Transparency Market Research (TMR), in one of its recent publications, states that the safety service market is fragmented with presence of several large as well as small and medium-sized players. Featuring a highly competitive vendor landscape, investments in cutting-edge technology to develop innovative safety service software is what key players in this market are engaged in to garner greater market share. Furthermore, improvement in existing safety solutions and investments in research and development activities to develop solutions in response to customer requirement is what these players in the market are expending energy on to cement their position and to stay ahead in the game.
Some prominent names in the global safety service market are UL LLC, Trinity Consultants Inc., 3E Company, PureSafety Inc., and CSA Group Company.
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A report by Transparency Market Research predicts the global safety service market will rise at a CAGR of 11.6% between 2017 and 2025. If the figure holds true, the market will reach a valuation of US$4,278.2 mn by 2025.
The global safety service market based on component is classified into software and services. Mobile app sub-segment under software is anticipated to rise at a significant growth rate over the forecast period due to the increasing adoption of mobility solutions for business operations.
From a geographical perspective, North America is at the helm in the global safety service market due to the increasing adoption of safety solutions.
Advent of Mobility enables Incident Reporting in Real-time
Among the key growth drivers of the global safety service market is the increasing culture of maintaining workplace safety. The scope of workplace safety widens from process safety and employee safety to safe data management and asset management. This is because the safety service market is governed by policies laid out by regulatory agencies and regional laws to identify workplace hazards, elimination of exposure of unsafe materials and situations etc.
With expanding business operations, the need to adhere to safety guidelines at every stage of operation is increasingly becoming difficult for businesses. This challenge is addressed by safety service providers where they assist businesses in creating a safety environment employing software and other service tools. The presence of numerous players that provide industry specific safety service solutions is further working in favor of this market.
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Another important factor boosting the safety service market is the increasing adoption of mobility solutions for business operations. Mobility-based safety service solutions enable real-time data usage to take quick decisions anytime and anywhere. The rising popularity of mobility solutions has also enabled service providers to integrate solutions into everyday business data and attain operational efficiency along with handling safety issues.
Accident Prone Industries Present Attractive Growth Avenues
Moreover, accident prone industries such as oil and gas provide growth avenues to the safety service market. This is because workers in these industries are exposed to harsh conditions that necessitate these industries to adhere to regulatory compliances. However, with increased adoption of technology based operations in these industries, safety service providers furnish a fluid approach to enable real-time reporting of incidents and to take quick decisions in the instance of incidents in future.