Functional Safety Market Promises a Striking Revenue of USD 8.7 Billion by 2023

Posted by Nohaliam on August 31st, 2017

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.

Market Highlights:

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 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 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.

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)

Request a Sample Report @

Regional Analysis:

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.

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.

Browse Full Report Details @

Intended Audience:

  • 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

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Media Contact
Company Name: Market Research Future
Contact Person: Akash Anand
Email: Send Email
Phone: +1 646 845 9312
Address:Magarpatta Road, Hadapsar, Pune – 411028 Maharashtra, India 
City: Pune
State: Maharashtra
Country: India

Like it? Share it!


About the Author

Joined: August 21st, 2017
Articles Posted: 60

More by this author