Pune, India, Feb. 26, 2021 (GLOBE NEWSWIRE) — Market Analysis
Market Research Future (MRFR) expects the global Smart Personal Safety and Security Device Market size to reach USD 5.50 Billion, registering a compound annual growth rate (CAGR) of 11.00% from 2020–2025 (forecast period).
Smart personal safety and security devices are user-friendly and autonomous. They can be wirelessly connected to the Internet using a third-party tool. Smart personal safety device ensures the safety of end-users by tracking and measuring impact with the device. For example, a smart helmet includes a flexible inner layer that becomes hard and shock absorbent when exposed to impact. Although smart personal security devices have the potential to instantly send an emergency message to friends and family on a single press, this improves end-user’s safety. In addition, the rising rates of crime against children and women are driving the demand for these devices. Growing concerns about the safety of women and children and advances in communication technology have been related to the growth of the global market for smart personal safety and security devices. In addition, the consumer’s tendency towards highly advanced smart wearables is expected to build opportunities in the global market.
However, the high prices of these devices and the lack of awareness of smart personal safety and security devices in developing countries could hinder the market growth during the forecast period.
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COVID-19 Impact on the Global Smart Personal Safety and Security Device Market
The industry is expected to experience a minor downturn as a result of the worldwide outbreak of a current coronavirus pandemic. Manufacturing operations are at a halt due to labor shortages. This led to a major decrease in demand from the end-use industries.
Market Segmentation
The smart personal safety and security device industry has been segmented into type and end-user.
By type, the global smart personal safety and security device market has been segmented into smart personal security (wearable devices (pendant, bracelet, ring, other devices), smart personal safety (smart helmet, smart mouth guard, smart knee guard, other devices), bulletproof bags, personal alarm, panic button, fall detection device, other devices).
By end-user, the global smart personal safety and security device market has been segmented into consumers, defense, factories, BFSI, healthcare, telecommunications, others. The consumer segment accounted for a significant market share of 59.7% in 2019, with a valuation of USD 907.2 million; it is predicted to post the highest CAGR of 13.35% during the assessment period. The defense segment was the second-largest market, estimated at USD 621.3 million in 2019; it is expected to have a CAGR of 11.70%. The smart personal safety and security devices usage in the defense sector plays a vital role in tactile and hostile situations. The use of smart helmets, heart rate monitors, smart wristbands, and other devices has been shown to help soldiers observe their immediate surroundings and analyze the risks to their health and safety. In addition, smart personal safety and security devices allow telecommunications operators to monitor temperatures, dedicated alarm systems, and physical intrusions in remote locations using safety devices in real-time. These devices create a map through which telecommunications operators provide their digital services. This allows network administrators to make controlled and important decisions in the event of any unexpected events.
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Regional Analysis
The worldwide smart personal safety and security device industry, by region, has been segregated into North America, Europe, Asia Pacific, the rest of the world.
North America to lead the global market with highest CAGR
North America gained the highest market share of 31.2% in 2019, with a market valuation of USD 907.2 million; the industry is expected to record a CAGR of 11.0% over the assessment period. The US and Canada are the significant contributors to market growth in the region. This is attributable to the involvement of companies making smart devices and increasing awareness among users about personal safety and security.
Competitive Landscape
With the involvement of a many international and regional players, the global smart personal safety and security device market is highly fragmented and competitive. Market players are constantly engaged in technological advancement, geographic expansion, and mergers and acquisitions in order to maintain their footprint in the global market.
The key players in the global smart personal safety and security device market are:
- Force Impact Technologies Inc. (US)
- Daqri, LLC (US)
- Ericsson (Sweden)
- Honeywell International Inc. (US)
- Unaliwear, Inc. (US)
- Huawei Technologies Co. Ltd. (China)
- ADT, Inc. (US)
- General Electric Company (US)
- Fitbit, Inc. (US)
- KORE Wireless Group (US)
- Revolar, Inc. (US)
- Safelet B.V. (The Netherlands)
- 100Plus, Inc. (US)
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Industry News
In April 2020, Fitbit, Inc. introduced a pre-order Fitbit Charge 4. The Charge 4 features a heart rate monitor, GPS, SpO2 blood oxygen monitor, VO2 Max monitoring, resting heart rate monitoring, and Fitbit’s excellent sleep tracking features.
In April 2020, 100Plus unveiled its remote patient monitoring platform, which operates in conjunction with remote patient monitoring devices like blood pressure cuffs, blood glucose monitors, and their digital weight scale.
In November 2019, Google acquired Fitbit, Inc. for an estimated USD 2.1 billion. This acquisition is seen as Google’s foray into health and activity tracking, for which it already provides Wear OS, a modified version of its Android operating system that runs of smartwatches.
In October 2019, ADT, Inc acquired I-View Now, a leading video alarm verification service. ADT claims I-View Now’s verification technology, combined with ADT’s core monitoring capabilities, can help eliminate false alarms and boost priority response from emergency services.
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