The Functional Safety Market size is estimated at USD 6.34 billion in 2024, and is expected to reach USD 10.43 billion by 2029, growing at a CAGR of 10.48% during the forecast period (2024-2029).
The functional safety market is characterized by several prominent global players competing in a fairly competitive landscape. Key contenders in this market include Rockwell Automation Inc., Emerson Electric Company, and Honeywell International Inc. These market players are actively working on enhancing their competitive edge through various strategies, including product innovation. As a result, the competitive rivalry within the market is anticipated to remain intense.
In October 2022, Emerson made a significant move by launching its PlantWeb digital ecosystem. This innovative ecosystem integrates the AspenTech portfolio of asset-optimizing software, which harnesses the power of industrial artificial intelligence. This strategic move positions Emerson as a leader in the industry, offering one of the most comprehensive digital transformation portfolios available.
In September 2022, Yokogawa Electric Corporation acquired Votiva Singapore Pte Ltd, a prominent Southeast Asian IT consultancy specializing in the deployment of enterprise resource planning (ERP) and customer relationship management (CRM) software. Yokogawa relies on ERP systems as a core component of its solutions designed to support smart manufacturing and digital transformation (DX) for customers in the manufacturing industry. With this acquisition, Yokogawa gains the ability to expand its geographic reach in Southeast Asia, offering enhanced consulting, implementation, and technical support services for ERP solutions in the region. As a result of this transaction, Votiva Singapore Pte Ltd will be rebranded as Yokogawa Votiva Solutions, solidifying Yokogawa's presence and influence in the Southeast Asian market.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook