Stringent Safety Norms Across Several Industrial Verticals Bolsters Growth

The growing concerns about cyber threats and attack has been the biggest challenge for workplace security. The increasing demand for foolproof asset management and data management have consistently augmented the growth of the global safety service market. According to the research report, the global safety service market is likely to be worth US$4,278.2 mn by the end of 2025. During the forecast period of 2017 and 2025, the market is likely to progress at a CAGR of 11.6%. The growing awareness about the safety of employees across various verticals is also anticipated to boost the growth of the global market in the coming years.

Q. What are the key growth drivers for the global safety service market?

The global safety service market has been growing with the expanding business operations that come with a stringent demand for safety regulations. The increasing need amongst business owners to create a safe working environment for its staff is expected to have a positive influence on the global market. Introduction of several government policies that mandate identification of workplace hazards and protecting the employees from exposure to dangerous materials and situations have also played an instrument role in the growth of the overall market.

In the coming years, the phenomenal adoption of mobility solutions for smooth business operations are also likely to benefit the global safety service market. The improving accessibility to real-time data has given the decision-makers a strong basis for making quick decisions at any time and from any location. Analysts anticipate that the strong presence of players that customize solutions will also determine the success rate of the global safety service market.

Q. What are the key segments determining growth of the global safety service market?

The global safety service market is segmented into software and services. The software segment includes hazard analysis management, incident and action management, data analytics, safety risk assessment, mobile apps, process safety management, and others. On the other hand, the services segment includes project management, consulting, analytics, implementation, auditing and certification, and training. Of these, the service segment is likely to witness a significant growth rate in the coming years. A wide application scope across various end-user industries is expected to drive the growth of this segment. Pharmaceutical, food and beverage, transportation, chemical, petrochemical, wastewater, utilities, and oil and gas are some of the industries that are likely to see heavy adoption of safety service solutions in the near future.

Transparency Market Research observes that competition in the global safety services market to be quite fragmented. The presence of several large and medium-sized players has intensified the competition and given the end-user industries several options to choose from. The growing investment in research and development and a strong pursuit to find innovative solutions are likely to strengthen the revenue-making prospects for the players in the global safety service market.


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