In terms of revenue, the Global Smart Personal Safety And Security Device Market is expected to reach USD 72.6 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 8.3% from 2023 to 2030.
The market for Smart Personal Safety And Security Devices is growing quickly as a result of a number of factors, such as escalating worries about personal safety and security, technological advancements, increased awareness of the Internet of Things and connected devices, accessibility, an ageing population, and government initiatives. The use of wearable technology, cloud-based services, and the fusion of artificial intelligence and machine learning technologies are some of the market's key developments. However, there are a number of barriers that may hinder the market from developing, including concerns about user experience, battery life, interoperability, security, and privacy.
Key Highlights from Report
· Based on Device, home security systems dominate the Smart Personal Safety And Security Device market. The popularity of home security systems in the market has grown due to the accessibility of wireless connectivity and cloud-based services.
· Based on End Use, the residential sector dominates the market. The prevalence of house invasions, burglaries, and other crimes is on the rise, which has raised worries about personal safety and security and increased demand for these devices in the residential market.
· In terms of Region, North America held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. This can be attributed as the region gives a lot of focus on technical advancement and the use of connected devices, which has encouraged the development of cutting-edge solutions to meet the rising demand for personal safety and security.
Machine learning (ML) technologies and Artificial intelligence (AI) are becoming increasingly popular because they allow for the development of more complex and advanced smart personal safety and security gadgets. To identify potential dangers and warn people of potential risk, for instance, facial recognition technology can be employed.
In the market for Smart Personal Safety And Security Devices, there is also a growing trend towards the use of cloud-based services, which enable real-time monitoring and administration of security systems and give consumers simple access to the data on their devices.
One of the main drivers affecting the growth of the market is the trend towards connected wearables or cutting-edge smart wearables for personal security and safety. This market expansion is attributable to a variety of causes, including rising consumer interest in smart wearables such smart bands, smartwatches, wristbands, and other devices, increased penetration of smartphone-connected applications, and many more. The market will continue to develop as a result of government attempts to increase women's safety an uptick in criminal activity including harassment on the street or in the middle of the road, abuse, and other crimes. These factors are anticipated to contribute to the growth of the global market for smart personal safety & security devices during the anticipated time frame.
A significant driver of market growth is projected to be the growing worries about women's and children's safety caused by an increase in violent, sexual assault, and associated crimes. The market's growth has also been attributed to other factors, such as working women's growing use of personal safety applications and the sharp rise in crime rates against women.
The primary barrier to market growth is security concerns. Consumers are very concerned about the collection and use of their personal data by Smart Personal Safety And Security Devices because increased use of personal safety software can result in data misuse, exploitation, hacking, and other problems because smartphones can be integrated with these devices. Smart personal safety and security gadgets can also come with security hazards, such the chance that hackers will be able to access personal information or take control of the gadgets.
North America Smart Personal Safety And Security Device market is expected to witness a noteworthy development with a significant growth rate over the analysis period. The region gives a lot of focus on technical advancement and the use of connected devices, which has encouraged the development of cutting-edge solutions to meet the rising demand for personal safety and security. The availability of several government initiatives and pieces of legislation intended to improve public safety and security has also contributed to the growth of this market in the largest region.
The Global Smart Personal Safety And Security Device Market is Segmented as follows
- Finger Wear
- Head Wear
- Neck Wear
- Other Products
- Safety Device
- Smart Helmet
- Smart Mouth Guard
- Smart Knee Guard
- Security Device
- Wearable Devices
- Other Devices
- Bulletproof Bags
- Personal Alarm
- Panic Button
- Fall Detection Device
- Other Devices
- Speech Recognition
- Consumer Electronics
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Smart Personal Safety And Security Device Market is
Telefonaktiebolaget LM Ericsson (Sweden), Honeywell International Inc. (U.S.), DAQRI (U.S.), Unaliwear Inc. (U.S.), Huawei Technologies Co. Ltd. (China), General Electric (U.S.), Fitbit Inc. (U.S.), Revolar (U.S.), ADT (U.S.), Safelet (U.S.), KORE Wireless (U.S.), McDavid. (Canada), Force Impact Technologies LLC (U.S.), JARVISH INC. (Taiwan), Mammut Sports Group AG (Switzerland), 100Plus (U.S.)
The Global Smart Personal Safety And Security Device Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|