Smart Personal Safety Security Device Market Trends

Global Smart Personal Safety and Security Device Market Overview

Smart Personal Safety and Security Device Market Size was valued at USD 4448.31 million in 2023. The Smart Personal Safety and Security Device market industry is projected to grow from USD 4936.29 million in 2024 to USD 11370.64 million by 2032, exhibiting a compound annual growth rate (CAGR) of 11.0% during the forecast period (2024 - 2032).

Smart security devices support wireless functioning and can be connected to the Internet with the help of any tool from a third party. The use of these devices is more avid when it comes to safeguarding the interests of the market end-users as these devices support functions like tacking and measuring. Also, these devices are designed in such a way to carry the potential to instantly send an emergency text to close friends and family with a single press only. This is a step towards ensuring and meeting better and reliable safety standards. Further, the rising crime rates and spread of false information needs to be curbed which presents excellent aspects for the Smart Personal Safety and Security Device Market during the forecast period that ends in 2032.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Covid 19 Analysis

The impact of the COVID 19 pandemic was vast and affected the production and manufacturing units of many proprietors and businessmen. The Smart Personal Safety and Security Device Market is expecting a minor turndown due to the lockdown imposition and functional restraints as imposed by the governments across various global locations. The manufacturing units are facing the unavailability of the workforce, raw material, and logistic support that is resulting in a halt of the services. This will hamper the smoothly running supply chain mechanism and hence, the demand is declining.

The key market players are focusing on developing devices that have a huge range of features that cater to the needs of the target audience on a large scale.

Smart Personal Safety and Security Device Market Dynamics

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  Market Drivers

  
  

Smart personal safety devices have a major role to play in ensuring the complete safety of the market end-users. These devices are packed with features like convenient usage that target the need of the target audience to both measures and monitor the impact and correctness of the figures as provided by these devices. Also, these devices target the rising demand amongst various fields and applications like sports. Outdoor enthusiasts are demanding these products on a wide scale and this is likely to drive the Smart Personal Safety and Security Device Market growth during the forecast period.

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  Market Restraints

  
  

One of the major restraints that the market operations are exposed to during the period and will create issues to meet the predicted targets is that the target audience is not fully aware of the features of these devices. Also, the audience is not technologically aware of the use and is reluctant to use these products and devices owing to concerns related to information misuse and data breach.

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  Technology Analysis

  
  

Smart security devices possess the ability to conceive, transmit and send an emergency message and receive them, to and from people around in a single go. As a part of the growth strategies, the Smart Personal Safety and Security Device Market players are developing features and devices so that the market end-users trust and are confident about the authenticity of the data generated during the forecast period that ends in 2030. For instance, the Smart Personal Safety and Security Device Market players have recently developed smart helmets that contain an inner flexible layer. The presence of this layer in the helmets helps them perform safety functions like acting as a hard and shock absorbent if there is any occurrence of an event that results in a bad impact.

Smart Personal Safety and Security Device Segment Overview

Smart Personal Safety and Security Device market is anticipated to witness significant growth owing to the performance of different market segments. Among these, the smart personal security segment will be the fastest-growing and also contribute towards this market growth more than any other segment. As the wearable device segment is witnessing very high demand among consumers. For an amplifying use the Smart Personal Safety and Security Device Market has been segmented into the following on different bases:

Based on type, it has smart personal security and smart personal safety.

Based on end-user, it has Consumers, Defense, Factories, BFSI, Healthcare, Telecommunications, Others.

Smart personal security segment is further divided into Wearable Devices, Bracelet, Pendant, Ring, Bulletproof Bags, Personal Alarm, Panic Button, Fall Detection Device, and other Devices

The smart personal safety segment is also further segregated into Smart Helmet, Smart Mouth Guard, Smart Knee Guard, and Other Devices.

Smart Personal Safety and Security Device Industry News

In July 2023, in a highly anticipated product launch, a leading tech company unveiled its latest smart personal safety wearable device. With an impressive investment of $500 million in research and development, the device features real-time GPS tracking, an emergency SOS button, and advanced health monitoring capabilities. Experts project that the company's bold move into the personal safety market will significantly boost their revenue and market share.

In June 2023, with the growing concerns over data breaches, a prominent personal safety device manufacturer implemented blockchain technology to secure user data. The move significantly bolstered investor confidence, leading to a remarkable surge in the company's market value by 30%. The integration of blockchain ensures the safety and privacy of user data, making the manufacturer a standout player in the competitive smart safety device market.

In June 2023, an AI-driven personal safety app that leverages machine learning algorithms to detect and respond to potential threats raised a staggering $150 million in a recent funding round. The substantial investment will be used to further enhance the app's capabilities and expand its user base. With this influx of funds, the company aims to solidify its position as a dominant player in the burgeoning market of AI-powered personal safety solutions.

In July 2023, a pioneer in incorporating biometric authentication into smart personal safety devices secured a strategic investment of $80 million. The funding will be utilized to further develop cutting-edge biometric technologies, including fingerprint recognition and facial recognition, offering users enhanced security and convenience. The company's ability to stay at the forefront of biometric advancements has garnered attention from investors seeking to capitalize on the booming personal safety market.

Regional Analysis

The Smart Personal Safety and Security Device market movement is remarkably working in 4 major regions of the world that is North America, Asia Pacific, Europe, and the rest of the world. Among all these regions, the North American region will dominate this market, and the reason attributed to it is that the companies making smart devices are getting involved and making the users aware of their safety and security. Also, new technological advancements taking place in the communication technology sector. North America will account for the largest market share during the forecast period conquering about 42 % of the global market. Asia Pacific region will also witness tremendous growth due to rising safety concerns among the end-users. Asia pacific region will be the second-largest market and will witness a CAGR growth of 13.5%. The Asia Pacific market will be valued at approx. 960.6 million by the end of the forecast period. On another hand, the European market and the rest of the world will witness moderate growth during the forecast period due to a lack of awareness about technological advancements and inventions taking place.

Smart Personal Safety and Security Device Market Key Player & Competitive Landscape

To get a detailed and profound idea about the Smart Personal Safety and Security Device market insights, it is very important to create a competitive environment amongst the different valuable players present at different market locations all around the world. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of this market include:-

• FORCE IMPACT TECHNOLOGIES INC. (US)


• ERICSSON (SWEDEN)


• HONEYWELL INTERNATIONAL INC. (US)


• DAQRI, LLC (US)


• UNALIWEAR, INC. (US)


• HUAWEI TECHNOLOGIES CO. LTD. (CHINA)


• GENERAL ELECTRIC COMPANY (US)


• FITBIT, INC. (US)


• REVOLAR, INC. (US)


• ADT, INC. (US)


• SAFELET B.V. (THE NETHERLANDS)


• KORE WIRELESS GROUP (US)


• 100PLUS, INC. (US)


• SKULLY (GEORGIA)


• MC DAVID INC (US)


• PORTER (INDIA)


• SVOR (FRANCE)


• PESTEL (US)

Smart Personal Safety and Security Device Industry Developments

• In April 2020, the Fitbit charge 4 was launched by Fitbit inc. for pre-order. the special features of this charge 4 were that it has GPS, a heart rate monitor, sp o2 blood oxygen monitor, sleep tracking, monitoring of heart rate while resting, and vo2 max monitoring.


• in April 2020, a remote patient monitoring platform was launched by 100plus that will work together with other remote patients monitoring devices such as blood glucose monitors, blood pressure cuffs, and digital weight scale.


• in November 2019, Fitbit was acquired by Google for a massive amount of USD 2.1 billion. this acquisition was expected to be the entry of Google in the health and activity tracking sector. also, it already offers that operate on smartwatches, wear os which is a customized version of its Android operating system.


• in October 2019, the acquisition of i-view now, a leading video alarm verification service was announced by ADT, inc. to reduce the false alarms and optimize the priority response from emergency services, the verification technology of i-view now was to be combined with core monitoring strengths of ADT.

Intended Audience

• Financiers


• Government bodies


• Research institutes and organizations


• Market research and consulting firms


• End-users/enterprise-users


• Managed service providers (MSPs)


• Value-added resellers (VARs)


• Providers of raw materials


• Brand customers/ OEMs/ ODMs


• Smart Personal Safety and Security Device providers


• Smart Personal Safety and Security Device associations, organizations, forums, and alliances


• Distributors and sales firms of Smart Personal Safety and Security Device


• Smart Personal Safety and Security Device end-users and industries

Report Overview

The Smart Personal Safety and Security Device Market report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The Smart Personal Safety and Security Device Market report helps in predicting the CAGR rate of growth for the market and the final market valuation likely to be attained as a result of the operations by the end of the forecast period in 2032. The report discusses the impact of covid-19 on the key players of this market. The Smart Personal Safety and Security Device Market report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.