Smart Personal Safety and Security Device Market Size, Challenges,...

Smart Personal Safety and Security Device Market Size, Challenges, Size, Growth, Key Vendors, Drivers and Trends by Forecast to 2030

Posted 2022-11-14 07:11:12

Smart Personal Safety and Security Device Market Overview

The global smart personal safety and security device market is expected to reach USD 5,503.87 million by 2025 at a CAGR of 11.00% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentation and drivers to provide a better glimpse of the market in the coming years. Smart personal safety and security devices are used to track location, send alerts in emergencies, and provide safety to the user. These devices are autonomous and are connected wirelessly via the Internet. Personal safety devices are user-friendly and are available in the form of smartwatches, keyrings, rings, and bracelets, among others. These devices are gradually gaining traction among the sports enthusiast and tech-savvy populace across the globe. Furthermore, the increasing crime rates against children and women are driving the demand for these devices.

Augmenting Demand for User-Friendly & Unconventional Safety Systems Influence Market Growth

Simultaneously, stringent government policies & regulations for personal safety and security encourage market growth. Rapid economic growth escalates the market to the ascended heights, improving the quality of life and purchasing power of consumers. Technological advancements in the field coupled with the demand for more efficient and responsive connected devices provide huge impetus to the market growth.

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Segmental Analysis

The global smart personal safety and security device market has been segmented based on type, end user, and region.

Based on type, the global market has been divided into smart personal safety devices and smart personal security devices. Among these, the smart personal security devices segment dominated the global smart personal safety and security device market in 2019 and is expected to register a CAGR of 11.14% during the forecast period. wearable devices, bulletproof bags, personal alarm, panic button, and fall detection device among others are used by individuals to ensure maximum safety. Also, smart helmet, smart mouth guard, smart knee guard, and other devices are used by individuals for personal safety.

Based on end user, the global market has been segmented into consumers, factories, defense, BFSI, healthcare, telecommunications, and others. Among these, the consumer segment dominated the global market in 2019 and is estimated to record a CAGR of 13.35%. The consumption of smart personal safety and security device among the consumers is expected to grow at a significant rate. The advanced features, ease of accessibility, and internet connectivity are the major factors driving the adoption of smart personal safety and security devices. Moreover, due to the increasing crime rates, the need for personal security devices such as smart bracelets and smart necklaces has increased. Moreover, the rising concerns for personal healthcare monitoring is another major factor driving the growth of the segment in the global smart personal safety and security device market.

Smart Personal Safety and Security Device Market Analysis

The key players of the global smart personal safety and security device market are Force Impact Technologies Inc. (US), Ericsson (Sweden), Honeywell International Inc. (US), Daqri, LLC (US), Unaliwear, Inc. (US), Huawei Technologies Co. Ltd. (China), General Electric Company (US), Fitbit, Inc. (US), Revolar, Inc. (US), ADT, Inc. (US), Safelet B.V. (The Netherlands), KORE Wireless Group (US), and 100Plus, Inc. (US) among others.

In April 2020, 100Plus launched their remote patient monitoring platform which works in conjunction with their remote patient monitoring devices such as the blood pressure cuffs, blood glucose monitors and their digital weight scale.

In December 2019, KORE Wireless Group acquired Integron, an industry leading IoT solutions and managed services provider focused on the connected health market. The acquisition will allow the combined entity will leverage the combined technological advancements to drive smart health connectivity.

In December 2019, ADT, Inc partnered with Senior Helpers, a leading provider of in-home senior citizen care services. Under the terms of this partnership, ADT will introduce its medical alert systems to senior caregivers, hence allowing seniors more options to age in place while enjoying their current lifestyle.

In May 2018, Revolar announced a partnership with The Davis Phinney Foundation, an organization that assists people living with Parkinson’s Disease. The partnership allows buyers who purchase Revolar devices through The Davis Phinney Foundation a special discounted pricing and Revolar will donate to the Foundation.

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Smart Personal Safety & Security Device Market - Regional Analysis

Globally, North America accounts for a significant share in the global public and personal safety device market. Factors such as the massive adoption of advanced technologies and the growing demand for safety and comfort features drive the regional market's growth. The US, among other North American countries, accounts for the dominating share in the regional market.