Functional Safety Market Is Estimated to grow at a CAGR of 8.6% by Forecast to 2023
By Herald Keeper
The Functional Safety Market is a concept that provides web app and mobile app developers to link their applications to backend cloud storage and APIs and also providing features that includes user management, push notifications, and integration with social networking services.
The growth in the number of mobile applications and increased in adoption of MBaaS services among the SMEs and the enterprises, provides the market the future opportunity for the growth. The major drivers responsible for the growth of the Backend as a Service Market are high demands of smart phones and devices for rapid deployment and development of cloud-based applications. Functional Safety is a new means of developing the mobile applications system and also has broader scope in developing, deploying and managing the mobile app lifecycle.
The study indicates that Functional Safety Market is growing number of applications, increasing demand of Internet of things and the feature that delivers application resources with few resources, optimize for mobile and tablets and secure. It helps to reduce complexities in application development majorly drives this market. MBaaS makes it easier for developers to set up, use, and operate a cloud backend for creating their mobile, tablet, and web apps.
The global The Functional Safety Market is expected to grow at USD 8.7 Billion by 2023, at 8.64% of CAGR between 2017 and 2023.
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Major Key Players:
- ABB Ltd. (Switzerland)
- Schneider Electric SE (France)
- Emerson Electric Co. (US)
- Siemens AG (Germany)
- Honeywell International Inc. (US)
- HIMA Paul Hildebrandt GmbH (Germany)
- Endress+Hauser Management AG (Switzerland)
- TUV Rheinland (Germany)
- Rockwell Automation Inc. (US)
- General Electric Co. (US)
- Omron Corporation (Japan)
- Yokogawa Electric Corporation (Japan)
Market Research Analysis:
On geographic basis, Functional Safety market is studied in different regions as North Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading in the Functional Safety market and is expected to grow with a high rate. It also holds the largest market share in the Functional Safety market as safety systems are widely adopted in power generation plants, which is contributing to market growth.
The study shows that Europe region is also showing a positive curve in growth of the Functional Safety market as Europe follows safety standards such as EN 61508, EN 61511, and EN 62061. The developing economies in Asia-pacific regions like China, Japan, India and others are showing high adoption in the Functional Safety.
The regional analysis of Functional Safety Market is being studied for region such as Asia pacific, North Americas, Europe and Rest of the World. Technological advancements in ease of smart mobile usage to develop the mobile applications has driven the market of Functional Safety in North America.
The study reveals that Europe region is also showing the positive sign towards mobile application at a very rapid pace in the Functional Safety Market during the forecast period as MBaaS is updating various applications and security to the smart mobile and devices. Asia-Pacific countries like China, Japan and India have shown considerably fair share in the Functional Safety Market but will be growing fast in coming time.
Functional Safety Market Segmentation
The Functional Safety Market has been segmented on the basis of Service type, Operating System, Organization Size, end-user and region. Looking through the end-user segment it has been observed that metal and mining has shown a tremendous functional safety and holds the largest market share.
The analysis indicates that the other sectors like Pharmaceuticals and Biotech would be considering Functional Safety for their regular use and would show a positive growth in the Functional Safety market.
- System Security
- Functional safety devices and systems manufacturers
- Safety equipment suppliers
- Functional safety certification providers
- Semiconductor product designers and fabricators
- Functional safety lifecycle service providers
- Governments, financial institutions, and investment communities
- Original equipment manufacturers (OEMs)
- Product manufacturers
- Suppliers for chemical and oil & gas industries
- Research organizations
- Technology investors
- Technology standards organizations, forums, alliances, and associations
- Research/Consultancy firms
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Table of Contents
1 Market introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure:
1.3.1 Global Functional Safety Market: By Devices
1.3.2 Global Functional Safety Market: By System
1.3.3 Global Functional Safety Market: By End User
1.3.4 Global Functional Safety Market: By Region
List of Tables
Table 1 Functional Safety Market, By Service
Table 2 Functional Safety Market, By System
List of Figures
Figure 1 Research Methodology
Figure 2 Functional Safety Market: By Devices (%)
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