Personal safety tracking devices market expected to grow by $846.4 million between 2024 and 2028, with increasing number of product launches boosting the market, Technavio

NEW YORK, July 3, 2024 /PRNewswire/ — The global personal safety tracking device market is expected to grow by $846.4 million from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 11.06% during the forecast period. Increasing number of product launches are driving the market growth, with the trend being towards the growing popularity of personal security tracking devices based on two-way voice communication. 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.

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Market driver

Personal safety trackers with two-way voice communication are gaining popularity due to their additional benefits. These devices allow end users to send immediate alerts in case of emergency and communicate with family or emergency services. They are especially useful for people who tend to wander or have health issues that require constant supervision. With features such as waterproof panic buttons and pre-programmed phone numbers, these devices provide peace of mind and convenience. The personal safety tracker market is expected to grow significantly due to the growing demand for advanced security features.

The personal safety tracking device market is witnessing significant growth, with technologies such as Geofencing, real-time monitoring, and emergency response systems gaining popularity. Devices such as wearable devices, mobile applications, and personal trackers are in high demand due to growing concerns about personal safety. Usage statistics show a growing trend in the adoption of these devices, especially among the elderly and children. Moreover, advancements in cellular and satellite technology have enabled the devices to operate effectively in remote areas. The market is expected to grow further with the integration of AI and machine learning for predictive analytics and improved user experience. Overall, the personal safety tracking device market is a booming industry that focuses on safety and convenience.

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Market challenges

• The personal safety tracker market may face challenges due to the introduction of multi-functional 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 the location of their children and set virtual boundaries. New variants of smartwatches with GPS locators and SOS buttons are posing competition to personal safety trackers. As a result, sales of personal safety trackers may decline during the forecast period.
• The personal safety tracking device market faces many challenges. Applications for these devices include emergency response, monitoring, and location tracking. However, ensuring technical usability and user-friendliness are key challenges. Leveraging advanced technologies such as geofencing, real-time monitoring, and AI-based analytics is essential but requires significant investment and technical expertise. Furthermore, ensuring data privacy and security is key to gaining consumer trust. Battery life and affordability are also major challenges. Balancing features, functionality, and cost is essential to meet the demands of different consumer segments. Additionally, regulatory compliance and interoperability with emergency services and other devices are ongoing challenges.

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Segment Overview

This report on the Personal Security Tracking Devices market discusses in detail the market segmentation by

1. Technology

Distribution channel

Geography

• 3.1 North America
• 3.2 Asia Pacific
• 3.3 Europe
• 3.4 South America
• 3.5 Near East AND Africa

1.1 GPS- The personal safety tracking device market refers to the sale and distribution of devices that help individuals monitor and protect their safety. These devices, including wearable technology and mobile applications, use GPS technology to locate users in real time and notify emergency services in the event of an emergency. Companies in this sector are focusing on developing user-friendly interfaces and reliable connectivity to ensure customer satisfaction and trust. The market is expected to grow due to increasing security concerns and technological advancements.

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Research analysis

The personal safety tracking device market includes a range of compact and portable devices, including GPS and Bluetooth-based wearables, that prioritize consumer safety and security. These devices offer real-time tracking and location information, allowing authorized individuals to monitor the whereabouts of the elderly, adults, and children 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 confidential information. Mobile phones and smartwatches are popular choices in this market, catering to a variety of user needs and preferences.

Market Research Review

The personal safety tracking device market encompasses a range of technologies designed to enhance individual security and monitor location. These devices, including wearable technology and mobile applications, utilize various features such as real-time tracking, emergency response systems, and geofencing. The market is driven by growing concerns about personal security, especially in light of rising crime rates and the increasing prevalence of technology-based threats. Additionally, advances in sensor technology and the integration of artificial intelligence and machine learning algorithms are driving innovation in this space. Overall, the personal safety tracking device market is poised for significant growth as consumers seek peace of mind and increased protection in their daily lives.

Contents:

1 Summary
2 Market landscape
3 Determining the size of the market
4 Historical market size
Analysis of the 5 Five Forces
6 Market segmentation

• Technology
• Distribution channel
• Geography
• North America
• Asia and Pacific
• Europe
• South America
• Middle East and Africa

7 Customer Landscape
8 Geographical landscape
9 drivers, challenges and trends
10 Company Landscape
11 Company Analysis
12 Attachment

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SOURCE Technavio