Smart Personal Safety and Security Device Market Size, Share, Growth, and Industry Analysis, By Type (Hardware Devices, Software Systems and Others), By Application (BFSI, Healthcare, Telecommunication, Defence, Consumer Electronics and Others) Regional Forecast By 2031

Updated On: 08 April 2024

Smart Personal Safety and Security Device Market Report Overview

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The global smart personal safety and security device market size is USD 35390 million in 2022, as per our research, the market is projected to touch USD 67181.92 million by 2031, exhibiting a CAGR of 7.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the smart personal safety and security device market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Smart personal safety and security devices are pieces of equipment designed for individual usage to keep people safe from potential physical harm. These devices can be used to provide alarms in the event of an intruder attack or for other difficulties regarding internal health in the event of changes in body vitals. Personal alarms are portable devices that provide loud notifications when turned on or activated. It can be particularly useful in the event of an attack or other life-threatening emergency.

The global market is quickly expanding, and it covers a wide range of electrical and networking devices used for personal security and safety. The gadgets can provide real-time information and make use of advanced technologies such as Bluetooth, Wi-Fi, and the Global Positioning System. (GPS). They capture information about the wearer, including as movement, location, and other actions. Wearable devices, personal alarms, home security systems, and GPS trackers are among the most regularly utilised technologies.

COVID-19 Impact: The Pandemic Promoted Awareness Among Consumers and Upsurged the Market Growth

The healthcare sector is expected to grow at the fastest rate, accounting for more than half of the global market share in 2022. The previous years' rise was driven by increased customer demand for personal safety equipment as a result of the hysteria produced by Covid-19 and its aftereffects. Furthermore, customers are more aware of the various options accessible in the market across price ranges, implying that consumer reach is greater than ever before.

LATEST TRENDS

"Innovation in Product Developments and Smart Devices to Advance the Market Growth"

Increasing advancements in smart devices with advanced functionality, as well as creative product improvements in the wrist and neck wear categories, are driving market expansion. Because GPS technology is used in a variety of security devices and applications. GPS technology is used in SOS messages. The use of smart gadgets such as a smart helmet, a smart mouth guard, a smart knee guard, personal alarms, safety jewelry, paper spray, hidden cameras, video and audio recorders, and so on. Furthermore, the increasing usage of personal security tools and IoT-based smart devices, as well as the development of new advanced communication technologies, is boosting market expansion.

Smart Personal Safety and Security Device Market Segmentation

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• By Type Analysis

Based on type, the smart personal safety and security device market is subdivided into hardware devices, software systems and others.

• By Application Analysis

Based on the applications, the smart personal safety and security device market is subdivided into BFSI, healthcare, telecommunication, defence, consumer electronics and others.

DRIVING FACTORS

"Growing Safety Awareness at Individual Level and by Government to Amplify the Market Share"

The global smart personal safety and security device market is expected to expand due to rising public awareness of the benefits of using such devices in the event of a personal emergency. Crime is increasing at an alarming rate around the world. According to the census, there are around 2.5 million burglaries committed worldwide each year. These offences range from minor thefts to more heinous or unforgivable acts. As a result, more people are taking proactive measures to ensure that they are well-prepared to deal with such circumstances on their own.

Personal safety has been increasingly important in recent years, leading in increased adoption of equipment that enable individuals to deal with unpleasant situations. Furthermore, given the increasing actions implemented by governments to improve personal security, governments are likely to play a critical role in assisting the global market to grow at a high CAGR.

"Rapid Growth in the Smart Wearables to Advance the Market Share"

The growing use of smart wearables for personnel safety in industrial settings may influence market demand for smart Personal Safety and Security Devices. According to Cisco Systems' estimate, the number of connected wearable devices is expected to reach 1105 million by 2022, up from 593 million in 2018. This is evidenced by the growing consumer preference for linked wearables, which provide early threat alerts and emergency aid in times of need while also obtaining real-time information through location/GPS tracking. As a result, the increasing adoption of smart wearables for staff safety will generate enormous prospects for smart personal safety and security device market expansion during the forecast period.

RESTRAINING FACTORS

"Failure of Connectivity and the High Cost of Devices to Restrain the Market Growth"

The rapid adoption of various safety software apps by consumers is driving the market expansion. However, the high initial cost of personal safety and security systems is a major impediment to market expansion. In addition, a lack of awareness of these devices in poorer countries may stifle market expansion. Furthermore, a breakdown of internet access may stymie the smart personal safety and security device market growth.

Smart Personal Safety and Security Device Market Regional Insights

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"North American Region to Lead  With Presence of Key Players and Increasing Adoption"

In 2021, North America held the greatest smart personal safety and security device market share. The United States and Canada are significant contributors to the region's market growth. This is due to the presence of smart device manufacturing companies. Increasing user knowledge of personal safety and security. In May 2018, REVOLAR, the global leader in the personal safety device industry, and New York-based brand, CERIMANI, creators of truly unique and elegant jewelry, announced the formation of a new partnership to introduce an innovative line of jewellery designed to encase the REVOLAR Instinct-a multi-featured personal safety device-within a beautifully handcrafted locket designed by Cerimani.

KEY INDUSTRY PLAYERS

"The Prominent Players Contributing in the Market Growth"

The market for smart personal safety and security device is expected to profit from the industry participants' continued strategic alliances. This fundamentally encompasses collaboration between product and service suppliers and the healthcare community. If both sides collaborate to establish a system that benefits all related stakeholders, including patients, there is a lot of room for growth. In addition, the growing number of government cooperation to increase personal security is a significant chance for growth.

List of Market Players Profiled

• DAQRI (U.S.A)
• Force Impact Technologies (U.S.A)
• Ericsson (Sweden)
• iBeat (U.S.A)
• Fitbit (U.S.A)
• UnaliWear (U.S.A)
• Honeywell International (U.S.A)
• General Electric (U.S.A)
• Revolar (U.S.A)
• Safelet (The Netherlands).

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.