Smart Personal Safety and Security Device Market Segmentation by Device Type [Smart Personal Safety {Smart Helmets, Smart Mouth Guards, Smart Knee Guards, and Others} and Smart Personal Security {Wearable Devices (Pendants, Bracelets, Rings, and Others); and by End-User – Global Demand Analysis and Opportunity Outlook 2030
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The global smart personal safety and security device market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The growth in crime rates, especially against women and children, along with the advancements in communication technology, is expected to fuel the growth of this market. The safety & security of women and children has always been an issue even after many technological advancements. With the arrival of the internet of things (IoT), many smart solutions for enhancing the security & safety of the users are being developed on a global level. The smart personal safety & security devices use sensors to alert the authorities and family through messages & audios about the immediate threat to the security of the user. Some devices even have the option of generating shockwaves to incapacitate the perpetrator temporarily. Along with this, smart personal safety devices also find their use amongst the defense forces to ensure safety during their operations. This is estimated to boost the market growth.
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The growth of the market can also be attributed to factors, such as, the shift in customer preferences towards the adoption of smart security wearables and the growing developments in wrist and neck wearables. These smart wearables include rings, bracelets, pendants, & other devices. They have wireless technology for connecting to the internet. According to the data collected from the World Bank, in 2018, the prevalence of intentional homicides was 5 per 100,000 population for the U.S. This number was almost four times in Latin American countries. The necessity for ensuring the safety and security of the end-users by controlling crime rates is expected to contribute significantly to market growth.
The market is segmented on the basis of device type into smart personal safety and smart personal security, out of which the smart personal security segment is anticipated to grab the largest share by the end of 2021 on account of its growing applications. The surge in demand, as smart personal security devices have a wide range of applications, including wearable devices, bulletproof bags, personal alarms, panic buttons, and others, is also projected to contribute to the growth of the segment during the forecast period. On the basis of end-user, the consumer segment in the global smart personal safety and security device market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the increase in the crime rates and consequent rise in the need for these devices for personal uses. Moreover, these devices can also be potentially deployed for personal healthcare monitoring.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising crime rates and high defense expenditures by the developing countries in the region, such as India and China. According to the World Bank, in 2018, the prevalence of intentional homicides for India was 3 out of every 100,000 individuals, whereas the same for Afghanistan was 7, and Bangladesh was 2. The need to control these criminal cases, combined with government initiatives and increasing adoption of IoT are expected to boost the demand for smart personal safety & security devices, which is expected to contribute to the market growth in the region.
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the high emphasis on personal safety & security and the greater awareness about the use of smart personal safety & security devices in the region. Along with this, North America also leads in terms of favourable regulatory policies, which is also expected to contribute to the market growth in the region.
Alternatively, the market in Latin America is also anticipated to occupy a significant share in the market by the end of 2030, on account of high crime rates in the major countries, such as, Brazil, Chile, and Argentina. As per the report of World Bank on prevalence of intentional homicides, Brazil had one of the highest rates of 27 out of every 100,000 individuals in 2018.
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The global smart personal safety and security device market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart personal safety and security device market includes the following segments:
Ans: The growth in crime rates, especially against women & children and the advancements in communication technology are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: The high initial costs and lack of awareness about the devices in low- and middle-income regions are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the rising crime rates and high defense expenditures by the developing countries in the region.
Ans: The major players dominating the smart personal safety and security device market are FIT Inc., Telefonaktiebolaget LM Ericsson, General Electric, and Fitbit, Inc., among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by device type, end-user, and region.
Ans: With respect to end-user, the consumers’ segment is anticipated to hold the largest market share owing to the increase in the crime rates and consequent rise in the need for these devices for personal uses.
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