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Frost & Sullivan: Economic and Regulatory Trends Drive Sustainable Growth in Safety Services Market

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Frost & Sullivan: Economic and Regulatory Trends Drive Sustainable Growth in Safety Services Market PR Newswire MOUNTAIN VIEW, California, Sept. 26, 2012 - Companies entering the market gain by partnering with established competitors MOUNTAIN VIEW, California, Sept. 26, 2012 /PRNewswire/ -- The safety services market has experienced a high growth rate due to an increase in global awareness for employee and process safety. Using these services, employers can be more effective at complying with regulations on workplace safety, thus minimizing the risk of financial or human loss related to the occurrence of several (sometimes interrelated) events. These services therefore compel cross-functional cooperation in anticipation of continuous improvements in safety. Frost & Sullivan's Chemicals, Materials & Food practice (www.frost.materials.com) finds that the safety services market earned revenue of $4.24 billion in 2011 and estimates this to reach $5.24 billion in 2016. To view the video on "Safety Services Market: A Global Snapshot" and for the full multimedia experience of this release, please send an email to Jeannette Garcia, Corporate Communications, at jeannette.garcia@frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.
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Frost & Sullivan: Economic and Regulatory Trends Drive Sustainable Growth in Safety Services Market
PR Newswire MOUNTAIN VIEW, California, Sept. 26, 2012
- Companies entering the market gain by partnering with established competitors MOUNTAIN VIEW, California,Sept. 26, 2012/PRNewswire/ -- The safety services market has experienced a high growth rate due to an increase in global awareness for employee and process safety. Using these services, employers can be more effective at complying with regulations on workplace safety, thus minimizing the risk of financial or human loss related to the occurrence of several (sometimes interrelated) events. These services therefore compel cross-functional cooperation in anticipation of continuous improvements in safety. Frost & Sullivan's Chemicals, Materials & Food practice (www.frost.materials.com) finds that the safety services market earned revenue of$4.24 billionin 2011 and estimates this to reach$5.24 billionin 2016. To view the video on "Safety Services Market: A Global Snapshot" and for the full multimedia experience of this release, please send an email to Jeannette Garcia, Corporate Communications, at jeannette.garcia@frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. The fragmented structure of the safety services market is a result of the high costs along with research and development necessary for companies to successfully meet customized end-user needs. Because each end user's production process is unique, it is crucial to understand the process requirements of specific end users. Additionally, this must be translated into services that address the issues. This creates a challenge for the production technology of consulting services. Individuals who provide this service come from a variety of engineering-related backgrounds, which means that their industry expertise is very particular to a specific area. As such, it is easy for a safety consulting company to overextend themselves over a number of labor- and application-intensive. As a result, it is necessary for these consulting companies to focus on special industries and carefully manage the number and breadth of their projects, thereby fragmenting the market among many smaller competitors. "In consulting one is more concerned about regulations and hazards that are typical to a specific industry. This overall knowledge is less transferable," said one industry professional. "In software, however, one is concerned about data collection and analysis. If you have to collect data for a number of industries, some of it might be similarly used across various industries. Data collected is a lot more transferable." To increase demand for their services, consulting firms will often partner with software companies, which are able to provide software solutions to support