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The growing need for personal safety and security solutions drives a dynamic and rapid evolution in the wearable security device market. As consumers become more conscious of the danger to their data and the necessity of continuous monitoring, wearable security gadgets are considered a practical and efficient solution. Advancements, customer preferences, and regulatory developments shape the market dynamics.
The development of technology has a significant impact on how wearable security devices are positioned. Manufacturers can provide increasingly advanced and feature-rich products with sensors, connections, and battery life breakthroughs. Adding biometric authentication, GPS tracking, and real-time monitoring capabilities to these devices' standard features has increased their overall efficacy. The capabilities of wearable security devices are further enhanced by integrating AI and machine learning technology, making them more intelligent and user-responsive.
Consumer tastes can have a significant impact on market dynamics. Fitness monitoring and security features are becoming increasingly integrated into wearable technology as people become more conscious of their health and fitness. Customers are searching increasingly for gadgets that monitor their sleep patterns, track their fitness, integrate with smart home systems, and offer more functionality and safety. This convergence of features is compelling manufacturers to create multipurpose products that can meet a greater variety of consumer demands.
Furthermore, the regulatory environment greatly influences the market dynamics for wearable security devices. Governments and regulatory agencies are trying to set standards and guidelines for wearable security devices because they understand how important these devices are to maintaining public safety. The deployment and development of these devices are also influenced by privacy concerns and data protection legislation, which force manufacturers to prioritize strong security features and abide by data protection laws.
Businesses and organizations are integrating these devices into their security systems and individual customers. Wearable security gadgets are used by the hospitality, manufacturing, and healthcare sectors to monitor vital processes, increase worker safety, and strengthen security protocols.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Product Type, Operating System, Connectivity and Region |
Wearable Security Device Market Highlights:
Wearable Security Device Market Overview
Wearable Security Device Market Size was valued at USD 1.2 Billion in 2022. The wearable security device market industry is projected to grow from USD 1.27 Billion in 2023 to USD 2.027 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2032). Growing public awareness of home healthcare, a healthy lifestyle, and fitness is the primary market driver of the wearable security device market analysis. The market for wearable security devices has recently experienced a sharp increase. The population growth, rise in chronic disease, and development of medical devices are the main causes of this.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wearable Security Device Market Trends
Concerns about the safety of women and children is driving the market growth
One of the key factors propelling the growth of the wearable security device market is worries about the safety of women and children due to an increase in violence, assault, and associated crimes. The market's expansion has been linked to a number of factors, such as the sharp increase in crime rates against women, working women's increasing emphasis on or adoption of personal safety apps, etc. High R&D efforts linked to women's safety mobile applications by working women and university girls can also cater to its market expansion over time. Strict government regulations are in place to safeguard women and children from assault. Government campaigns aimed at raising awareness of women's and children's safety, a growing focus on women's empowerment, and an increase in self-defense classes for women and kids will all contribute to an increase in demand for wearable security device. On the whole, these elements can be regarded as crucial to accelerating the development of the wearable security device market.
Furthermore, a significant factor fueling the market expansion for public safety and security may also be attributed to a preference for cutting-edge smart wearables or linked wearable devices. This market expansion is linked to a number of variables, such as increased consumer preference for smart wearables like smartwatches, smart bands or bracelets, and others, rising smartphone penetration of applications, and so on. The market will grow as a result of government attempts to increase women's safety through the free distribution of wearable panic buttons and an increase in criminal activity such as street harassment and abuse. The market's needs may be influenced by a sizable number of R&D projects including wearable security device in industrial settings as well as personal safety wearable items. The number of linked wearable devices is anticipated to increase from 593 million in 2018 to 1105 million by 2022, according to Cisco Systems. This demonstrates the growing consumer appetite for connected wearables that can track their whereabouts in real time, provide emergency aid when needed, and notify users to potential threats. TELUS introduced the TELUS SmartWare Security in April 2022 as an addition to the range of discrete wearable accessories that can offer consumers peace of mind and emergency support around-the-clock. These elements are expected to contribute to the growth of the wearable security device market revenue globally in the near future.
Wearable Security Device Market Segment Insights
Wearable Security Device Product Type Insights
The global wearable security device market segmentation, based on product type, includes Smart Watches, Smart Jewelry and Smart Shoes. The smart watches category generated the most income. Basic and sophisticated watches are sold on the global market. Basic smartwatches are straightforward gadgets that often only provide the ability to tell the time, whereas more sophisticated models could include a variety of fitness monitoring features as well as smartphone notification support.
Wearable Security Device Operating System Insights
The global wearable security device market segmentation, based on operating system includes iOS and Android. The iOS segment dominated the market. Apple sold 9.5 million Apple smart watches in the first quarter of 2022, which enabled the company to create new products that expanded market share and gave customers more options. In the first quarter of 2022 compared to the first quarter of 2021, this allowed the corporation to achieve a favorable 22% increase in annual revenues. The market is further being expanded as a result of the rising sales of iOS smart watches, which raises demand for wearable security devices.
Figure 1: Global Wearable Security Device Market, by Operating System, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wearable Security Device Connectivity Insights
The global wearable security device market segmentation, based on connectivity, includes Bluetooth, Wi-Fi and RFID. The bluetooth category generated the most income. Wearable security gadgets frequently link wirelessly to smartphones or other suitable devices using Bluetooth connectivity. This makes it possible to use functions like location tracking, receiving notifications, and turning on emergency alerts.
Wearable Security Device Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American wearable security device market area will dominate this market due to a number of variables, including a rise in the consumer demand for security gadgets, which may be used for a variety of purposes, including theft prevention and the search for missing persons, a growth in the wearable technology adoption rate globally, etc.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL WEARABLE SECURITY DEVICE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe wearable security device market accounts for the second-largest market share because it has some of the highest per-capita expenditure levels on items and services related to wearable technology. Additionally, the younger generation is interested in staying up to date with new technology, and wearable devices are frequently on their minds. The population now spends more money to maintain a higher standard of living as a result. Further, the German wearable security device market held the largest market share, and the UK wearable security device market was the fastest growing market in the European region
The Asia-Pacific Wearable security device Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the expanding spending power of its consumers and the quick urbanization of many economies. In 2020, a sizable percentage of Chinese people suffered from chronic ailments. Over 550 million individuals worldwide suffered from obesity or being overweight, and over 450 million from high blood pressure. Because chronic diseases are more common and the number of elderly people is rising, there is an increasing need for wearable health monitors in the area. Moreover, China’s wearable security device market held the largest market share, and the Indian wearable security device market was the fastest growing market in the Asia-Pacific region.
Wearable Security Device Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the wearable security device market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, wearable security device industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global wearable security device industry to benefit clients and increase the market sector. In recent years, the wearable security device industry has offered some of the most significant advantages to market. Major players in the wearable security device market attempting to increase market demand by investing in research and development operations include Apple, Google, Fitbit, Samsung, Amulyte, Bear tek, Carre technology, Cool shirt systems, Electricfoxy, Emotiv systems, Epson America, Ever find, Garmin, Intel and LG electronics.
Epson gives people all across the world the tools to create, share, and capture their creativity. The possibilities in visual communications, robotics, sensing, and corporate and commercial digital imaging are endless thanks to Epson technologies. Epson uses its cutting-edge technologies as a global innovator in industries like sports, fashion, augmented reality, and personal healthcare. Its offices can be found across the Middle East, Africa, Europe, the Americas, Asia, and Oceania.
Global positioning system (GPS)-capable hand-held, portable, and fixed-mount equipment are designed, developed, manufactured, and marketed by Garmin Ltd. For the automotive/mobile, outdoor, fitness, maritime, and general aviation segments, the business also provides navigation, communications, and information devices. Quickdraw, ECHOMAP, Force, Instinct, inReach, EmpirBus, Navionics, Montana, Rino, Fusion, Garmin Connect, Connect IQ, and Vivofit are some of the brands under which it sells products. Through a network of independent dealers, independent retailers, distributors, installation and repair businesses, and original equipment manufacturers (OEMs), Garmin offers GPS receivers and accessories to retail establishments as well as aviation products to aviation dealers and aircraft manufacturers.
Key Companies in the wearable security device market include
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Apple
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Google
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Fitbit
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Samsung
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Amulyte
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Bear tek
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Carre technology
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Cool shirt systems
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Electricfoxy
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Emotiv systems
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Epson America
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Ever find
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Garmin
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Intel
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LG electronics
Wearable Security Device Industry Developments
August 2021: The unveiling of Fitbit Luxe and Fitbit Luxe Special Edition smart trackers, which include jewelry-inspired designs and cutting-edge sensor technology, was announced by Fitbit. This tracker allows you to measure your heart rate variability, breathing rate, resting heart rate, and other parameters.
May 2020: Through the release of the Bluetooth emergency pendant, BR1-WRTSB, Climax Technologies unveiled its tiny wireless panic button. This gadget was created to enable customers to quickly call for assistance in an emergency both inside and outside the home with the help of smartphone applications.
Wearable Security Device Market Segmentation
Wearable Security Device Product Type Outlook (USD Billion, 2018-2032)
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Smart Watches
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Smart Jewelry
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Smart Shoes
Wearable Security Device Operating System Outlook (USD Billion, 2018-2032)
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iOS
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Android
Wearable Security Device Connectivity Outlook (USD Billion, 2018-2032)
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Bluetooth
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Wi-Fi
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RFID
Wearable Security Device Regional Outlook (USD Billion, 2018-2032)
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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