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 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 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.
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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 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.
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 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.
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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 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.”