NEW YORK, United States, June 14, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Safety Service Market Historical Data, and Forecasts 2023 – 2030” in its research database. According to the latest research study, the demand of global safety service market size was worth at approximately USD 3127.48 million in 2022. The market is expected to grow above a CAGR of 8.80% and is anticipated to reach over USD 6138.97 million by 2030.
Safety Service Market Overview:
The safety service industry is the sector responsible for providing or guaranteeing the safety of communities, organizations, and individuals. The primary objective of companies operating in this industry is to ensure that all stakeholders and associated factors are protected from externally hazardous agents. The industry encompasses a variety of service categories. Physical security services include access control systems, manned security services, mobile patrols, and closed-circuit television (CCTV) monitoring, among others. Also included are cyber security, emergency response services, and occupational health and safety services. During the forecast period, the global market for safety services is anticipated to expand rapidly, despite the fact that each segment may face obstacles.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 3127.48 Million |
| Market Forecast in 2030 | USD 6138.97 Million |
| Growth Rate | CAGR of 8.80% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Honeywell International, 3M, UL LLC, CSA Group, Bureau Veritas, SGS SA, Intertek Group, TÜV SÜD, DNV GL, ALS Limited, DEKRA SE, Exponent Inc., Eurofins Scientific, SAI Global Limited, Acuren Inspection Inc., Applus+, Element Materials Technology, Lloyd's Register Group Services Limited, Mistras Group, NTS - National Technical Systems, Rockwell Automation Inc., RPS Group, Socotec Group, TE Connectivity Ltd., and VWR International. |
| Segments Covered | By Offering, By End-User, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Key Insights from Primary Research
- As per the analysis, the safety service market share is likely to grow above a CAGR of around 8.80% between 2023 and 2030.
- The Safety Service market size was worth around USD 3127.48 million in 2022 and is estimated to hit approximately USD 6138.97 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The safety service market is projected to grow at a significant rate due to the growing security concerns
- Based on offering segmentation, services were predicted to show maximum market share in the year 2022
- Based on end-user segmentation, petrochemical was the leading user in 2022
- On the basis of region, North America was the leading revenue generator in 2022
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Growth Drivers
- Growing security concerns to drive market growth
The global market for safety services is anticipated to expand due to rising concerns regarding the safety of human resources and other assets across all industries. The number of incidents, such as physical security threats, cybercrimes, and environmental hazards, has risen dramatically in recent years. There are a number of contributing factors to the worldwide increase in hostility. Social and economic factors are two of the primary causes. For instance, even though the Russia-Ukraine war is currently raging between these two countries, its effects can be observed around the world, as allied nations participate in the conflict, if not entirely, by supporting one of the two countries.
In addition, the increase in global digitization over the past decade has contributed to a rise in cybercrime rates. According to a report published by the cybersecurity company McAfee and the Centre for Strategic and International Studies (CSIS), more than $945 billion were lost to cybercrime worldwide in the year 2020 alone.
Restraints
- High cost of implementation to restrict the market growth
The application of security services of any type that protect against undesirable situations can be costly. When more advanced instruments and technologies are utilized, the price rises further. The ultimate expenditure also includes additional costs associated with the personnel used to operate these systems and tools. This is a significant concern in the global safety service market, as not all nations or businesses may have the financial resources to deploy advanced safety services. Currently, the global economic downturn could result in an increase in revenue loss.
Safety Service Market: Segmentation Analysis
The global safety service market is segmented based on offering, end-user, and region.
By Offering
- Services
- Solution
The global market is segmented by offering into services and solutions. In 2022, the services segment of the global market expanded at the fastest rate. It involves providing clients with expert advice, training, and support so that they can enhance their safety protocols and ensure compliance. Consulting, training, inspections, audits, and equipment maintenance are some examples. On the other hand, solutions involve providing clients with the necessary resources, such as software and products, to manage risks and enhance safety. Safety apparatus, such as fire extinguishers and smoke detectors, and safety software, such as emergency response management software and risk management software, are examples of solutions. In 2020, IBM's Global Technology Services segment generated 27.4 billion dollars in revenue.
By End-User
- Petrochemical
- Oil & Gas
- Pharmaceutical
- Chemical
- Others
The end-user segments of the global market are petrochemical, oil & gas, pharmaceutical, chemical, and others. The segment of the safety service industry with the highest growth in 2022 was petrochemical, followed by oil & gas. Due to the hazardous nature of their operations, these industries are subject to stringent rules and regulations, which has led to their expansion. They require specialized safety services to prevent calamitous accidents and provide greater protection for their personnel and assets. In addition, chemical industries are also significant market contributors, and they may require services such as hazard analysis, process safety management, and equipment maintenance to reduce risks. According to a 2021 report by Egypt Oil & Gas, US businesses spend nearly USD 170 billion annually on occupational injuries and ailments.
Browse the full “Safety Service Market By Offering (Services And Solution), By End-User (Petrochemical, Oil & Gas, Pharmaceutical, Chemical, And Others), By And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/safety-service-market-size
Regional Dominance:
- North America will experience the greatest expansion.
The global market for safety services is anticipated to expand the most in North America, as the United States is currently the largest contributor. The growth is primarily driven by the presence and increasing number of participants in the oil and gas industry, which is governed by stringent government regulations mandating the use of sophisticated tools for mitigating risk associated with human resources and loss of other resources.
In addition, the regional government employs excessive restrictions to reduce the environmental impact of business operations, prompting commercial players to implement environmental safety measures. In addition, the United States is home to some of the world's largest security-providing companies, particularly in terms of cybercrimes. Due to its stringent safety regulations and abundance of chemical, pharmaceutical, and manufacturing companies, Europe is an additional significant market for safety services.
Regional Segment Analysis
- North America (The U.S., Canada)
- Europe (France, The UK, Spain, Germany, Italy, Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, Rest of Southeast Asia)
- The Middle East & Africa (GCC, South Africa, Rest of the Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Competitive Players:
The report contains qualitative and quantitative research on the global Safety Service market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Safety Service market include;
- Honeywell International
- 3M
- UL LLC
- CSA Group
- Bureau Veritas
- SGS SA
- Intertek Group
- TÜV SÜD
- DNV GL
- ALS Limited
- DEKRA SE
- Exponent Inc.
- Eurofins Scientific
- SAI Global Limited
- Acuren Inspection Inc.
- Applus+
- Element Materials Technology
- Lloyd's Register Group Services Limited
- Mistras Group
- NTS - National Technical Systems
- Rockwell Automation Inc.
- RPS Group
- Socotec Group
- TE Connectivity Ltd.
- VWR International
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Recent Industry Developments:
- In August 2021, Aquarious Global, a pararescue company responsible for developing breakthrough mobile offshore safety training for companies in the oil & gas sector, announced the launch of a new and advanced training system called the INSITU. The program is expected to train all personnel that operate on drilling decks, oil rigs, oil platforms
- In April 2023, IBM Corporation, a leading technology giant, announced the launch of IBM Security QRadar Security Suite, a new tool enhancing the company’s cybersecurity services. The QRadar Security Suite aims at integrating and accelerating the detection of threats, their investigation, and the response time for the entire incident lifecycle
Key questions answered in this report:
- What is the market size and growth rate forecast for Safety Service industry?
- What are the main driving factors propelling the Safety Service Market forward?
- What are the leading companies in the Safety Service Industry?
- What segments does the Safety Service Market cover?
- How can I receive a free copy of the Safety Service Market sample report and company profiles?
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Offering, By End-User, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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