Personal Safety Tracking Devices Market size is set to grow by USD 650.34 million from 2023-2027, AllsWell LLC, Amber Alert GPS Inc. and Angel Sense Ltd., and more to emerge as Some of the Key Vendors, Technavio

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Apr 17, 2024, 18:45 ET

NEW YORK, April 17, 2024 /PRNewswire/ -- The global personal safety tracking devices market size is estimated to grow by USD 650.34 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 9.56% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 43%.

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Technavio has announced its latest market research report titled Global Personal Safety Tracking Devices Market

Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

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., Trakbond

Analyst Review

The Personal Safety Tracking Devices market encompasses a range of compact and portable GPS-based and Bluetooth-enabled devices, including wearable tech such as smartwatches and mobile phones. These devices offer real-time location information to authorized individuals for monitoring systems, ensuring safety and security for elderly individuals, adults, and kids in emergency situations. Advanced technologies like two-way communication, panic buttons, and real-time tracking provide peace of mind for consumers by enabling instant response in case of an emergency. Data security is paramount, with encryption protocols safeguarding sensitive user information and user privacy against unauthorized access.

Key Market Drivers

The global personal safety tracking devices market is witnessing significant growth as vendors introduce new variants to expand their product lines. These devices cater to various consumer segments, including kids, elderly individuals, and working parents. Features such as designated contacts, SOS emergencies, low battery levels, and unusual activity alerts are essential for ensuring safety and security. Advanced technologies like two-way communication, cellular networks (4G and 5G), Bluetooth, and GPS-based devices enhance the functionality of these devices. Wearable devices like smartwatches, smart shoes, and smart bags offer compact and portable solutions for real-time tracking and location information. Consumers value the peace of mind that comes with monitoring systems, especially during emergency situations. Data security is paramount, with encryption protocols ensuring the privacy and protection of authorized individuals.

Challenges and Opportunities

The Personal Safety Tracking Devices Market encompasses a range of technologies and products designed to ensure user safety and security. These devices, which include smartwatches and shoes, offer real-time location tracking as a primary feature. However, the handling of sensitive information and user data raises concerns regarding user privacy and potential risks of unauthorized access and misuse. Remote monitoring through mobile applications offers user experience enhancements, such as notifications for low battery levels, health monitoring, and geofencing technology. Virtual boundaries, safe zones, and alerts provide designated contacts with peace of mind, especially for kids and older adults. Advanced technologies like 4G and 5G networks, two-way communication, and Bluetooth enable seamless connectivity and real-time updates. However, these features also increase the potential for unusual activity and emergencies, necessitating a panic button and SOS emergency functions. As the market evolves, personal tracking devices for consumers in emergency situations continue to integrate advanced technologies, offering increased convenience and functionality through smartphones, watches, bags, and even shoes. While these innovations enhance user experience, it is crucial to address potential privacy concerns and ensure secure user data handling.

The Personal Safety Tracking Devices market is witnessing significant growth due to the increasing demand for GPS-based and Bluetooth-enabled compact, portable, and wearable devices. These devices prioritize safety and security by providing real-time tracking and location information to authorized individuals through monitoring systems. Elderly individuals and adults benefit greatly from these devices in emergency situations, as they can instantly raise alerts via panic buttons. Data security is ensured through encryption protocols, safeguarding sensitive user information. User privacy is maintained by limiting unauthorized access and misuse. Advanced technologies like remote monitoring, mobile applications, user experience, notifications, battery status, health monitoring, geofencing technology, and virtual boundaries offer additional benefits. Potential risks include low battery levels, unusual activity, and unsecured cellular networks. Two-way communication features enable direct contact during emergencies, while kids and adults can use trackers in the form of mobile phones or watches. SOS emergencies can be addressed through features like geofencing, safe zones, and alerts to designated contacts.

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Market Overview

Personal Safety Tracking Devices (PSTDs) have gained significant attention in today's world, especially with the increasing concern for individual safety. Devices such as GPS, Bluetooth, and cellular technology are integrated into these devices to ensure effective location tracking. Companies like Compact and Portable Technology, Datas, Safety Technology, and Usher offer various PSTD models. These devices enable real-time monitoring, alerting emergency contacts during distress situations, and providing location information. Additionally, some PSTDs come with features like fall detection, two-way communication, and geofencing. The market for these devices is expanding, with a growing number of consumers recognizing the importance of personal safety. Usage of these devices is not limited to individuals but also extends to industries like healthcare, education, and logistics for employee safety. The future of PSTDs looks promising, with advancements in technology leading to more sophisticated and efficient devices.

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.

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SOURCE Technavio