NEW
YORK, July 3, 2024 /PRNewswire/ -- The global
personal safety tracking devices market size is estimated to grow
by USD 846.4 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 11.06% during the forecast period. Increasing product launches
is driving market growth, with a trend towards growing popularity
of two-way voice communication-based personal safety tracking
devices. However, the increasing availability of substitutes poses
a challenge. Key market players include AllsWell LLC, Amber Alert
GPS Inc., Angel Sense Ltd., BrickHouse Security, Cosmo Technologies
Inc., Globalstar Inc., GTX Corp., Hareau SAS, KJB Security Products
Inc., Letstrack Tech Pvt. Ltd., Location Based Technologies Inc.,
Racelogic, Shenzhen Concox Information Technology Co. Ltd., Spytec
GPS Inc., T Mobile US Inc., TheSecurityDevice, Tile Inc., Trackimo
Inc., and Trakbond.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Personal Safety
Tracking Devices Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
11.06%
|
Market growth
2024-2028
|
USD 846.4
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
9.67
|
Regional
analysis
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
40%
|
Key
countries
|
US, China, Germany, UK,
and Canada
|
Key companies
profiled
|
AllsWell LLC, Amber
Alert GPS Inc., Angel Sense Ltd., BrickHouse Security, Cosmo
Technologies Inc., Globalstar Inc., GTX Corp., Hareau SAS, KJB
Security Products Inc., Letstrack Tech Pvt. Ltd., Location Based
Technologies Inc., Racelogic, Shenzhen Concox Information
Technology Co. Ltd., Spytec GPS Inc., T Mobile US Inc.,
TheSecurityDevice, Tile Inc., Trackimo Inc., and
Trakbond
|
Market Driver
Personal safety tracking devices with two-way voice
communication are gaining popularity due to their added benefits.
These devices enable end-users to raise alerts instantly during
emergencies and communicate with their families or emergency
services. They are particularly useful for individuals who are
prone to wandering or have health conditions that require constant
supervision. With features like showerproof panic buttons and
pre-programmed phone numbers, these devices offer peace of mind and
convenience. The market for personal safety tracking devices is
expected to grow significantly due to the increasing demand for
advanced safety features.
The Personal Safety Tracking Devices market is experiencing
significant growth with technologies like Geofencing, Real-time
monitoring, and Emergency response systems gaining popularity.
Devices such as wearables, mobile apps, and personal locators are
in high demand due to increasing concerns for personal safety.
Usage statistics show an upward trend in the adoption of these
devices, particularly among the elderly and children. Additionally,
advances in cellular and satellite technology have enabled devices
to function effectively in remote areas. The market is further
expected to grow with the integration of Artificial Intelligence
and Machine Learning for predictive analysis and improved user
experience. Overall, the Personal Safety Tracking Devices market is
a thriving industry that prioritizes security and convenience.
Research report provides comprehensive data on
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Market Challenges
- The personal safety tracking devices market may face challenges
due to the introduction of multifunctional smartwatches and shoes.
These devices offer real-time location tracking and additional
benefits, such as activity monitoring and SOS alerts. Parents can
use smart shoes to track their children's locations and set virtual
boundaries. New variants of smartwatches with GPS trackers and SOS
buttons pose competition to personal safety tracking devices. As a
result, the sales of personal safety tracking devices may decline
during the forecast period.
- The Personal Safety Tracking Devices market faces several
challenges. Uses of these devices include emergency response,
monitoring, and location tracking. However, ensuring
techno-functionality and user-friendliness are key challenges.
Usage of advanced technologies like geofencing, real-time
monitoring, and AI-based analytics are essential but require
significant investment and technical expertise. Additionally,
ensuring data privacy and security is crucial to gain consumer
trust. Battery life and affordability are also significant
challenges. Balancing features, functionality, and cost is
essential to cater to various consumer segments. Furthermore,
regulatory compliance and interoperability with emergency services
and other devices are ongoing challenges.
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challenges - Request a sample report!
Segment Overview
This personal safety tracking devices market report extensively
covers market segmentation by
- Technology
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 GPS- Personal Safety Tracking Devices market refers
to the sales and distribution of devices that help individuals
monitor and protect their safety. These devices, which include
wearable tech and mobile apps, use GPS technology to locate users
in real-time and alert emergency services in case of distress.
Companies in this sector focus on developing user-friendly
interfaces and reliable connectivity to ensure customer
satisfaction and trust. The market is expected to grow due to
increasing safety concerns and technological advancements.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Personal Safety Tracking Devices market encompasses a range
of compact and portable devices, including GPS-based and
Bluetooth-enabled wearables, that prioritize safety and security
for consumers. These devices offer real-time tracking and location
information, enabling authorized individuals to monitor the
whereabouts of elderly individuals, adults, and kids in emergency
situations. Advanced technologies such as two-way communication,
panic buttons, and encryption protocols ensure data security and
user privacy, preventing unauthorized access to sensitive
information. Mobile phones and smartwatches are popular choices in
this market, catering to diverse user needs and preferences.
Market Research Overview
The Personal Safety Tracking Devices market encompasses a range
of technologies designed to enhance individual security and
location monitoring. These devices, which include wearable tech and
mobile applications, employ various features such as real-time
tracking, emergency response systems, and geofencing. The market is
driven by increasing concerns over personal safety, particularly in
light of rising crime rates and the growing prevalence of
technology-enabled threats. Additionally, advancements in sensor
technology and the integration of artificial intelligence and
machine learning algorithms are fueling innovation in this space.
Overall, the Personal Safety Tracking Devices market is poised for
significant growth as consumers seek peace of mind and increased
protection in their daily lives.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Technology
-
- Distribution Channel
-
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio