Personal safety devices afford safety by tracking the user location and sending emergency alerts in case of threat and are available in forms of bracelets, smart watch, key rings, and other forms. The global smart personal safety and security device market is expected to generate a staggering 13% CAGR in the forecast period 2016 to 2023.
Market Dynamics of Smart Personal Safety and Security Device Market:
Drivers
Growing threat due to criminalization of society, growing sexual assaults on women, date rapes, distance travelling and others is the most critical factor driving the market. Rising chronic diseases such as diabetes, hypertension, asthma and others are the clinical drivers of the market.
Technological developments such as growing network availability, improvements in tracking technology, internet of things, smart wearable devices with advanced features and technological convergence are driving the market. Growing analytics and increasing women workforce is another driver intended to result in greater acceptance of the market for smart personal safety and security devices.
Restraints
Lack of awareness and high cost of the devices are the most critical restraints of the market. Other restraints are faster technological obsolescence, large market fragmentation and the resultant pressures on profit margin, large operating expenses of device manufacturing companies due to greater inventory costs.
The poor information technology infrastructure of the law enforcement agencies is further a constraint on the market.
Segmentation of Smart Personal Safety and Security Device Market:
Type - smart personal safety and security
Component - hardware and software.
Technology - sensor, network, navigation
End-users - BFSI, healthcare, telecommunications, consumer electronics and others.
Regional Analysis
North America displays a strong affinity for the adoption of advanced technology such as wearables and the like. The growing concern regarding personal safety among women and the demand for safety solutions for the aged population is expected to be a significant driver of the regional smart personal safety and security device market. Europe and the Asia Pacific markets follow the North American Market in second and third position respectively. Europe has a large geriatric population and general concern for ones wellbeing has prompted consumers to invest in such devices.
Key Players
Ericsson (Sweden), Force Impact Technologies (U.S), General Electric (U.S), Revolar Inc. (U.S.), Fitbit (U.S), Safelet B.V. (U.S.), Honeywell International, Inc. (U.S), UnaliWear Inc. (U.S), DAQRI LLC (U.S), and iBeat (U.S) among others are the notable market players that have been identified and analysed for their competitive roles in MRFR’s report.
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Smart Personal Safety and Security Device Market 2023 | MRFR
Smart Personal Safety And Security Device Market is anticipated to grow at 13% CAGR through the…
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