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Safety Software Market to Hit $2 Billion in 2023

Safety Software Market to Hit $2 Billion in 2023

Sept. 16, 2024
Oil and gas, as well as mining sectors are increasing usage of this software.

In an effort to address the nearly 3 million people who die annually from work-related accidents, companies turn to EHS software to reduce the volume of incidents.

ABI Research forecasts that the EHS software market will grow by CAGR 6.7% over the next ten years and reach revenues of US$2.2 billion in 2034.

“Safety is a component of companies environmental, social, and governance (ESG) reporting,” explains Michael Larner, distinguished analyst at ABI Research in a statement. "As a board-level requirement, companies need to show improvement in safety and a whole host of other metrics. These metrics can trigger an improved culture around safety and cascade throughout the company." Larner notes that software enables companies to gather data, analyze it to provide a baseline, and track progress with visualization tools.”

Looking at which industries are most advanced in the use of safety software, the firm notes that the chemical industry was one of the first verticals to appreciate the importance of improving processes to ensure safety. However, spending in the oil & gas industry (CAGR 7.0%) and the mining industry (CAGR 7.1%) shows that these sectors are catching up.

“Safety professionals are no longer the sole users of EHS software." says Larner. "Innovations such as capturing images via a mobile device's camera, annotating them, and logging potential risks encourage and empower more staff members to embrace improving safety at their facility.”

The report says that companies such as  Alcumus, ComplainceQuest, Cority, Dakota Software, Enablon, Idegen, Intelex, IsoMetris, SafetyCulure, Secova, TenForce and Velocity EHS are enabling their customers to digitize safety procedures and enhance related safety protocols.

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