Press release
Global Functional Safety Market Is Expected to Exhibit an Upward Growth Trend Across World
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.
The study indicates that Functional Safety 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.
Study Objectives of the Functional Safety Market:
• To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of theFunctional Safety market.
• To provide insights about factors affecting the market growth.
• To analyze the Functional Safety Market based porter’s five force analysis etc.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW).
• To provide country level analysis of the market with respect to the current market size and future prospective.
• To provide country level analysis of the market for segment on the basis of Devices, System, end-user and region.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Functional Safety
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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.
Segments:
The global Functional Safety market has been segmented on the basis of Devices, System, end users and region.
Functional Safety Market by Devices:
• Safety Sensors
• Safety Switches
• Safety Controllers/Modules/Relays
• Programmable Safety Systems
• Emergency Stop Devices
• Final Control Elements
• Valves
• Actuators
• Other
Functional Safety Market by System:
• 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 And Data Acquisition (SCADA) Systems
• Distributed Control Systems (DCS)
Functional Safety Market by End Users:
• Process Industry
• Oil & Gas
• Power Generation
• Chemicals
• Food & Beverages
• Water & Wastewater
• Pharmaceuticals and Biotech
• Metal & Mining
• Others
• Discrete Industry
• Automotive
• Railways
• Medical
• Others
Functional Safety Market by Region:
• North America
• Europe
• Asia Pacific (APAC)
• Rest of the World (ROW)
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.
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.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
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.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune - 411028 Maharashtra, India
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