The global smart personal safety and security device market size was worth around USD 4.1 Billion in 2022 and is predicted to grow to around USD 7.45 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.81% between 2023 and 2030.
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➤ The market demand is being driven by the increasing significance of personal protection.
The global market for smart personal safety and security devices is expected to expand as a result of the growing public awareness of the advantages of utilizing these devices in the event of a personal emergency. Crime rates are increasing at an alarming rate worldwide. According to The Zebra, the global number of intrusions is around 2.5 million annually. The severity of these offenses varies, from minor larceny to more gruesome or unforgivable incidents. It has led to an increase in the number of individuals who are taking proactive measures to ensure that they are adequately prepared to handle such situations independently.
➤ The market’s development is restricted by the limited battery capacity.
Batteries are utilized by a significant number of intelligent personal security devices. This is primarily pertinent to electronic devices. The battery capacity of all battery-powered equipment is restricted, resulting in their eventual depletion of power after a certain number of hours of operation. Users may find it disconcerting to perpetually charge the device, as it is rendered inoperable in the absence of power. Additionally, consumers residing in regions with inadequate power supply may not adopt these devices, which serves as a deterrent.
➤ Establishing strategic partnerships to expand opportunities
The industry participants’ ongoing strategic partnerships are anticipated to benefit the smart personal safety and security device. This fundamentally encompasses the collaboration between the healthcare community and product and service providers. If both parties collaborate to establish a system that benefits all stakeholders, including patients, there is a significant potential for growth. Furthermore, the growing number of government partnerships to advance personal security presents an additional exceptional opportunity for growth.
➤ Conventional security measures to impede market expansion
The traditional methods of addressing security concerns are preferred by a significant portion of the population. Closed-circuit television (CCTV) cameras, security alarms, and other devices have achieved greater sales than personal safety devices due to their established consumer database and trust base. The primary obstacle for the smart personal safety and security device industry participants is to persuade consumers that these systems can produce superior results.
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The Global Smart Personal Safety and Security Device Market is segmented based on product, application and region
Global Smart Personal Safety and Security Device Market: Product Segment Analysis
● Head Wear
● Neck Wear
● Wrist Wear
● Finger Wear
● Others
Global Smart Personal Safety and Security Device Market: Application Segment Analysis
● Healthcare
● BFSI
● Defense
● Telecommunication
● Consumer Electronics
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The global Smart Personal Safety and Security Device market profiles key players such as:
● 100Plus
● Telefonaktiebolaget LM Ericsson
● Huawei Technologies Co. Ltd.
● Honeywell International Inc.
● Mammut Sports Group AG
● Unaliwear Inc.
● DAQRI
● Revolar.
● JARVISH INC.
● Safelet
● General Electric
● Force Impact Technologies L.L.C
● KORE Wireless
● McDavid
???? Recent Developments:
• Fitbit, an American fitness and consumer electronics company that was recently acquired by Google, announced the introduction of a new generation of fitness trackers in India in September 2022. New Fitbit products include the Fitbit Versa 4, Fitbit Inspire 3, and Fitbit Sense 2. They are equipped with novel designs and improved capabilities.
• Fitbit introduced the Fitbit Luxe and Fitbit Luxe special edition in August 2021, which are premium fitness devices. The products are now commercially available in the Indian market and are accompanied by a silver band.
➤ The market share of North America is expected to be the highest.
North America is expected to experience the most significant development in the global market for smart personal safety and security devices. The exceptional product adoption rate is primarily due to the high level of awareness among the populace of countries such as the United States and Canada regarding the product’s availability and applications. Additionally, the sales volume of security and safety devices will continue to increase during the forecast period due to the increasing significance of health, which is determined by factors such as government initiatives, mass awareness campaigns, the proactive healthcare community, and the availability of information.
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