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Functional Safety Market worth $7,896.7 million by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Dec. 6, 2024 /PRNewswire/ — The global functional safety market will USD 7,896.7 million by 2029 from USD 5,883.4 million by 2024, at a CAGR of 6.1% during the forecast period according to a new report by MarketsandMarkets™. Several key factors are driving the functional safety market, including mounting adoption of advanced safety solutions to prevent accidents in industrial facilities, rapid digital transformation to revolutionize traditional manufacturing, increasing industrial automation, stringent safety regulations, and advancements in technology. Furthermore, rising workplace safety awareness, infrastructure development, and the integration of AI and IoT in critical systems further fuel demand.

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Browse in-depth TOC on “Functional Safety Market” 
225 – Tables
78 – Figures
291 – Pages

Functional Safety Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 5,883.4 million

Estimated Value by 2029

$ 7,896.7 million

Growth Rate

Poised to grow at a CAGR of 6.1%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Device, Service, System, Application, industry, and region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Complexities related to designing system that comply with complex safety standards

Key Market Opportunities

Increasing deployment of IIoT technology in industries

Key Market Drivers

Enforcement of stringent safety regulations by the government

Emergency shutdown system segment is expected to account for the largest share of the functional safety market during the forecast period.

An emergency shutdown (ESD) system is designed to minimize risks associated with emergencies, particularly those involving the escape of hydrocarbons, uncontrolled flooding, or fire outbreaks in areas containing hazardous materials. These emergencies can cause the shutdown of a plant, unit, or equipment. The ESD system in its broad and general sense can be made up of field mounted sensors, trip relays, input and output valves for handling signals, alarm and Human-Machine Interface units. Also, industries like oil & gas, chemical, and power been subjected to severe equipment harm, leakage, and blast consequences this has caused the industries to require reliable ESD systems. The implementation of automation in industries makes systems more complex; sophisticated ESDs have to identify deviations that can cause the system to go up and execute the shutdown to safeguard structures, people, and the ecosystems.

Oil & gas industry segment to contribute to the largest market share in the forecast year.

The oil & gas industry’s demand for functional safety is driven by stringent regulatory compliance, high-risk operating conditions, and the complexity of processes across upstream, midstream, and downstream operations. Factors such as increased exploration and production, aging infrastructure, and prioritization of worker safety further emphasize the need for safety systems. In the oil & gas industry, standards such as IEC 61508 and IEC 61511, and the Norwegian Oil & Gas Guideline 070 provide recommended frameworks for the implementation of functional safety. Further, various safety instrumented systems are used in the oil & gas industry to ensure functional safety. ESD is used to minimize the consequences of emergencies by shutting down part systems and equipment and isolating hydrocarbon inventories, electrical equipment, and emergency ventilation control, which ensure the required response in case of fire scenarios.

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Europe is expected to hold the largest market share of the functional safety market during the forecast period.

Europe is one of the largest markets for functional safety systems as functional safety standards are strictly followed within the European Economic Area (which comprises all European Union countries). The safety standards and directives present in the region restrict the supply and operations of machinery that do not meet the regulatory requirements. The functional safety and functional safety requirements are stringent in the European region; these regulatory standards and safety directives in the region are driving the growth of the market for functional safety in Europe. Regulatory standards and EU directives regarding occupational safety have propelled the installation of functional safety systems in industries, which, in turn, is influencing the growth of the functional safety market in Europe. Moreover, the increasing focus of European companies on reducing OPEX and rising environmental concerns have boosted the growth of the functional safety industry in this region.

The key companies in the functional safety companies include Schneider Electric (France), ABB (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), Rockwell Automation (US), Yokogawa Electric Corporation (Japan), HIMA (Germany), Omron Corporation (Japan), Siemens (Germany), and General Electric (US).

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Industrial Safety Market Size, Share, Trends & Industry Analysis by Component (Presence Sensing Safety Sensors, Safety Controllers, Programmable Safety Systems), Industry (Energy & Power, Automotive, Oil & Gas) and Region – 2027

High-Integrity Pressure Protection System (HIPPS) Market Size, Share, Statistics and Industry Growth Analysis Report by Component (Field Initiator, Logic Solver, Valves, Actuators), Service (Maintenance, TIC), Industry (Oil & Gas, Chemical) and Region (2022-2027)

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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BinBase Expands 2026 BIN Dataset with Instant Payout Intelligence for iGaming, Gambling, and Cross-Border Transfers

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BinBase updates its 2026 dataset with specialized Fast Funds, Visa Direct, and Mastercard MoneySend indicators to help iGaming operators and payout platforms execute seamless, instant card disbursements.

MIAMI, July 23, 2026 /PRNewswire-PRWeb/ — BinBase, a global provider of payment routing intelligence and card issuing data, has introduced specialized instant payout indicators as part of its upgraded 2026 BIN Database. Tailored for iGaming operators, online gambling platforms, crypto-to-fiat ramps, and payout aggregators, the updated dataset helps platform engineers streamline real-time card disbursements and Push-to-Card (P2C) transactions.

In high-velocity sectors such as online betting and gaming, instantaneous player payouts are a primary driver of customer retention. However, executing Push-to-Card transactions through protocols like Visa Direct and Mastercard MoneySend requires knowing whether the receiving card issuer supports Fast Funds for specific merchant category codes (MCCs). Attempting instant payouts on non-eligible cards leads to declined transactions, elevated processing fees, and poor user experiences.

The 2026 BinBase release solves this operational bottleneck by delivering dedicated attributes for real-time fund disbursements:

Fast Funds Eligibility: Granular indicators identifying domestic and cross-border Fast Funds support across global Visa and Mastercard ranges.Online Gambling Fast Funds (OG FF): Dedicated flags specifically identifying card ranges authorized to receive real-time gambling and betting payouts.Mastercard MoneySend & Visa Direct Indicators: Precise protocol compatibility markers (MS Ind & MT Ind) ensuring push transactions are routed only to eligible recipient cards.Direct Debit & Pull-Funds Support: Indicators for recurring collections and account-funding transactions.

“Player payouts in iGaming cannot wait for standard 2-to-3-day ACH settlements,” said a spokesperson for Damiko Inc. “By embedding our Fast Funds and Gambling FF flags into their payment engines, operators can instantly validate recipient cards before initiating a transfer, guaranteeing high success rates and instant liquidity for their users.”

Fintech engineers and payout architects can examine the full 29-field database schema and access a free 2026 sample dataset on GitHub.

To explore commercial licensing, bulk database downloads, or custom data feeds, visit BinBase at https://binbase.com.

About Damiko Inc

Damiko Inc is a US-based fintech data provider specializing in card issuer analytics, payment routing data, and global BIN database solutions. Operating through its flagship product, BinBase.com, the company supplies high-precision transaction intelligence to help merchants and payment facilitators worldwide optimize approval rates and mitigate processing fees.

Media Contact
Fedor Lavrikoff, BinBase, 1 7866133334, sales@binbase.com, www.binbase.com 

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Walnut Coding’s Young Coders Serve as ‘Instructors’ at Huawei Cloud Developer Training Camp

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Ages 8 and 15, students showcase AI-era project-building skills from concept to working application

BEIJING, July 23, 2026 /PRNewswire/ — Walnut Coding (the “Company”), a leading online platform for youth coding education, said two of its students – ages 8 and 15 – have joined the “instructor” lineup at Huawei Cloud Developer Training Camp, making them among the youngest “instructors” in the program’s history. The Company cites the pair as a prime example of how young learners can combine coding fundamentals with AI tools to turn ideas into working applications.

The two students, Bolin Du, 8, and Peiqi Gao, 15, built working applications using Huawei Cloud CodeArts, an AI coding assistant, then presented the projects to the training camp themselves – walking the audience through their design choices, technical builds, and debugging process.

The move lands at a moment when AI coding tools are forcing a rethink across the education sector. Tools that can generate functioning code from a plain-language prompt have undercut the traditional argument for teaching children to program – that they need the skill to build things themselves. Walnut Coding’s answer is that the more valuable skill now is judgment – knowing what problem to solve, breaking it into parts, and determining whether an AI’s output actually works.

Gao built a travel-planning application that generates routes, itineraries, and recommendations based on user input, handling the project end to end, from requirements and design through coding and debugging. Du, the younger of the two, built an interactive calendar application, using HTML for page structure, CSS for visual design, and JavaScript for interactive features. Both students then took on an instructor’s role at the camp, presenting their project goals and technical implementation to the audience – a step Walnut Coding says separated the work from a typical classroom assignment.

These were not classroom exercises but working projects, built and presented inside a professional developer-training environment. The experience demanded more from both students than simply producing something functional – they needed to articulate their reasoning, defend technical choices, and refine the final result under scrutiny. Their participation signals a broader shift underway in what youth coding education can deliver.

AI is making code generation easier, but it is also redrawing which skills actually matter. A student who relies only on one-click generation may get a rough prototype quickly, but still struggle to spot logical flaws, judge whether the output is reliable, or turn an abstract idea into a product that actually works. Students with programming foundations, by contrast, are better positioned to define requirements, evaluate what the AI produces, correct its errors, and treat the technology as a tool rather than a shortcut to lean on.

“AI can help children generate code faster, but it cannot decide for them what problem they should solve, nor can it make the final judgment about whether the result is truly effective,” said Pengxuan Zeng, founder and CEO of Walnut Coding. “What these two students demonstrated is not just coding technique, but the ability to define needs, break down tasks, verify outcomes, and turn an idea into a working product. That is why we believe young people still need to learn programming in the AI era.”

Walnut Coding structures its courses around that thesis, pairing student-led project work with teaching-assistant guidance and AI-assisted support. According to the Company, this data is continuously fed back into its systems to refine the personalization of AI-assisted feedback — a closed-loop process linking teaching, practice, feedback, and curriculum development.

The Company frames the payoffs less around producing professional software engineers than around a broader form of literacy. As AI continues to reshape how tasks get done, the ability to understand the technology, structure problems clearly and collaborate effectively with intelligent tools may prove one of the most durable skills a young learner can develop.

Walnut Coding says it plans to keep expanding opportunities for students to build practical projects, partner with industry technology platforms such as Huawei Cloud, and develop the core capabilities needed to build with technology in the AI era.

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MOREH Showcases High-Performance LLM Inference on AMD GPUs at AMD Advancing AI 2026

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SAN FRANCISCO, July 23, 2026 /PRNewswire/ — Moreh, an AI infrastructure software company, led by CEO Gangwon Jo, participated in AMD Advancing AI 2026, AMD’s flagship annual AI event held in San Francisco on July 22–23 (local time), where it demonstrated its distributed inference solution, the MoAI Inference Framework, running on AMD GPUs.

At the event, Moreh presented a live demonstration of the GLM-5.1 large language model (LLM) powered by the MoAI Inference Framework on a system equipped with 32 AMD Instinct™ MI300X GPUs across four nodes. Visitors experienced the chatbot firsthand, evaluating its response speed and service quality while observing performance across a range of real-world use cases.

Unlike conventional demonstrations that simply run an AI model, Moreh’s showcase displayed key inference service metrics in real time, including GPU utilization, Tokens Per Second (TPS), Time To First Token (TTFT), and Time Per Output Token (TPOT). This enabled attendees to directly verify both inference performance and GPU resource efficiency in a production-like service environment.

Global AI industry leaders and enterprise customers attending the event expressed strong interest in the system’s fast response times and stable performance. In particular, the live deployment of the computationally demanding GLM-5.1 model on AMD GPUs at production-grade service levels received positive feedback from visitors.

Moreh’s MoAI Inference Framework is widely recognized as the world’s first commercially deployed distributed inference solution built for the AMD ecosystem. Its distributed inference and heterogeneous computing technologies are designed to dramatically reduce AI service costs, enabling broader adoption of AI worldwide. The technology addresses one of the industry’s biggest challenges-the rapidly rising infrastructure and service costs caused by increasingly larger AI models-by delivering a more efficient inference infrastructure.

Moreh CEO Gangwon Jo stated, “This event provided an opportunity for global customers to verify firsthand that top-tier inference performance can be achieved on AMD GPU environments,” and added “We will continue advancing our AI infrastructure software so enterprises can operate AI services as efficiently as possible, regardless of the underlying GPU platform.”

Moreh develops its own AI infrastructure engine and has expanded its end-to-end AI capabilities through its foundation LLM subsidiary, Motif Technologies, covering both AI infrastructure and foundation models. The company is also strengthening its presence in the global AI market through strategic partnerships with leading technology companies, including AMD and Tenstorrent.

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