Smart Personal Safety Market – Led by growing security threats and smart devices! (SARS-CoV-2, Covid-19 Analysis)
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Smart Personal Safety Market. The growth sectors of the Smart Personal Safety Market are identified with precision for a better growth perspective.
Personal safety devices afford safety by tracking the user location and sending emergency alerts in case of threat and are available in forms of bracelets, smart watch, key rings, and other forms. The global smart personal safety and security device market is expected to generate a staggering 13% CAGR in the forecast period 2016 to 2023.
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Market Dynamics of Smart Personal Safety and Security Device Market:
Drivers
Growing threat due to criminalization of society, growing sexual assaults on women, date rapes, distance travelling and others is the most critical factor driving the market. Rising chronic diseases such as diabetes, hypertension, asthma and others are the clinical drivers of the market.
Technological developments such as growing network availability, improvements in tracking technology, internet of things, smart wearable devices with advanced features and technological convergence are driving the market. Growing analytics and increasing women workforce is another driver intended to result in greater acceptance of the market for smart personal safety and security devices.
Restraints
Lack of awareness and high cost of the devices are the most critical restraints of the market. Other restraints are faster technological obsolescence, large market fragmentation and the resultant pressures on profit margin, large operating expenses of device manufacturing companies due to greater inventory costs.
The poor information technology infrastructure of the law enforcement agencies is further a constraint on the market.
Segmentation of Smart Personal Safety and Security Device Market:
Type - smart personal safety and security
Component - hardware and software.
Technology - sensor, network, navigation
End-users - BFSI, healthcare, telecommunications, consumer electronics and others.
Major players of Smart Personal Safety and Security Device Market:
General Electric, Ericsson, DAQRI LLC, Force Impact Technologies, UnaliWear Inc., Inc., Honeywell International, iBeat, Revolar Inc., Fitbit, and Safelet B.V. and others.
Industry trends
Mobile phones apps is the fastest growing trend as demonstrated by apps such as Life360, which allows family members to track each other and alert each other in case of leave or arrival at a specified location.
Healthcare is the hottest arena and is ripe with partnerships. For example, Huawei partnered with Australian healthcare software solutions provider mCareWatch to evolve Australia’s first 4G Sim-enabled wearable, the Huawei Watch 2. The Huawei Watch 2 offers elderly and disabled an alert system in case of emergency such as diabetes, blood pressure and heart disease. mCareWatch also includes GPS tracking, one-touch SOS alerts, geo-fencing, non-movement alerts, on-demand auto-calling/check in prompts, and customized medication reminders.
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