Personal safety tracking devices market size to grow by USD 0.65034 billion between 2022 and 2027; Growing popularity of two-way voice communication-based personal safety tracking devices to emerge as key trend - Technavio
NEW YORK, Feb. 28, 2023 /PRNewswire/ -- The global personal safety tracking devices market size is projected to grow by USD 650.34 million between 2022 and 2027 as per Technavio. The growth momentum is expected to accelerate at a CAGR of 9.56% during the forecast period. The growing popularity of two-way communication-based personal safety tracking devices is identified as the key trend in the market. The report provides a detailed analysis of the drivers and challenges impacting the size of the market. Get a holistic view of the marketsize, historic & forecast, 2017 to 2021, 2023 to 2027, USD Billion - Download a Sample Report
Trend ? The growing popularity of two-way communication-based personal safety tracking devices is identified as the key trend in the market. Two-was communication-based personal tracking devices provide several benefits to end-users. These devices have additional emergency buttons to help users raise an alert in case of an emergency. They help families or a person to identify the location of an individual who is prone to wandering outside the house. Also, two-way communication personal safety tracking devices can be pre-programmed with multiple phone numbers to send emergency alerts immediately during emergencies. Such benefits are attracting more end-users to adopt two-way communication personal safety tracking devices, which is supporting the market growth.
Driver ? The market is driven by the increasing number of new product launches. Vendors in the market are expanding their product portfolios by launching new variants of personal safety tracking devices. For instance, in July 2022, 3Dtracking announced the launch of a new personal tracking solution which is intended to allow telematics service provider partners to offer additional value-added services. Similarly, in 2021, Skypatrol LLC. launched a new personal safety tracking device named SP8824, Tracker + Safe and Found, in partnership with Verizon network in the US. Many such new product offerings by vendors have been crucial in driving the growth of the market.
Challenge ? The increasing availability of substitutes is a major challenge hindering the growth of the market. Products such as smartwatches and smart shoes can be used by individuals to share their real-time locations with parents, friends, and others. They provide added benefits in addition to tracking. For instance, the GPS tracker inserted in smart shoes allows parents to find their child's location at any time. Some smartwatches have an SOS button that children can use to alert their parents in case of any trouble. The availability of such smart alternatives is reducing the growth potential of the market in focus.
Discover additional factors impacting the market, historic period (2017 to 2021) & forecast period (2023 to 2027) Download a Sample Report
Personal Safety Tracking Devices Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 9.56%
Market growth 2023-2027
USD 650.34 million
YoY growth 2022-2023(%)
North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution
North America at 43%
Canada, Mexico, Italy, Spain, Japan, Australia, India, South Korea
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
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 Ltd., Shenzhen Concox Information Technology Co. Ltd., Spytec GPS Inc., T Mobile US Inc., TheSecurityDevice, Tile Inc., Trackimo Inc., and Trakbond
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.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What`s New for 2023?
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial
Personal Safety Tracking Devices Market Technology Outlook (Revenue, USD Million, 2022-2027)
GPS - size and forecast 2022-2027
Bluetooth - size and forecast 2022-2027
Personal Safety Tracking Devices Market Distribution Channel Outlook (Revenue, USD Million, 2022-2027)
Offline - size and forecast 2022-2027
Online - size and forecast 2022-2027
Personal Safety Tracking Devices Market Geography Outlook (Revenue, USD Million, 2022-2027)
North America - size and forecast 2022-2027
APAC - size and forecast 2022-2027
Europe - size and forecast 2022-2027
South America - size and forecast 2022-2027
Middle East and Africa - size and forecast 2022-2027
Based on the technology, the market will observe significant growth in the GPS segment during the forecast period. GPS signals provide unlimited range and can precisely track the location of the wearer of the device anywhere on the globe, wherever GPS signals are available. This is one of the key factors driving the growth of the segment. In addition, the increased availability of GPS personal tracking devices with innovative features is supporting the growth of the segment.
Some of the key Personal Safety Tracking Devices Players:
The elderly and disabled assistive solutions market is estimated to grow at a CAGR of 7.3% between 2022 and 2027. The size of the market is forecast to increase by USD 12,996.33 million. The growing number of road accidents resulting in serious injuries is notably driving the market growth, although factors such as the issues faced in developing countries may impede the elderly and disabled assistive devices market growth.
The optical lens market size is expected to increase by USD 6.12 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.96%. The growing popularity of dual-lens cameras in smartphones is one of the key drivers fueling the market growth. Safety concerns associated with the use of contact lenses are one of the factors limiting the market growth.
Exhibit 159: Validation techniques employed for market sizing
Exhibit 160: Information sources
13.5 List of abbreviations
Exhibit 161: List of abbreviations
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.
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