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 and Security Device Market . The growth sectors of the Smart Personal Safety and Security Device 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.
Market Dynamics of Smart Personal Safety and Security Device Market:
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.
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.
Regional analysis of Smart Personal Safety and Security Device Market:
North-America is the leader in the global high personal safety and security device market with the U.S. leading the region. The U.S. is also infamous as one of the top most countries for rape cases and largest number of prison inmate’s population. Europe is the second largest market for smart personal safety and security device led by France, Germany and U.K. The greater awareness concerning personal safety and security and the large per capita income is the most important driver of the market for the developed regions of North America and Europe.
The Asia-Pacific region is led by Japan, China and India on basis of their large demand and growing economy. The Middle East and Africa is expected to drive a moderate growth. The African market is expected to be a cost sensitive market due to its lower per capita income and poor connectivity.
Smart Personal Safety And Security Device Market is anticipated to grow at 13% CAGR through the…
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