Smart Personal Safety and Security Device Market Trends

Growth Drivers

• Growing Importance of Personal Safety- The smart personal safety and security device market is expected to grow as people become more aware of the advantages of using these devices when they are in a state of emergency. The world is waking up to an alarming rate of crime. According to The Zebra, there are around 2.5 million cases of burglary every year in the world. This has encouraged people to take proactive steps in order to be adequately equipped with the ability to deal with such situations by themselves. For example, in the US, more than 61% of households have installed some kind of security system to protect their loved ones from attacks or intruders as of 2022.
• Growing Concerns Regarding Women and Children Safety-The growth of the smart personal safety and security device market is due to factors such as the increasing adoption of personal safety apps among working mothers, a sharp rise in crime against women, and so on. Therefore, stringent governmental rules to protect women & children from abuse are anticipated to enhance market growth. For example, in September 2020 the Central Government introduced a 112 Emergency Response Support System and an App for providing unified number-based assistance while responding to emergencies in India.
• Surging Product Launches in the Market- There has been due rising product launches and other innovations by major market players. On the other hand, Forcite launched its Smart Bike Helmet MK1, which is equipped with a handlebar-mounted control unit integrated into an intercom system, Bluetooth connectivity, and VOIP in July 2019. In order to ensure better rider safety, these helmets use an LED strip system to connect visually to the periphery of the visual field.

Challenges

• Limited Battery Capacity to Restrict the Growth of the Smart Personal Safety and Security Device Market - There are a lot of smart personal security devices that run on batteries, and this applies to electronic devices in general. In addition, the limited battery capacity on every battery-powered device means that they are going to run out of power after several hours of use. Users may find it distracting to continuously charge the device since it is useless in case there is no power to help it perform. Also, consumers who live in areas where power is insufficient to charge devices which is a deterrent factor will not be able to accept these devices.
• Risks Associated with Personal Safety Software
• Traditional Security Measures Preferred by the People