Smart Personal Safety and Security Device Market Research Report- Forecast till 2030
The smart personal safety & security device market will touch USD 8.74 billion at a 13.6% CAGR by 2030, states the latest Market Research Future report.
The increase in the consumer inclination towards highly advanced smart wearables for the hectic lifestyle & high use of smart personal safety & security device by outdoor enthusiast for different outdoor activities will offer robust opportunities for the smart personal safety and security device market in the forecast period.
Drivers and Restraints
Increasing Adoption for End User’s Safety to Boost Market Growth
The increasing adoption of smart personal safety and security device in order to ensure end-user’s safety by measuring and monitoring impact with the device & technological advances in communication technology will boost market growth over the forecast period.
High Cost of Device to act as Market Restraint
The high cost of the device may act as market restraint over the forecast period.
Lack of Awareness to act as Market Challenge
The lack of awareness about the smart personal safety and security devices particularly in developing nations may act as a market challenge during the said period.
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The global smart personal safety & security device market is bifurcated based on type and end user.
By type, the smart personal safety and security device market is segmented into (Smart Personal Security (Wearable Devices (Pendant,Bracelet, Ring, and Other Devices), Personal Alarm, Bulletproof Bags, Fall Detection Device, Panic Button, Other Devices), Smart Personal Safety (Smart Helmet, Smart Mouth Guard, Smart Knee Guard, Other Devices)).
By end user, the smart personal safety and security device market is segmented into Consumers, Defense, Factories, BFSI, Healthcare, Telecommunications, and Others.
Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the smart personal safety and security device market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
North America to Spearhead Smart Personal Safety and Security Device Market
North America will spearhead the smart personal safety and security device market over the forecast period for the communication technology undergoing new technical developments, rising safety concerns among end users, developed infrastructure, quick adoption of technologies, Canada and the US being major contributors, involvement of companies making smart devices, increasing awareness among users about security and personal safety, greater awareness about the usage of these devices, and favorable regulatory policies are adding to the global smart personal safety and security device market growth in the region.
APAC to Have Admirable Growth in Smart Personal Safety and Security Device Market
APAC will have admirable growth in the smart personal safety and security device market growth over the forecast period. Rising crime rates, high defense expenditures by developing countries in China and India, the need for controlling such criminal cases, government initiatives, and increasing adoption of IoT are adding to the global smart personal safety & security device market growth in the region.
Key players profiled in the global smart personal safety and security device market report include Force Impact Technologies Inc. (US), Honeywell International Inc. (US),Ericsson (Sweden), Daqri, LLC (US), General Electric Company (US), Unaliwear, Inc. (US), Revolar, Inc. (US), Fitbit, Inc. (US), ADT, Inc. (US), Huawei Technologies Co. Ltd. (China), Safelet B.V. (The Netherlands), KORE Wireless Group (US), and 100Plus, Inc. (US).
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Smart Personal Safety and Security Device Market Research Report: By Type (Smart Personal Security (Wearable Devices (Bracelet, Pendant, Ring, Other Devices), Bulletproof Bags, Personal Alarm, Panic Button, Fall Detection Device, Other Devices), Smart Personal Safety (Smart Helmet, Smart Mouth Guard, Smart Knee Guard, Other Devices)), End User (Consumers, Defense, Factories, BFSI, Healthcare, Telecommunications, Others), Region (North America, Europe, Asia-Pacific, Rest of the World) – Forecast till 2030
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