Press release
Empowering Personal Safety with Smart Security Devices
According to The Business Research Company's, The smart personal safety and security device market size has grown rapidly in recent years. It will grow from $5.52 billion in 2023 to $6.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to increasing use of smart wearables, increasing demand for personal safety and security device, growing concerns regarding women and children safety, spread of false information, rising demand amongst various fields and applications like sports, increasing adoption of personal safety apps.
The smart personal safety and security device market size is expected to see rapid growth in the next few years. It will grow to $9.41 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to growing demand for IoT, increasing penetration of smart phone related applications, rising crime rates, growing government initiatives to improve women's safety. Major trends in the forecast period include product innovation, integration of GPS tracking technology, advances in information communication technology, development of intelligent solutions, growing strategic partnerships.
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Market Drivers and Trends:
The rising crime rate is expected to propel the growth of the smart personal safety and security device market going forward. The rise in crime rates is due to weak or corrupt law enforcement agencies, lack of resources, or ineffective policing strategies that can fail to deter criminal behavior and enforce laws effectively. Smart personal safety and security devices serve as proactive measures in crime prevention by increasing surveillance, enhancing response capabilities, and empowering individuals to take control of their safety. For instance, in March 2023, according to a report issued by the Federal Bureau of Investigation, a US-based law enforcement agency, reported hate crime incidents increased 11.6% from 8,120 in 2020 to 9,065 in 2021. Therefore, the rising crime rate is driving the growth of the smart personal safety and security device market.
Major companies in the smart personal safety and security device market are focusing on innovations such as personal safety alarms to enhance individual security and well-being. A personal safety alarm is a portable device designed to emit a loud, attention-grabbing sound when activated. For instance, in October 2023, Swann Security, a US-based provider of security solutions, launched the Swann ActiveResponse personal safety alarm. This alarm stands out as a compact and intuitive device, providing unmatched peace of mind whether one is at home, on the move, or in transit. With the integration of an ActiveResponse plan, the siren or button press can, via Bluetooth and the connected phone, notify up to five selected contacts and/or Swann's monitoring center and local authorities with an SMS containing the user's GPS location. It is versatile in terms of carrying possibilities, as it can be handled, stored in a pocket or bag, worn as a necklace, or attached to keyrings, handbags, school bags, and backpacks.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd., Schneider Electric SE, Honeywell International Inc., 3M Company, Koninklijke Philips N.V., Rockwell Automation Inc., Adt Inc., Fitbit Inc., Uvex Group, Arlo Technologies Inc., GreatCall Inc., Buddi Limited, Daqri LLC., Ergodyne Corp, BrickHouse Security Company, Revolar Inc., Safelet B.V., Vuzix Corporation, Force Impact Technologies Inc., Noonlight Inc., Lockly, Careline 365, Jarvish Inc., KJB Security Products Inc., Trackimo LLC, Unaliwear Inc., 100Plus Inc.
Smart Personal Safety And Security Device Market 2024 Key Insights:
• The smart personal safety and security device market size is expected to see rapid growth in the next few years. It will grow to $9.41 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• Smart Personal Safety And Security Devices Market On The Rise Amid Increasing Crime Rates
• Innovative Personal Safety Alarms Redefining The Smart Personal Safety And Security Device Market
• North America was the largest region in the smart personal safety and security device market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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