Smart Personal Safety and Security Device Market
Smart personal safety devices can be used to track location, send alerts in emergency situations and can generally improve a consumers sense of security. Market Research Future has invest resources towards understanding the global smart personal safety and security device market. Use of sensors, wireless connectivity, and GPS tracking are some of the key technologies implemented in personal safety devices. Such devices are often available in the forms of smartwatches, key rings, bracelets, and many others. MRFR’s predictions indicate that the global smart personal safety and security device market is expected to grow at a healthy CAGR of 13% during the assessment period from 2017 to 2023.
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The availability of such devices in the form of normally wearable items provides a covert sense of security which can often come in handy in emergency situations. Crimes against women and children have a high incidence rate, and the increased security concerns among women who want to go about their normal lives without the stress of an emergency situation are expected to drive demand. Parents are increasingly investing in such devices for their children to ensure they do not get lost and can be helped in emergency situations. The increasing sophistication of such devices and the availability of wearable devices with advanced features are also expected to encourage adoption and fuel growth. Another prime application of smart personal safety and security devices are to help monitor and ensure the safety of geriatric individuals.
Notably, such devices cost a fair amount and are not the most affordable option which is slowing growth. Moreover, a general lack of awareness about smart personal safety and security devices is also acting as a challenge to the growth of the global market.
Market Segmentation
The global smart personal safety security device market has been segmented on the basis of component, technology, end-user, and region. Components have been segmented into hardware and software. In the hardware segment, connected wearable, or wearables with cellular connectivity embedded in them are creating great promise and these devices can be used to sent alerts in a timely and discreet manner to deter crimes and minimize personal injuries. The emergence of apps which allow family members to track their whereabouts of their family is driving the market.
The technology used in the market has bee unsegmented into structure, semi-structured, and unstructured.
End-users of smart personal safety and security devices include BFSI, healthcare, telecommunication, consumer electronics, and others. Healthcare is a leading segment with a lot of promise as there are several healthcare solutions using smart personal safety and security devices to help elderly patients to manage conditions and provide a sense of security and safety. Certain wearables can measure certain vitals while also providing GPS tracking and one-touch SOS alerts.
Regional Analysis
North America displays a strong affinity for the adoption of advanced technology such as wearables and the like. The growing concern regarding personal safety among women and the demand for safety solutions for the aged population is expected to be a significant driver of the regional smart personal safety and security device market. Europe and the Asia Pacific markets follow the North American Market in second and third position respectively. Europe has a large geriatric population and general concern for ones wellbeing has prompted consumers to invest in such devices.
Key Players
Ericsson (Sweden), Force Impact Technologies (U.S), General Electric (U.S), Revolar Inc. (U.S.), Fitbit (U.S), Safelet B.V. (U.S.), Honeywell International, Inc. (U.S), UnaliWear Inc. (U.S), DAQRI LLC (U.S), and iBeat (U.S) among others are the notable market players that have been identified and analysed for their competitive roles in MRFR’s report.
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