Yahoo Finance Smart Personal Safety and Security Device Market Size USD 8.74 Billion at a 13.6% CAGR by 2030 - Report by Market Research Future (MRFR)
Smart Personal Safety and Security Device Market Headed by Huge Technology Upgrades and Advancements in communication
New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Personal Safety and Security Device Market Research Report: By Type, Smart Personal Safety, End User, Region - Forecast till 2030”, expected to garner a USD 8.74 BN by 2030, growing at a 13.6% CAGR during the forecast period (2020-2030).
Smart Personal Safety and Security Device Market Overview
The smart personal safety and security device market is likely to witness rapid revenue growth due to the augmenting demand for user-friendly & unconventional safety systems. While the global health crisis poses safety concerns, growing crime rates promote the need for smart personal security devices. In addition to the pandemic, stories of hate crimes, violence, and assault & harassment are hovering over one after another. Resultantly, personal safety solutions like safety brands, rape whistles, and pepper spray emerged in the market to respond to personal safety concerns that women and children face.
Top Players active in the smart personal safety and security device market are,
Ericsson (Sweden)
Honeywell International Inc. (US)
Force Impact Technologies Inc. (US)
Unaliwear Inc. (US)
Daqri LLC (US)
Huawei Technologies Co. Ltd. (China)
Fitbit Inc. (US)
Revolar Inc. (US)
General Electric Company (US)
Safelet B.V. (The Netherlands)
100Plus Inc. (US)
ADT Inc. (US)
KORE Wireless Group (US)
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Although safety is a subjective experience, it is deeply personal, and everyone's safety needs are different, depending upon the individual's own preferences, desires, and feelings. And while no two people experience safety in the same way, consistent patterns and mental traps prevent people from taking action. In the past, all devices and solutions were weapons that could escalate the situation.
Personal safety and security device market manufacturers work with individuals to understand their safety concerns and design solutions to meet their needs. Also, the market witnesses significant investments in developing and marketing wearable platforms, including smartwatches, android open source project (AOSP) wearables, and real-time operating system (RTOS) wearables.
Therefore, smartphones and smartwatches emerged as the most practical solutions for delivering safety measures. Industry players leverage what phones could do in terms of the ability to call & text people, share location, and connect with other apps to give users great safety options. These apps are available on IOS as well as Android versions, offering options like receiving fake phone calls from a voice actor, sharing GPS location with friends & family via a text message, and calling the police.
Smart Personal Safety and Security Device Market Report Scope:
Report Metrics | Details |
Market Size by 2030 | USD 8.74 Billion |
CAGR during 2022-2030 | 13.6% |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Market Opportunities | Consumer inclination towards highly advanced smart wearables is expected to create opportunities in the global market. |
Key Market Drivers | The rising concerns regarding the security of women and children. |
Industry Trends
Increasing crime rates and criminal activities against women & children worldwide drive the Smart Personal Safety and Security Device market demand. Simultaneously, stringent government policies & regulations for personal safety and security encourage market growth. Also, substantial investments in product development foster the market size. The intense competition in this field encourages device manufacturers to differentiate their product offerings to beat the competition.
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Rapid economic growth escalates the Smart Personal Safety and Security Device Market to ascended heights, improving consumers' quality of life and purchasing power. The growing demand for more efficient and responsive connected devices provides a huge impetus to market growth. Additionally, the rapid urbanization and population growth worldwide accelerate revenues in the smart personal safety and security device market.
Conversely, the lack of technical competencies impedes the market growth. Also, high initial investments associated with implementing safety systems obstruct market growth. Nevertheless, well-spread awareness about the importance of these safety and security systems would support the market growth throughout the assessment period. With the rising demand for improved safety features and security measures, the market is expected to garner significant gains.
Smart Personal Safety and Security Device Market Segments
The smart personal safety and security device market is segmented into types, end-users, and regions. The type segment comprises smart personal safety (smart helmets, mouth guards, knee guards, others) and smart personal security devices {wearable Devices (bracelets, pendants, rings, and others (bulletproof bags, personal alarms, panic buttons, fall detection devices)}. The end-user segment comprises defense, consumers, factories, healthcare, telecommunications, BFSI, and others. The region segment comprises the Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.
Smart Personal Safety and Security Device Market Geographical Analysis
North America is a significant market for personal safety and security devices globally. Increasing health crises, hate crimes against Asian people & violence against Black people, and assault & harassment incidents in the region increase the market demand for public and personal safety devices.
In 2020, hate crimes against Asians reached their highest levels in America. Besides, the massive adoption of advanced technologies and the growing demand for safety & comfort features to boost the region's market shares. The US accounts for the largest share of the North American personal safety and security device market.
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Smart Personal Safety and Security Device Market Competitive Analysis
The highly competitive smart personal safety and security device market appears fragmented, with several well-established players forming a competitive landscape. These companies aggressively target increased participation through mergers & acquisitions, collaborations, expansion, and technology/product launches, expanding their operations and offerings.
The market is expected to witness increasing product launches in the upcoming period. Many wearable device providers initiate Ecosystem Accelerator programs to bring together hardware and software companies to work on wearable devices and help speed up the launch of new products. Such programs provide more opportunities, offering safety & security and additional connected support services integrated with health services.
For instance, on Apr. 07, 2022, Flare, a safety bracelet brand launched in February 2021, started a personal safety movement to debunk the stereotypes and misconceptions around safety. Flare smart tech bracelet offers a variety of safety solutions through a Bluetooth-connected app.
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Given the increasing crime rate in America and when people are thinking about safety, the brand thought of starting the campaign aiming to redefine safety and inspire a larger personal safety movement. In the meantime, Flare wants to provide better solutions to people who experience violence every day.
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