Research Nester released a report titled “Smart Personal Safety and Security Device Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global smart personal safety and security device market in terms of market segmentation by device type, end-user, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global smart personal safety and security device market is projected to grow with a moderate CAGR during the forecast period, i.e., 2022-2030, on account of the rise in criminal offences against women & children and the technological developments in communication. Smart personal safety & security devices make use of the advancements in internet technology such as the internet of things (IoT) to enhance the safety & security of the end-user. Thus, these devices find applications in diverse segments.
As per the World Bank data, the prevalence of intentional homicides globally amongst male individuals was 9.326 per 100,000 population in 2018, whereas for female individuals, it was 2.173 per 100,000 population in the same year. The growing need to ensure the safety and security of the end-users by controlling crime rates has resulted in the development of various personal safety & security solutions such as wearables, bulletproof bags, panic buttons, and others, which is projected to contribute majorly to the market growth.
The market is segmented by device type into smart personal safety and smart personal security. Among these segments, the smart personal security segment is anticipated to hold the largest share by the end of 2021 in the market owing to its multiple applications and growth in demand. Moreover, increasing safety concerns, and availability of variety of security devices to choose from is estimated to boost the market growth. On the basis of end-user, the market is segmented into consumers, defense, healthcare, BFSI, telecommunication, and others. The consumers’ segment is expected to grow significantly because of the rise in the crime rates and resultant increase in the demand for these devices for personal use.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which the smart personal safety and security device market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period owing to the increase in crime rates and elevated defense expenditures by the developing countries in the region like China & India. Currently, the market in North America holds the largest share. This can be attributed to the intense focus on personal safety & security in the region, especially in the United States, accompanied by the increased awareness about smart personal safety & security devices.
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Rise in Criminal Offences and the Technological Developments in Communication to Drive Market Growth
Smart personal safety and security devices such as wearables deploy GPS technology, fingerprinting technology, touch sensors, and other features to safeguard the users. The devices can also be used to strengthen defense equipment such as smart helmets, and smart mouth & knee guards. Additionally, the technological developments in communication are also expected to boost the market growth in upcoming years. However, the high costs associated with the devices and limited awareness about the devices in low and middle economic regions are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global smart personal safety and security device market, which includes company profiling of FIT Inc., Telefonaktiebolaget LM Ericsson, General Electric, Fitbit, Inc., Revolar, Safelet, Honeywell International Inc., UnaliWear Inc., and Huawei Technologies Co., Ltd. The profiling enfolds key information of the companies, which encompasses business overview, products and services, key financials, and recent news and developments.
On the whole, the report depicts detailed overview of the global smart personal safety and security device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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