Global Smart Personal Safety & Security Device Market
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- Published date: February 8, 2021
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- Pune, Pune, Maharashtra, India
Global Smart Personal Safety & Security Device Market size was US$ XX Mn in 2019 and is expected to reach US$ XX Mn by 2027, at a CAGR of XX% during forecast period.
Market Definition Smart personal safety and security devices are the devices, which are used for self protection in order to avoid some critical incidents. It is used to trace and track user’s location by sending emergency alerts in the form of text messages or ring alarms. The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Market Dynamics Growing safety and security concerns for women’s, elder persons and children’s is the major driving factor behind the growth of market. Increasing innovations towards smart devices with advanced features and innovative product developments in wrist and neck wear segments are driving the growth of market. Furthermore, growing adoption of personal security tools and Iot based smart devices and introduction of new advanced communication technologies is another driving factor behind the growth of market. Moreover, rapid adoption of various safety software applications by users is driving the growth of market. However, high initial cost of personal safety and security devices is the major restrain factor that could hamper the growth of market. Also lack of awareness of these devices across the developing countries could hinder the growth of market. Furthermore, failure of internet connectivity could impede the growth of market.
Global Smart Personal Safety & Security Device Market: Segmentation Analysis By component, hardware segment dominated the market in 2019 and is expected to grow at CAGR of XX% during forecast period. This is owing to adoption of smart devices such as smart helmet, smart mouth guard, smart knee guard, personal alarms, safety jewellery, paper spray, hidden cameras, video and audio recorders. Additionally, software segment also expected to witness high growth during forecast period. Introduction of various Smartphone applications regarding safety and security concerns is driving the growth of market.
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