Smart Personal Safety and Security Device Market Growing with Healthy CAGR of 11.00% | Market Current Trends and In-Depth Analysis

Smart Personal Safety and Security Device Market Research Report: By Type (Smart Personal Security (Wearable Devices (Bracelet, Pendant, Ring, Other Devices), End User (Consumers, Defense, Factories, BFSI, Healthcare, Telecommunications, Others) - Forecast till 2027

Smart Personal Safety and Security Device Market Research Report- Forecast till 2027

Market Highlights

Smart Personal Safety and Security Device Market is projected to hit USD 5,503.87 million by 2025 at a CAGR of 11.00% during the forecast period. Factors such as the increasing crime rate and criminal activities against women and children drive the market growth. Besides, the rising demand for improved safety features and security measures boosts the smart personal safety and security device market size.

The intense competition in this field encourages device manufacturers to differentiate their product offerings to beat the competition. They also make substantial investments in product development, which, as a result, foster the smart personal safety and security device market share.

Simultaneously, stringent government policies & regulations for personal safety and security encourage market growth. Rapid economic growth escalates the market to the ascended heights, improving the quality of life and purchasing power of consumers. Technological advancements in the field coupled with the demand for more efficient and responsive connected devices provide huge impetus to the market growth.

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Segmentation:

The MRFR analysis is segmented into types, end-users, and regions. The type segment is sub-segmented into smart personal security and smart personal safety devices. The sub-segment smart personal security is bifurcated into wearable devices, including bracelets, pendants, rings, and other devices, such as bulletproof bags, personal alarms, panic buttons, fall detection devices, other devices.

Based on type, the global market has been divided into smart personal safety devices and smart personal security devices. Among these, the smart personal security devices segment dominated the global smart personal safety and security device market in 2019 and is expected to register a CAGR of 11.14% during the forecast period. Wearable devices, bulletproof bags, personal alarm, panic button, and fall detection device among others are used by individuals to ensure maximum safety. Also, smart helmet, smart mouth guard, smart knee guard, and other devices are used by individuals for personal safety.

Regional Analysis:

Based on the region, the smart personal safety and security device market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The North American region dominated the smart personal safety and security device market, accounting for a value of USD 907.24 million in 2019; it is estimated to register an 11.04% CAGR during the forecast period.

Globally, North America accounts for a significant share in the global public and personal safety device market. Factors such as the massive adoption of advanced technologies and the growing demand for safety and comfort features drive the regional market's growth. The US, among other North American countries, accounts for the dominating share in the regional market.

Competitive Analysis

Competitive by nature, the smart personal safety and security device market is envisaged to witness intensified competition with more entrants getting attracted to the market. Due to the presence of several large and small key players, the market appears fragmented.

Key Players:

Players leading the market include Ericsson (Sweden), Force Impact Technologies Inc. (US), Honeywell International Inc. (US), Unaliwear, Inc. (US), Daqri, LLC (US), Huawei Technologies Co. Ltd. (China), Fitbit, Inc. (US), General Electric Company (US), Revolar, Inc. (US), Safelet B.V. (The Netherlands), ADT, Inc. (US), 100Plus, Inc. (US), and KORE Wireless Group (US), among others.

Industry News:

In April 2020, 100Plus launched their remote patient monitoring platform which works in conjunction with their remote patient monitoring devices such as the blood pressure cuffs, blood glucose monitors and their digital weight scale.

In December 2019, KORE Wireless Group acquired Integron, an industry leading IoT solutions and managed services provider focused on the connected health market. The acquisition will allow the combined entity will leverage the combined technological advancements to drive smart health connectivity.

In December 2019, ADT, Inc partnered with Senior Helpers, a leading provider of in-home senior citizen care services. Under the terms of this partnership, ADT will introduce its medical alert systems to senior caregivers, hence allowing seniors more options to age in place while enjoying their current lifestyle.

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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 2027

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