Personal Safety Tracking Devices Market to Record a CAGR of 9.47%, APAC to be Largest Contributor to Market Growth - Technavio
NEW YORK, Aug. 9, 2022 /PRNewswire/ -- Personal Safety Tracking Devices Market Facts at a Glance-
Companies: 10+ ? Including Amber Alert GPS Inc., Angel Sense Ltd., BrickHouse Security, Concox Information Technology Co. Ltd., Globalstar Inc., Le Vise Products LLC, Location Based Technologies Inc., Reliance Industries Ltd., Veriot LLC, and WTS Positioning Solutions AB among others.
Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape
Segments: Technology (GPS and Bluetooth) and distribution channel (specialty stores, department stores, online retail, and others)
Geographies: North America, APAC, Europe, South America, and MEA
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According to the recent market study by Technavio, the Personal Safety Tracking Devices Market size is expected to increase by USD 397.73 million from 2020 to 2025, with an accelerated CAGR of 9.47%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenarios, future market trends, market size & estimations, and major investment pockets.
Vendor Insights-
The personal safety tracking devices market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. The key developments of some of the vendors are mentioned below:
Concox Information Technology Co. Ltd. - In March 2021, Jimi IoT announced the third device launched in Q1, the 4G LTE Vehicle Tracker JM-VL03, which provides risk prevention and control, real-time status monitoring, dynamic car positioning options.
Globalstar Inc. - In February 2021, the company announced a strategic alliance with XCOM Labs.
Reliance Industries Ltd. - In March 2021, Reliance Jio Infocomm Ltd. announced that it had successfully acquired the right to use spectrum in all 22 circles across India in the spectrum auctions conducted by the Department of Telecommunications, Government of India.
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Regional Market Outlook
The personal safety tracking devices market share growth in APAC will be significant during the forecast period. China and Japan are the key markets in the region. Moreover, market growth in APAC will be faster than the growth of the market in other regions. Many government organizations in APAC are providing insurance schemes for people with disabilities to purchase equipment for their safety. Such factors are driving the growth of the market.
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Latest Drivers, Trends, and Challenges in the Market-
Personal Safety Tracking Devices Market Driver
Growth in urbanization:
The growth in urbanization has led to a rise in the number of dual-income households. Hence, investments in technologically advanced devices, such as personal safety tracking devices, have increased. These devices help parents track the location of their children.
Personal Safety Tracking Devices Market Trend
Growing popularity of two-way voice communication-based personal safety tracking devices:
Personal safety tracking devices with two-way voice communication provide several benefits, such as additional emergency panic buttons. This will encourage more vendors to develop similar models, which will attract more end-users.
Personal Safety Tracking Devices Market Challenge
Increasing availability of substitutes
Individuals can share their real-time locations with others through smart devices such as smartwatches and shoes. In addition, these products provide additional benefits. For instance, a small GPS tracker can be inserted in smart shoes to allow parents to find their child's location at any time.
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North America, APAC, Europe, South America, and MEA
Performing market contribution
APAC at 36%
Key consumer countries
US, China, Germany, Japan, and France
Competitive landscape
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Amber Alert GPS Inc., Angel Sense Ltd., BrickHouse Security, Concox Information Technology Co. Ltd., Globalstar Inc., Le Vise Products LLC, Location Based Technologies Inc., Reliance Industries Ltd., Veriot LLC, and WTS Positioning Solutions AB
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 86: WTS Positioning Solutions AB - Overview
Exhibit 87: WTS Positioning Solutions AB - Product and service
Exhibit 88: WTS Positioning Solutions AB - Key news
Exhibit 89: WTS Positioning Solutions AB - Key offerings
12 Appendix
12.1 Scope of the report
12.2 Currency conversion rates for US$
Exhibit 90: Currency conversion rates for US$
12.3 Research methodology
Exhibit 91: Research Methodology
Exhibit 92: Validation techniques employed for market sizing
Exhibit 93: Information sources
12.4 List of abbreviations
Exhibit 94: List of abbreviations
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