The competitive landscape of the global safety service market is highly fragmented in nature, says Transparency Market Research (TMR) in a newly published report. This is because of the presence of plethora of players in the market. Key players of the safety service market are ramping their investments in cutting-edge technologies to increase their market share. Apart from this, acquisitions and mergers, business expansions and collaboration are the prime strategies adopted by key players to tap opportunities in the safety service market. Some of the prominent players operating in the global safety service market are UL LLC, 3E Company, Trinity Consultants Inc., PureSafety Inc., and CSA Group Company.
According to TMR, the global safety service market is
anticipated to rise at a CAGR of 11.6% between 2017 and 2025. The market is
expected to attain a valuation of US$4,278.2 mn by 2025.
Based on component, the mobility sub-segment under software
segment is anticipated to rise at a significant growth rate over the forecast
period. This is because of the growing adoption of mobility solutions for
business operations. On the basis of geography, North America is projected to
dominate the global safety service market owing to the high adoption of safety
solutions and presence of key players in the region.
Advent of Real time Mobility Tracker to Boost Growth
The global safety service market is anticipated to rise at a
significant pace during the forecast period. This is because of the increasing
need to ensure safety in most business operations. Some of the end users of
safety service applications are oil and gas, chemical, petrochemical,
wastewater, pharmaceutical, food and beverage, and transportation of hazardous
materials. Safety services are the set of services used by different
organizations to ensure work place safety. Apart from employee’s safety,
these solutions also help in increasing productivity and decrease down time in
the manufacturing unit.
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The adoption of safety service management software is
increasing in the businesses unit owing to its ability to bridge coordination
gap between organizations and field operations. Moreover, the increasing
adoption of wearable safety tracker and mobile applications by industrial units
are bolstering growth of the global safety service management market.
Despite several drivers, growth of the global safety service
management market is restrained because of the factors such as high cost of
implementation and limited technical knowledge among workers. Nevertheless,
these restraints can be overcome with the advent of advanced technologies like
cloud, big data, and advanced analytics technology in the safety service
applications and devices.
Accident Prone Industries to Propel the Market
Moreover, accident prone industries such as oil and gas and
chemical provide lucrative avenues for the growth of the safety service market.
This is mainly because of the high need for safety service solutions in these
industries as workers in these industries are exposed to harsh conditions. To
ensure their safety, these industries use safety services to adhere to
regulatory compliances. Along with this, these technologies help business
leaders effectively monitor field operations as it enables real-time reporting
of incidents. This helps in quick decision making to avoid causality during
operations.
The review presented is based on the findings of a report by
Transparency Market Research, titled “Safety Service Market (Component -
Software (Incident and Action Management, Safety Risk Assessment, Data
Analytics, Hazard Analysis Management, Process Safety Management, and Mobile
Apps) and Services (Consulting, Project Management, Analytics, Training,
Implementation, Auditing, and Certification); End-use Industry (Oil and Gas,
Chemical, Petrochemical, Wastewater, Utilities, Pharmaceutical, Food and
Beverage, Transportation of Hazardous Materials)) - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
The global safety service market is segmented as follows:
Component
- Software
- Incident
& Action Management
- Safety
Risk Assessment
- Data
Analytics
- Hazard
Analysis Management
- Process
Safety Management
- Mobile
Apps
- Others
- Service
- Consulting
- Project
Management
- Analytics
- Training
- Implementation
- Auditing
- Certification
End use industry
- Oil
and Gas
(NAICS 211) - Chemical
(NAICS 325) - Petrochemical
(NAICS 32511) - Wastewater
- (NAICS
2213)
- Utilities
(NAICS 22 – Excluding Wastewater) - Pharmaceutical
(NAICS 3254) - Food
and Beverage
(NAICS 311, 3119, 3121) - Transportation
of hazardous materials
(NAICS 48) - Others
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Region
- North
America
- Europe
- Asia
Pacific
- Middle
East and Africa
- South
America
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