software innovation may hold the key to driving down employee injury and fatality rates, and consequently, fuelling safety management software market growth.
Essential to improving safety outcomes is the use of safety management software that ties in incident management, safety training, risk management and contractor safety management use cases. As safety metrics flatline, a new wave of safety software innovation driven by AI, predictive analytics and IoT has the potential to spur on further safety improvements. EHS software vendors recognise the potential of these technologies and are incorporating them into their roadmaps. In March 2021, Cority announced a partnership with 3M’s Personal Safety Division to develop its connected safety technologies. Meanwhile, in April 2021, Intelex partnered with Industrial Scientific to deliver an Industrial Internet of Things (IIoT) solution that feeds gas detector alarm data directly to Intelex software. Additionally, Benchmark ESG’s partnership with Bowers Management Analytics provides evidence of the utility of AI for risk mitigation. The partnership aims to accelerate the identification of potentially serious injuries and fatalities (PSIFs), using AI. Passport 360 is also utilizing AI to streamline contractor selection, enabling hiring clients to select the safest possible contractor.
The expansion of safety management software capabilities due to technology advancements will contribute to market growth. Verdantix calculates that the global safety management software market will reach $1.7 billion in annual spend in 2026, growing at a CAGR of 12.1%. To learn more about the global safety management software market, the influence of wider market trends, and regional and industry spend distributions, see the latest Market Size And Forecast: Safety Management Software 2021-2026.