Global Safety Service Market Size, Share, Growth Analysis Report - Forecast 2034

Safety Service Market: Industry Perspective

The global safety service market size was worth around USD 3.72 Billion in 2024 and is predicted to grow to around USD 8.80 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 9% between 2025 and 2034. The report analyzes the global safety service market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the safety service industry.

The report analyzes the global safety service market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the safety service market.

Safety Service Market: Overview

The safety service industry refers to the sector that is responsible for providing or ensuring the safety of organizations, individuals, and communities. The main goal of the companies operating in the sector is to ascertain that the stakeholders involved in any process along with other associated factors are safe from external harmful agents. The services included in the industry are of several types. For instance, it includes physical security services which deal with access control systems, manned security services, mobile patrols, and closed-circuit television (CCTV) monitoring. It is also inclusive of other security-related issues such as cybersecurity, emergency response service, and occupational health and safety services. During the forecast period, the global safety service market is expected to witness a high growth rate while every segment may have challenges to deal with.

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Key Insights

• As per the analysis shared by our research analyst, the global safety service market is estimated to grow annually at a CAGR of around 9% over the forecast period (2025-2034).
• Regarding revenue, the global safety service market size was valued at around USD 3.72 Billion in 2024 and is projected to reach USD 8.80 Billion by 2034.
• The safety service market is projected to grow at a significant rate due to increasing regulatory compliance requirements, rising awareness about workplace safety, technological advancements in safety solutions (e.g., IoT, AI, VR), and the growing emphasis on employee well-being and incident prevention across various industries.
• Based on Offering, the Services segment is expected to lead the global market.
• On the basis of End-User, the Petrochemical segment is growing at a high rate and will continue to dominate the global market.
• Based on region, North America is predicted to dominate the global market during the forecast period.

Safety Service Market: Growth Drivers

Growing security concerns to drive market growth

The global safety service market is expected to grow owing to the increasing concerns over the security of human resources and other assets across industries. The number of incidents including physical security threats, cyber-crimes, environmental hazards, and others has increased tremendously over the last few years. There are several factors that are responsible for the growing hostility across the world. Some of the main reasons include social and economic factors. For instance, although the Russia-Ukraine war currently exists between these two nations, its effect can be witnessed across the globe, with allied countries participating in the war if not entirely but by supporting one of the two countries.

In addition to this, the rising digitization across the globe has pushed the number of cyber-crimes to higher levels in the last decade. According to a report published by cybersecurity firm McAfee and the Center for Strategic and International Studies (CSIS), more than $945 billion have been lost in cybercrimes globally in 2020 alone.

Safety Service Market: Restraints

High cost of implementation to restrict the market growth

The implementation of security services of any kind acting as a protection against unwanted situations can be expensive. The cost further increases when more modern tools and technologies are used in the process. The final expenditure also includes other additional costs belonging to the human personnel employed to run these systems and tools. This is a major cause of concern in the global safety service market since not all countries or companies may be equipped with the necessary budgets to deploy advanced safety services. Currently, economic slowdown across the globe could lead to a higher loss of revenue.

Safety Service Market: Opportunities

Increasing opportunities in environmental safety to provide growth opportunities

The global safety service industry is expected to register higher growth opportunities owing to the increasing demand for ensuring that business operations have less impact on the environment as currently, they are the largest contributors to the rising levels of environmental pollution. This has led to businesses and corporations opting for measures that can help them reduce their carbon footprint and comply with regulations. Environmental safety services such as pollution control, waste management, and sustainability consulting are becoming more important and this could act as an excellent expansion opportunity for the industry players.

Safety Service Market: Challenges

Dynamic regulations to challenge market growth

One of the key challenges that most of the global safety service market players face is in terms of the dynamic nature of the regulations surrounding safety measures. Apart from being complex, they tend to vary from one industry to another and these rules are different in every country which further complicates the service standard. In addition to this, the rapidly changing technology makes it difficult for businesses to keep up with new developments to ensure competitiveness.

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Safety Service Market: Segmentation Analysis

The global safety service market is segmented based on Offering, End-User, and region.

Based on Offering, the global safety service market is divided into Services, Solution.

On the basis of End-User, the global safety service market is bifurcated into Petrochemical, Oil & Gas, Pharmaceutical, Chemical, Others.

Recent 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

Safety Service Market: Report Scope

Safety Service Market: Regional Analysis

North America to witness the highest growth

The global safety service market is expected to witness the highest growth in North America since currently, the US is the contributor amongst all other regions. The growth is mainly driven by the presence and the rising number of players in the oil & gas sector which is governed by stringent government regulations that enforce the use of advanced tools for mitigating risk associated with human resources and loss of other resources.

Furthermore, the regional government is using excessive curbing measures to reduce the environmental impact of business operations causing the commercial players to adopt environmental safety measures. In addition to this, the US is home to some of the largest security-providing companies, especially in terms of cybercrimes with client bases across the globe. Europe is another significant market for safety services due to its strict safety regulations and the presence of a large number of chemical, pharmaceutical, and manufacturing companies.

Safety Service Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the safety service market on a global and regional basis.

The global safety service market is dominated by players like:

• 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

The global safety service market is segmented as follows;

By Offering

• Services
• Solution

By End-User

• Petrochemical
• Oil & Gas
• Pharmaceutical
• Chemical
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America