Smart Personal Safety and Security Device Market Size to Hit $7.45 B Mark by 2030 With a CAGR of 7.81% | Global Industry Analysis

Houston, TX, April 07, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Smart Personal Safety And Security Device Market By Industry (Healthcare, BFSI, Defense, Telecommunication, And Consumer Electronics), By Product (Head Wear, Neck Wear, Wrist Wear, Finger Wear, And Others), By Technology (Positioning, Network Technology, Speech Recognition, And Sensor), By Type (Security Device And Safety Device), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Smart Personal Safety and Security Device Market size & share in terms of revenue was valued at USD 4.1 billion in 2022 and it is expected to surpass around USD 7.45 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7.81% during the forecast period 2023 to 2030.”

What is Smart Personal Safety and Security Device? How big is the Smart Personal Safety and Security Device Industry?

Report Overview:

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.

Smart personal safety and security devices are equipment meant for personal use by individuals that helps them stay safe from any incoming physical harm. These devices can be used to send alerts in case of an intruder attack or for other issues involving internal health in case of changes in body vitals. Personal alarms are portable devices that can send loud alerts when switched on or activated. It can prove to be extremely helpful in case a person is being attacked or in any other life-threatening emergency.

Home security systems include alarms, sensors, and cameras that protect the home of the owners from any external attack. Global positioning system (GPS) trackers send information, in real-time, about the exact physical location of the wearer. This can be very helpful to people who are responsible for taking care of another person who requires another person for physical safety, like senior citizens, people with health issues, or children. The smart personal safety and security device industry is expected to grow during the forecast period due to factors that are leading to increased awareness about the importance of safety.

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Global Smart Personal Safety and Security Device Market: Growth Factors

The global smart personal safety and security device market is anticipated to grow due to the increasing investments in research & development along with advancements in related technology. Over years, these devices have become relatively affordable with products being available in the commercial market across the price range. Furthermore, current devices are user-friendly and are meant for people from different age groups along with a rise in the overall accessibility of the products.

E-commerce has played a vital role in improving the accessibility index of smart devices. Growth in disposable income across the globe with the rise in dual-income families could be a major expansion supporting factor. Developed economies already have a dedicated consumer database whereas people from developing nations like India are willing to spend extra money on ensuring physical safety and security if the products show worthiness. The rise in the number of senior citizens of the geriatric population could assist in higher sales of the devices since they require extra assistance in managing daily activities. Factors like rapid urbanization and government support are also critical factors.

However, there could be certain roadblocks in terms of smart personal safety and security device industry growth. These issues are related to data or privacy concerns since such devices store the personal information of the wearer including medical history. With the increase in cybercrime and multiple reported incidents of data breaches, consumers are doubting the use of unnecessary smart gadgets unless absolutely mandatory. This especially is observed in case the information has to be shared with a third party. Lack of awareness and standardization are other restraints that could impede global market growth.

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Report Scope

Smart Personal Safety and Security Device Market: Segmentation Analysis

The global smart personal safety and security device market is segmented based on industry, product, technology, type, and region

Based on industry, the global market divisions are healthcare, BFSI, defense, telecommunication, and consumer electronics.
Based on the product, the global market segments are head wear, neck wear, wrist wear, finger wear, and others.

• The smart personal safety and security device industry registered the highest growth in the wrist wear segment and is projected to continue its dominance during the next years
• Most personal devices are portable and have a design that allows them to be worn on the wrist like a watch
• Some examples are Fitbit and Apple Watch which have become extremely popular amongst fitness enthusiasts along with senior citizens since it helps them keep track of body vitals
• Apple Watch Series 4 helped the company grow its segment review by 22% in 2018 after the launch

Based on technology, the global industry is segmented into position, network technology, speed recognition, and sensor.
Based on type, the smart personal safety and security device industry is segmented into security devices and safety devices.

• The year 2022 registered the highest CAGR in the safety device segment and may grow at a CAGR of 10.31% by 2030
• The major growth propellers are factors like constant innovation, product launches, research & development, and better production adoption
• The growing integration of advanced technology like artificial intelligence, speech recognition, and voice-related changes could help the segment during its growth phase

The global Smart Personal Safety and Security Device market is segmented as follows:

By Industry

• Healthcare
• BFSI
• Defense
• Telecommunication
• Consumer Electronics

By Product

• Head Wear
• Neck Wear
• Wrist Wear
• Finger Wear
• Others

By Technology

• Positioning
• Network Technology
• Speech Recognition
• Sensor

By Type

• Security Device
• Safety Device

Browse the full “Smart Personal Safety and Security Device Market By Industry (Healthcare, BFSI, Defense, Telecommunication, and Consumer Electronics), By Product (Head Wear, Neck Wear, Wrist Wear, Finger Wear, and Others), By Technology (Positioning, Network Technology, Speech Recognition, and Sensor), By Type (Security Device and Safety Device), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/smart-personal-safety-security-device-market

Competitive Landscape

Some of the main competitors dominating the global Smart Personal Safety and Security Device market include - 

• 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.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Smart Personal Safety and Security Device market is likely to expand at a CAGR of around 7.81% during the forecast period (2023-2030).
• In terms of revenue, the Smart Personal Safety and Security Device market size was valued at around US$ 4.1 billion in 2022 and is projected to reach US$ 7.45 billion by 2030.
• Based on industry segmentation, healthcare was predicted to show maximum market share in the year 2022.
• Based on technology segmentation, network technology was the leading segment in 2022.
• Based on technology segmentation, network technology was the leading segment in 2022
• On the basis of region, North America was the leading revenue generator in 2022.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Smart Personal Safety and Security Device industry?
• What are the main driving factors propelling the Smart Personal Safety and Security Device Market forward?
• What are the leading companies in the Smart Personal Safety and Security Device Industry?
• What segments does the Smart Personal Safety and Security Device Market cover?
• How can I receive a free copy of the Smart Personal Safety and Security Device Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Industry, By Product, By Technology, By Type, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is anticipated to register the highest growth in the global smart personal safety and security device market mainly propelled by the presence of key market players along with an already existing massive consumer database. The rate of innovation and product launch is a critical factor for the regional response. Growth in Asia-Pacific is projected to be the result of a growing population with increasing disposable income and a rise in importance to personal security and safety. The growing crime rate has compelled more people to look for supportive assistance which they find with the use of advanced security devices. The European market is a lucrative market for home security equipment.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In November 2022, Teledyne FLIR announced the launch of a new range of high-functioning cameras called FLIR A700f and A500. The cameras can detect high temperatures and are coupled with alarm and on-camera analytics features
• In June 2022, Grestok entered the Indian market by launching the company’s smart security systems. The products include a standalone door security system, window security alarm kit, and other associated products

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/smart-personal-safety-security-device-market

FREQUENTLY ASKED QUESTIONS

• What is smart personal safety and security device?
• Which key factors will influence smart personal safety and security device market growth over 2023-2030?
• What will be the value of the smart personal safety and security device market during 2023-2030?
• What will be the CAGR value of the smart personal safety and security device market during 2023-2030?
• Which region will contribute notably towards the smart personal safety and security device market value?
• Which are the major players leveraging the smart personal safety and security device market growth?

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