Wearable Security Device Market Analysis

Wearable Security Device Market Overview

The Wearable Security Device Market is projected to grow from USD 1.34 billion in 2024 to USD 2.02 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.25% during the forecast period (2024 - 2032). Additionally, the market size for wearable security device was valued at USD 1.27 billion in 2023.

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

Wearable Security Device Market Trends

One of the key factors propelling the growth of the wearable security device market is worries about the safety of women and children due to an increase in violence, assault, and associated crimes. The market's expansion has been linked to a number of factors, such as the sharp increase in crime rates against women, working women's increasing emphasis on or adoption of personal safety apps, etc. High R&D efforts linked to women's safety mobile applications by working women and university girls can also cater to its market expansion over time. Strict government regulations are in place to safeguard women and children from assault. Government campaigns aimed at raising awareness of women's and children's safety, a growing focus on women's empowerment, and an increase in self-defense classes for women and kids will all contribute to an increase in demand for wearable security device. On the whole, these elements can be regarded as crucial to accelerating the development of the wearable security device market.

Furthermore, a significant factor fueling the market expansion for public safety and security may also be attributed to a preference for cutting-edge smart wearables or linked wearable devices. This market expansion is linked to a number of variables, such as increased consumer preference for smart wearables like smartwatches, smart bands or bracelets, and others, rising smartphone penetration of applications, and so on. The market will grow as a result of government attempts to increase women's safety through the free distribution of wearable panic buttons and an increase in criminal activity such as street harassment and abuse. The market's needs may be influenced by a sizable number of R&D projects including wearable security device in industrial settings as well as personal safety wearable items. The number of linked wearable devices is anticipated to increase from 593 million in 2018 to 1105 million by 2022, according to Cisco Systems. This demonstrates the growing consumer appetite for connected wearables that can track their whereabouts in real time, provide emergency aid when needed, and notify users to potential threats. TELUS introduced the TELUS SmartWare Security in April 2022 as an addition to the range of discrete wearable accessories that can offer consumers peace of mind and emergency support around-the-clock. These elements are expected to contribute to the growth of the wearable security device market revenue globally in the near future.

Wearable Security Device Market Segment Insights

Wearable Security Device Product Type Insights

The global wearable security device market segmentation, based on product type, includes Smart Watches, Smart Jewelry and Smart Shoes. The smart watches category generated the most income. Basic and sophisticated watches are sold on the global market. Basic smartwatches are straightforward gadgets that often only provide the ability to tell the time, whereas more sophisticated models could include a variety of fitness monitoring features as well as smartphone notification support.

Wearable Security Device Operating System Insights

The global wearable security device market segmentation, based on operating system includes iOS and Android. The iOS segment dominated the market. Apple sold 9.5 million Apple smart watches in the first quarter of 2022, which enabled the company to create new products that expanded market share and gave customers more options. In the first quarter of 2022 compared to the first quarter of 2021, this allowed the corporation to achieve a favorable 22% increase in annual revenues. The market is further being expanded as a result of the rising sales of iOS smart watches, which raises demand for wearable security devices.

Figure 2: Wearable Security Device Market, by Operating System, 2022 & 2032 (USD Billion)

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

Wearable Security Device Connectivity Insights

The global wearable security device market segmentation, based on connectivity, includes Bluetooth, Wi-Fi and RFID. The bluetooth category generated the most income. Wearable security gadgets frequently link wirelessly to smartphones or other suitable devices using Bluetooth connectivity. This makes it possible to use functions like location tracking, receiving notifications, and turning on emergency alerts.

Wearable Security Device Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American wearable security device market area will dominate this market due to a number of variables, including a rise in the consumer demand for security gadgets, which may be used for a variety of purposes, including theft prevention and the search for missing persons, a growth in the wearable technology adoption rate globally, etc.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: WEARABLE SECURITY DEVICE MARKET SHARE BY REGION 2022 (USD Billion)

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

Europe wearable security device market accounts for the second-largest market share because it has some of the highest per-capita expenditure levels on items and services related to wearable technology. Additionally, the younger generation is interested in staying up to date with new technology, and wearable devices are frequently on their minds. The population now spends more money to maintain a higher standard of living as a result. Further, the German wearable security device market held the largest market share, and the UK wearable security device market was the fastest growing market in the European region

The Asia-Pacific Wearable security device Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the expanding spending power of its consumers and the quick urbanization of many economies. In 2020, a sizable percentage of Chinese people suffered from chronic ailments. Over 550 million individuals worldwide suffered from obesity or being overweight, and over 450 million from high blood pressure. Because chronic diseases are more common and the number of elderly people is rising, there is an increasing need for wearable health monitors in the area. Moreover, China’s wearable security device market held the largest market share, and the Indian wearable security device market was the fastest growing market in the Asia-Pacific region.

Wearable Security Device Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the wearable security device market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, wearable security device industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global wearable security device industry to benefit clients and increase the market sector. In recent years, the wearable security device industry has offered some of the most significant advantages to market. Major players in the wearable security device market attempting to increase market demand by investing in research and development operations include Apple, Google, Fitbit, Samsung, Amulyte, Bear tek, Carre technology, Cool shirt systems, Electricfoxy, Emotiv systems, Epson America, Ever find, Garmin, Intel and LG electronics.

Epson gives people all across the world the tools to create, share, and capture their creativity. The possibilities in visual communications, robotics, sensing, and corporate and commercial digital imaging are endless thanks to Epson technologies. Epson uses its cutting-edge technologies as a global innovator in industries like sports, fashion, augmented reality, and personal healthcare. Its offices can be found across the Middle East, Africa, Europe, the Americas, Asia, and Oceania.

Global positioning system (GPS)-capable hand-held, portable, and fixed-mount equipment are designed, developed, manufactured, and marketed by Garmin Ltd. For the automotive/mobile, outdoor, fitness, maritime, and general aviation segments, the business also provides navigation, communications, and information devices. Quickdraw, ECHOMAP, Force, Instinct, inReach, EmpirBus, Navionics, Montana, Rino, Fusion, Garmin Connect, Connect IQ, and Vivofit are some of the brands under which it sells products. Through a network of independent dealers, independent retailers, distributors, installation and repair businesses, and original equipment manufacturers (OEMs), Garmin offers GPS receivers and accessories to retail establishments as well as aviation products to aviation dealers and aircraft manufacturers.

Key Companies in the wearable security device market include

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  Apple

  
  


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  Google

  
  


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  Fitbit

  
  


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  Samsung

  
  


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  Amulyte

  
  


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  Bear tek

  
  


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  Carre technology

  
  


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  Cool shirt systems

  
  


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  Electricfoxy

  
  


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  Emotiv systems

  
  


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  Epson America

  
  


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  Ever find

  
  


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  Garmin

  
  


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  Intel

  
  


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  LG electronics

  
  

Wearable Security Device Industry Developments

August 2021: The unveiling of Fitbit Luxe and Fitbit Luxe Special Edition smart trackers, which include jewelry-inspired designs and cutting-edge sensor technology, was announced by Fitbit. This tracker allows you to measure your heart rate variability, breathing rate, resting heart rate, and other parameters.

May 2020: Through the release of the Bluetooth emergency pendant, BR1-WRTSB, Climax Technologies unveiled its tiny wireless panic button. This gadget was created to enable customers to quickly call for assistance in an emergency both inside and outside the home with the help of smartphone applications.

Wearable Security Device Market Segmentation

Wearable Security Device Product Type Outlook (USD Billion, 2018-2032)

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  Smart Watches

  
  


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  Smart Jewelry

  
  


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  Smart Shoes

  
  

Wearable Security Device Operating System Outlook (USD Billion, 2018-2032)

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  iOS

  
  


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  Android

  
  

Wearable Security Device Connectivity Outlook (USD Billion, 2018-2032)

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  Bluetooth

  
  


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  Wi-Fi

  
  


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  RFID

  
  

Wearable Security Device Regional Outlook (USD Billion, 2018-2032)