Smart Personal Safety And Security Device Market

The global Smart Personal Safety And Security Device Market was valued at USD 41.6 Billion in 2022 and is projected to reach a value of USD 72.6 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.3% between 2023 and 2030.

Premium Insights

The global market is expanding rapidly and comprises many electronic and networking devices for personal safety and security. This equipment protects the proprietor from externally hazardous or undesirable situations and occurrences. The devices can provide real-time data and employ cutting-edge technologies such as Bluetooth, Wi-Fi, and Global Positioning System (GPS). They collect information about the wearer, such as the person's movements, location, and other activities. Wearable devices, personal alarms, home security systems, and GPS trackers are some of the most frequently employed devices. Individuals wear devices that aid in monitoring and recording vital information, such as body vitals. The system can alert the appropriate authorities whenever it detects deviations from the norm.

In modern times, a heightened emphasis on personal safety has led to the adoption of devices that equip individuals to handle unforeseen circumstances. As of 2022, more than 61% of homes in the United States had a security system installed to protect family members from attacks or intruders. Moreover, governments are anticipated to play a crucial role in facilitating the global industry's high CAGR growth, given their increasing efforts to promote personal security. Intelligent personal safety devices play a significant role in ensuring the complete safety of market end-users. These devices are loaded with features, such as user-friendly operation, that cater to the target audience's need to assess and monitor the impact and accuracy of the figures provided by these devices. In addition, these devices cater to the growing demand in various disciplines and applications, such as sports. Widespread demand for these products from outdoor enthusiasts is anticipated to drive the Smart Personal Safety And Security Device Market during the forecast period.

Smart security devices can conceive, transmit, and receive emergency messages from and to nearby individuals simultaneously. As part of their growth strategies, market participants in the Smart Personal Safety And Security Device market are developing new features and devices that will instill end-users with confidence in the veracity of data generated during the period. For example, Smart Personal Safety And Security Device market participants have recently developed smart helmets with a flexible inner layer. The presence of this layer in helmets enables them to perform safety functions such as functioning as a hard surface and shock absorber in the event of a traumatic impact.

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Economic Insights

Russia launched a full-scale invasion of Ukraine on February 24th, 2022. The ongoing conflict, directly and indirectly, impacts various sectors of the economy. Sanctions have been imposed on the Russian economy by eliminating Russian goods from various global trades. Since Russia controls a good portion of the oil supply to the European continent, the sales of oil and gas accounting software have remained strong within the Russian continent. Ukraine has many natural gas reservoirs; increased sales of such solutions have been observed during the conflict period. However, as the war intensifies, increased efforts will be made to procure natural resources.

Top Market Trends

1. Growing Inclination Towards Advanced Smart Wearables: A preference for advanced smart wearables or connected wearable devices can also be viewed as a major factor driving the growth of the public safety and security market. This market expansion can be attributed to several factors, such as growing consumer shifts toward smart wearables such as smartwatches, smart bands or bracelets, and rising smartphone penetration. Government initiatives to enhance women's safety through the free dissemination of wearable panic buttons and increased criminal incidents such as roadside/street harassment and abuse will propel the market forward. A significant number of R&D activities about personal safety wearable accessories and the use of smart wearables for personnel safety in industrial environments can influence market demand. Cisco Systems predicts that connected wearable devices will reach 1,105 million by 2022, up from 593 million in 2018. This demonstrates the increasing consumer preference for connected wearables that provide real-time information from location/GPS tracking, early threat alerts, and emergency assistance in times of need. TELUS introduced TELUS SmartWare Security in April 2022 as a discrete wearable accessory capable of providing customers with emergency support, 24/7 monitoring, and peace of mind no matter where they are. This personal safety device disguised as a piece of jewelry or key charm, which can be easily managed via a smartphone application, was designed to provide fast access to notifications or updates. Double-clicking this device during emergencies will notify the user's five pre-selected emergency contacts or attach them to the company's 24-hour monitoring team. In the near future, these factors are anticipated to contribute to expanding the global market for smart personal safety & security devices.
2. Increasing Instances Towards Women & Children: Women's and children's safety concerns due to rising violence, assault, and related crimes are one of the key factors driving the market's growth for smart personal safety & security devices. The market expansion has been attributed to various factors, including a rapid increase in crime rates against women and a growing emphasis on or adoption of personal safety applications by working women. Increased R&D activities related to mobile applications for women's safety and rising demand for pepper spray cameras among working women and college women may contribute to the market's long-term expansion. The Central Government launched the 112 Emergency Response Support System (ERSS) and app in September 2020 to provide women in distress with emergency assistance via a single number. This system was designed to emphasize the safety and security of women, and it is accessible via the mobile application '112 India' on any smartphone. With the aid of the Nirbhaya Fund, the Indian government established 684 one-stop centers for women afflicted by violence. In the first eight months of 2022, the National Commission for Women (NCW) received approximately 19,953 reports of crimes against women, a 46% increase compared to the same period in 2020. These complaints included violations of the decorum of women, as well as molestation, rape, and attempted rape. Government campaigns emphasizing women and child safety awareness, a growing emphasis on women's empowerment, and an increase in self-defense training programs for women and children will increase the demand for intelligent personal safety and security devices. The long-term growth of the Smart Personal Safety & Security Device industry can be attributed to the important factors mentioned earlier.

Market Segmentation

The global Smart Personal Safety And Security Device market can be segmented into Product, Type, Technology, Industry, and Region. Based on Product, the market can be categorized into Finger Wear, Head Wear, Neck Wear, and Other Products. Additionally, based on Type, the market can be split into Safety Devices and Security Devices. Moreover, based on Technology, the global market can be differentiated into Networking, Positioning, Sensor, and Speech Recognition. Additionally, based on Industry, the market can be broken down into BFSI, Healthcare, Telecommunication, Defense, and Consumer Electronics. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

Safety Devices to Account for Largest Market Share Owing to Rising Product Launches

Safety devices are expected to occupy the largest market share during the forecast period. The market expansion has been attributed to factors such as the high R&D expenditures associated with smart helmets and the significant shift of consumers towards smart personal safety or technologically advanced products. Integration of speech recognition or voice-activated technologies, biometric authentication, and others, and the increasing adoption of personal safety devices, such as pepper spray cameras by working professionals, can all contribute to market expansion. In April 2022, Forcite announced the release of the MK1S smart helmet, based on the award-winning MK1 helmet, and intended to incorporate other smart technology into the riding experience. This helmet has an innovative road alert ecosystem that allows motorcyclists to receive alerts for navigation, speed traps, mobile cameras, and real-time traffic conditions via the company's smartphone app. Designed to be non-distracting, this system enables riders to improve their ride with intelligent technology while maintaining their eyes on the road ahead, thereby ensuring rider safety. These developments will have a long-term impact on the evolution of the smart safety device industry.

Based on Technology

Networking Devices to Dominate Market Owing to Wider Connectivity Options

Smart Personal Safety And Security Devices typically make use of networking technologies. By connecting to the internet, these gadgets gain access to many new features and functions made possible by networking technology. With the help of networking technology, these gadgets may be managed from afar with the help of a smartphone app, allowing instantaneous notifications and alarms. Incorporating other technologies, including sensor technology and speech recognition, into these devices is made possible by networking technology. The proliferation of internet-connected gadgets and smart homes/home automation systems has contributed to the popularity of networking technology in smart personal safety/security equipment. Networking technology is expected to be essential to smart personal safety and security gadgets as their use becomes more widespread.

Based on Industry

Healthcare to Accommodate Largest Revenue Due to Rising Need for Security During the Pandemic

The healthcare sector dominated the global market for smart personal safety & security devices in 2022 and is projected to maintain its dominance throughout the forecast period. This market expansion can be attributed to the rising demand for personal protective equipment in the wake of the COVID-19 pandemic and the expanding use of smart wearables for medication reminders, fitness tracking, blood oxygen monitoring, and other applications. A rapid increase in the adoption of smart safety gloves, smart eyewear, smart apparel, and many others by healthcare professionals, as well as government efforts to improve healthcare services while emphasizing worker safety & security, will contribute to the market's growth in the long run. In June of 2021, Gales announced the launch of innovative antimicrobial, waterproof, and slip-resistant Smart PPE Footwear for healthcare workers. This protective PPE footwear was developed to provide the utmost levels of affordability, safety, cleanability, comfort, and infection control. As part of its development, Gales surveyed healthcare professionals in 89 medical facilities, revealing that approximately half (52%) of surveyed nurses were extremely concerned about exposure to infection in their workplace, followed by 54% concerned about bringing disease home to their families or residences. In the near future, these factors will contribute to expanding the global market for smart personal safety & security devices for homeland security.

Based on Region

North America to Exert its Dominance due to Rising Prevalence of Chronic Disorders

North America dominated the global smart personal safety & security devices market with a dominant share in 2022. This was due to several factors, including a rise in criminal activities such as roadside harassment and assaults and many product development activities by market players. Increasing consumer awareness of personal safety and security and government initiatives to improve workplace safety standards have also expanded the market. GTX Corp, a US-based health and safety wearable technology provider, announced the launch of a Smart Face Shield as an addition to its Personal Protective Equipment (PPE) offering in May 2020. Equipped with an NFC sensor, it could track how often the shield was worn, by whom, the last time it was cleaned, and a host of other vital safety-related data. In addition, high R&D expenditures on smart helmets, elegant pendants, personal emergency alarms, and the increasing adoption of wearable technologies can contribute to the market expansion in the region. These factors will alter the outlook for the North American smart personal safety & security device industry in the long term.

After North America, Europe is the second-largest market for intelligent personal safety and security devices. The expansion of the European market is primarily attributable to rising concerns about personal safety and security, particularly in countries such as the United Kingdom, France, and Germany. The increasing adoption of smart home technology and the rising demand for peripheral devices also expand this region's market. In addition, the presence of major manufacturers and suppliers of Smart Personal Safety And Security Devices and the rising investment in research and development are anticipated to stimulate the growth of the European market.

Competitive Landscape

It is crucial to develop a comprehensive and in-depth understanding of the Smart Personal Safety And Security Device market to develop a competitive landscape of the various valuable actors in different market locations worldwide. All market participants engage in global competition on the international market by employing various strategies, including product launches and enhancements, mergers and acquisitions, and partnerships. Major market participants include Force Impact Technologies Inc., Honeywell International Inc., Ericsson, and Daqri, LLC.

The key players in the global Smart Personal Safety And Security Device market include - 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.) among others.

Recent Market Developments

• April 2022: Flare, a brand of safety bracelets introduced in February 2021, initiated a personal safety movement to dispel safety stereotypes and misconceptions. Through a Bluetooth-connected program, the Flare smart technology bracelet provides several safety features.
• May 2021: Teledyne FLIR has announced the availability of ruggedized advanced smart sensor-equipped thermal cameras A500f/700F for fire detection and high-temperature monitoring in harsh environments, with onboard analytics and alarm capabilities. These features are ideal for the early detection and monitoring of industrial accidents.
• January 2021: Fitbit announced the launch of the Fitbit Luxe Special and Fitbit Luxe and Edition smart trackers, which feature jewelry-inspired designs and sophisticated sensor technology. This device provides monitoring of heart rate variability, respiration rate, heart rate at rest, and other parameters.

Segmentation of the Global Smart Personal Safety And Security Device Market