Global Functional Safety Market, by Devices (Access Management, Identity and Data and Application Integration) By System (Android, IOS, Others) By Organization Size (Small, Medium & Large Enterprises) By Application (Health, Retail) - Forecast 2023

Market Scenario:

The Functional Safety 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 mobile based application helps to improve quality of communication as well as demand for computer, web, and mobile apps. Functional Safety is an emerging trend in mobile application development, it is also known as Functional Safety (MBaaS).

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.

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Key Players:

The prominent players in the Functional Safety Market are – Siemens AG (Germany), Rockwell Automation Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), and Emerson Electric Co. (US). The other prominent players in this market include General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), Omron Corporation (Japan), and Yokogawa Electric Corporation (Japan) among others.

Segmentation:

The Functional Safety Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Devices: Comprises Safety Sensors, Safety Switches, Safety Controllers/Modules/Relays, Programmable Safety Systems, Emergency Stop Devices, Final Control Elements, Valves, Actuators and others.

Segmentation by System: Comprises Safety Instrumented Systems, Emergency Shutdown Systems (ESD), Fire & Gas Monitoring Control, Turbo machinery Control (TMC), Burner Management Systems (BMS), High-Integrity Pressure Protection Systems (HIPPS), Industrial Control Systems, Supervisory Control & Data Acquisition (SCADA) Systems, and, Distributed Control Systems (DCS) among others.

Segmentation by End Users : Comprises Process Industry, Oil & Gas, Power Generation, Chemicals, Food & Beverages, Water & Wastewater, Pharmaceuticals and Biotech, Metal & Mining, Discrete Industry, Automotive, Railways, Medical among others.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

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Regional Analysis:

North-America is dominating the Global Functional Safety Market with the largest market share is due to the technological advancements and major players such as include General Electric Co. (US), Honeywell International Inc. (US), and others and is expected to grow over its previous growth records by 2023. Functional Safety Market in Asia-Pacific market is expected to grow at a substantial CAGR during 2016 to 2023 due to increasing demand of safety integrity achieved by the safety instrumented system in this region. The European market for Functional Safety Market is expected to grow at a considerable CAGR (2017-2023).

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