In 2023, the global functional safety market was valued at $6.12 billion, and it’s projected to grow at a compound annual growth rate (CAGR) of 6.3% through 2030. This rapid growth is fueled by the increasing reliance on automation across industries and a heightened focus on workplace safety.
Why it matters: Functional safety (FS) provides automatic protection to prevent malfunctions that could lead to catastrophic failures in critical systems. As industries evolve, ensuring the safety and reliability of systems is essential for protecting users, preserving brand reputation, and complying with ever-changing safety regulations.
Next steps: With changing technology and increasingly complex systems, functional safety is more important than ever. To continue producing effective functional safety systems, companies need a foundational understanding of how FS works, thorough knowledge of industry standards, and insight into how the field is evolving.
What you’ll learn in the eBook:
- How to implement functional safety from concept to operation to ensure system reliability.
- Key functional safety standards across industries, including automotive and medical devices.
- What the functional safety lifecycle is, and how it integrates into product development.
- Strategies for integrating advanced technology and cybersecurity measures into functional safety systems.
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Contributing experts: Milos Cigoj, Nemanja Kovacev, Susan Protos, Adana Micu
