Smart Personal Safety and Security Device Market

Smart Personal Safety and Security Device Market Size

Smart Personal Safety and Security Device Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period from 2023 to 2032. In 2022, the market size was assessed at USD 31.2 billion and is expected to reach USD 80.3 billion by the conclusion of 2032.

Smart Personal Safety and Security Device is a compact and innovative tool designed to improve the safety and security of an individual. These devices typically include GPS tracking, emergency alerts, distress signaling, and connectivity to emergency services or designated contacts. They are easily wearable or portable, providing assurance in a variety of emergency situations. Additionally, certain devices have sensors that can identify falls or strange movements and send out instant alerts to the assigned contacts. Furthermore, these devices enable real-time location sharing with verified contacts and provide direct communication for immediate assistance. Therefore, smart personal safety & security devices are designed to support users by providing prompt assistance and alerting the authorities about potential threats, which provides reassurance and safety measure in uncertain circumstances.

Market Highlights

Smart Personal Safety and Security Device Market is projected to exhibit a CAGR of 9.9% during the forecast period

Smart Personal Safety and Security Device Market is projected to achieve USD 80.3 billion, showcasing a substantial compound annual growth rate (CAGR) of 9.9% during the forecast period, owing to increasing concerns about personal safety and continuous technological advancements. Wearable devices, such as smart jewelry, GPS trackers, and smartwatches, are becoming increasingly advanced and offers crucial features such as real-time surveillance, emergency alerts, and health monitoring. Additionally, the smart personal safety and security device market attracts a diverse range of players, including established technology firms and emerging startups, which promotes convenience and affordability for senior citizens and sole individuals. Therefore, despite privacy concerns, key market players are constantly increasing their partnerships with emergency services and raising awareness, which is contributing to high adoption rates of safety devices.

Source: Fatpos Global

Smart Personal Safety and Security Device Market Segmentation

Network Technology will expand as it improves the effectiveness of security and safety devices

Based on Technology, the smart personal safety and security device market is classified into Network Technology, Positioning, Sensor, Speech Recognition, and Others. The Network Technology segment dominated the market as it enables smooth internet connectivity, which is important to access multiple features such as managing and monitoring remote devices. The implementation of Network Technology enables these devices to communicate with other connected devices, which allows users to remotely manage their devices from any location that has internet access. This connectivity improves convenience and responsiveness of these devices, thereby ensuring prompt alerts and swift reaction in emergency situations. Therefore, Network Technology remains an essential component, contributing to the functionality and effectiveness of smart and safety devices in an increasingly connected world.

Security Device segment will expand as it provides immediate assistance in times of emergency

By Type, the Smart Personal Safety and Security Device Market is typically divided into Safety Device and Security Device. The security device segment has led the market owing to their importance in ensuring personal safety in an increasingly interconnected world. These devices are specifically designed to prevent threats and provide immediate assistance in emergency situations. Security devices provides users with a sense of control and protection, such as personal alarms, GPS trackers, smart locks, and home security systems. Additionally, the dominance of security devices can also be attributed to growing concerns about personal safety in public. Security devices have established themselves as vital components of modern safety solutions due to their importance in preventing potential threats and ensuring timely responses to crises. Therefore, their capability to meet a wide range of safety requirements contribute to their prominence in the smart personal safety and security device market.

Market Dynamics

Growth Drivers

Rising Demand for Personal Safety and Security Devices Will Propel the Market Expansion

Increasing preferences for advanced smart wearables and personal security devices are key drivers for growth of smart personal safety and security device market. The growing popularity for smart bands, smartwatches, and smartphone-integrated apps reflects an increasing interest in technologically advanced safety measures. Additionally, government initiatives, such as the distribution of wearable panic buttons, demonstrate an intensive effort to provide accessible tools for emergency situations. Furthermore, the rise in criminal activities, such as incidents of harassment and abuse, highlights the critical need for dependable safety measures. Therefore, global demand for smart personal safety and security devices is expected to rise due to a various factors including consumer preference for smart wearables, supportive policies from the government, and social concerns about personal safety.

Technological Developments in Safety and Security Equipment Will Support Market Growth

Continuous technological innovations greatly enhance the capabilities of safety devices by constantly improving sensors, connectivity, and battery performance. These upgrades significantly increase the effectiveness and usability of these gadgets, providing features such as real-time tracking, immediate alerts, and smooth communication with emergency services. These developments address the growing demand for comprehensive safety solutions in an interconnected world. Additionally, technological advancements increase the efficiency of the devices and meet consumer expectations for emergency assistance and security. Therefore, technical improvements in safety devices are essential to keep them updated with the evolving needs of people looking for preventive and effective safety measures.

Restraints

Concerns About Privacy will be a Major Impediment to the Market

Privacy concerns are a major barrier to the market for smart personal safety and security devices. The collection and transmission of sensitive user data, such as location or health information, raises significant concerns among consumers about potential data breaches or unauthorized access. Additionally, ensuring a balance between safety features and protecting user privacy presents a challenge for device manufacturers and service providers. Furthermore, increased consumer awareness of privacy concerns along with more strict data protection laws may prevent the wide adoption of these. Therefore, overcoming this challenge requires a strong emphasis on privacy protections and increasing consumer trust on the smart personal safety and security device market.

Recent Developments

• Flare, a brand of safety bracelets introduced in February 2021, launched a personal safety movement in April 2022 to dispel safety stereotypes and misconceptions. The Flare smart technology bracelet offers multiple safety features via a Bluetooth program.
• Fitbit announced the Fitbit Luxe Special and Fitbit Luxe and Edition smart trackers, which feature jewelry-inspired designs and sophisticated sensor technology, in January 2021. This device monitors heart rate variability, respiration rate, resting heart rate, and other parameters.
• In April 2020, 100plus launched a remote patient monitoring platform that will work in tandem with other remote patient monitoring devices such as blood glucose monitors, blood pressure cuffs, and digital weight scales.
• Fitbit was purchased by Google in November 2019 for a whopping USD 2.1 billion. This acquisition was expected to mark Google's entry into the health and activity tracking sector. It also has a smartwatch operating system, wear os, which is a customized version of its Android operating system.

Smart Personal Safety and Security Device Market

Key Players Covered:

• ADT Inc.
• Honeywell International Inc.
• Unaliwear Inc.
• Bosch Security Systems
• Fitbit
• Revolar
• Ring
• Safelet
• Abode Systems
• Nest Lab
• KORE Wireless
• McDavid
• Force Impact Technologies L.L.C
• JARVISH Inc.
• Mammut Sports Group AG
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Smart Personal Safety and Security Device is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America region dominated market owing to the rapid adoption of technology and availability of advanced infrastructure. Additionally, this dominance is due to the active involvement of companies to educate users about smart safety and security devices. Furthermore, ongoing advancements in communication technology and dedicated focus on improving safety measures, has solidified the dominance of North America region in the smart personal safety and security device market.

Asia Pacific region is expected to witness a significant growth, driven by increasing safety concerns among users. This growth is attributed to increased safety awareness and prioritization, which is driving the adoption of these innovative devices across various demographics. Furthermore, the Asia Pacific market is growing due to its large population and diverse demographics. The region is experiencing rapid urbanization and technological advancements, which are contributing to a growing middle class with increased purchasing power. Therefore, there is a greater emphasis on personal safety and a tendency to adopt innovative safety solutions.

Impact of Covid-19: Smart Personal Safety & Security Device Market

COVID-19 pandemic had a profound impact on the smart personal safety and security device market. Initially, the market experienced an increase in demand for smart wearables and medical devices, due to various health concerns. However, the market faced challenges owing to supply chain disruptions and manufacturing delays, which caused shortages and operational difficulties. Additionally, changing priorities of consumers and economic uncertainties led to variations in demand for non-essential safety devices. Therefore, despite these obstacles, the pandemic raised awareness about personal safety, that encouraged the adoption of contactless technology and remote monitoring devices, presenting challenges as well as opportunities for the evolution of the market.

Smart Personal Safety and Security Device is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Smart Personal Safety and Security Device Market Scope and Segments:

Frequently Asked Questions (FAQ):