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.
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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.
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.