The Global Market for Big Data Technologies and Services is Projected to Reach $60 Billion by 2022

The global market for Audible & Visual Signaling Devices is projected to reach US$1.9 billion by 2025, driven by growing awareness among companies about the benefits of a safe work environment and the ensuing voluntary implementation of safety programs. Few of the benefits of investing in safety improvements include higher employee loyalty; improved employee productivity, quality, and morale; over 55% reduction in illness and injury rate; decreased absenteeism; and financial benefits as lower injury rate means lower insurance expenses and payouts. Stringent and punitive regulations are also driving the safety first motto among companies. Hefty fines and reputational damage are the two major consequences of neglecting mandated safety requirements. In the United States, non-conformance to Occupational Safety and Health Administration (OSHA) can cost companies’ upto US$12,934 per violation. Conformance to regulations will therefore result in lower risk of facing lawsuits, legal fees and worker compensation and settlement payouts. Safety is also gaining prominence as smart factories increasingly become common. Automated production plants and warehouses pose higher safety risks for workers with several reported accidents involving overhead crane and/or moving forklift. Although not hyped like other industry 4.0 technologies, connected safety is quietly taking center stage in modern smart factories. Reducing safety management-related costs is key for achieving competitive advantage for companies.  Read More…