Wearable Security Device Market Overview:
The report which was recently published by Market Research Future (MRFR) stated that the global wearable security device market is likely to witness a robust CAGR of 17% during the forecast period of 2016-2023.
Attributable factors include a rise in the adoption of smart device technology and mounting demand for Wearable Security Device Market in the military and tracking & emergency services. Further, easier connectivity of smart wearable devices to smartphones via Bluetooth, RFID, or Wi-Fi is encouraging the adoption of wearable security devices by the general public, hence, pushing the market.
A wide range of applications for wearable security devices in different sectors is also promoting the global wearable security device market to garner lucrative growth.
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Major Key Players:
The report issued by MRFR includes a profiling of many prominent players including Apple, Inc (U.S.), Google LLC (U.S.), Fitbit (U.S.), Samsung Electronics (South Korea), Carré Technologies Inc (Canada), Microsoft Corporation (U.S.), Garmin Ltd (Switzerland), Amulyte, Inc (U.S.), Epson (Japan), Intel Corporation (U.S.), and LG Electronics (South Korea).
Other players present in the market include Fin Robotics, Inc (U.S.), FINIS, Inc. (U.S.), Fujitsu Ltd (Japan), Oath Tech Network Aol Tech (U.S.), Laster Technologies (France), Geo, Group Inc (U.S.), GeoPalz LLC (U.S.), Sony Corporation (Japan), Vuzix (U.S.), and Qualcomm Connected Experiences, Inc (U.S.).
The MRFR report has been based on various segments to conduct a detailed and accurate analysis. Segmentation of the market has been performed on the basis of product type, connectivity, operating system, and application. The wearable security devices market has been segmented into smartwatches, smart jewelry, smart shoes, smart clothes, eyewear, and smartphones on the basis of product type. Significant development is observed in the segments of smart shoes and smart clothing, creating potential opportunities for market growth in the near future.
Based on connectivity, the wearable security device market is segmented into Wi-Fi, Bluetooth, and RFID. The Bluetooth and Wi-Fi connectivity segments dominate the wearable security device market. By operating system, the wearable security device market has been segmented into iOS and Android. The segment of android operating system is currently holding a significant share of the wearable security devices market and is likely to grow exponentially during the forecast period.
Based upon application, the market is segmented into emergency service applications, tracking applications, military applications, and biometric recognition.
The military application segment is projected to spearhead the wearable security market owing to rising adoption of wearable security devices in the military sector. Various countries across the globe have also started with the integration of chips in shoes and clothing for military applications, child tracking, and emergency services. Technological advancements in the same have enhanced such integration without affecting the comfort, further driving market growth in the military segment.
Detailed Regional Analysis:
The global wearable security devices market is estimated to reach a market value of USD 6 billion by the end of 2023. Region-specific segments of the wearable security devices market include North America, Asia Pacific (including Australia), Europe (including Russia), and the Rest of the World (RoW) (including the Middle East & Africa and Latin America).
North America is currently observed to lead the wearable security devices market owing to increased adoption of robotics and the smart device technology. Also, the presence of many prominent players in the region is bound to encourage significant growth in the wearable security devices market. The United States is likely to govern the country-specific market for wearable security devices in North America, due to many startups entering partnerships and collaborations with industry giants such as Apple, Fitbit, and Garmin.
The Asia Pacific is anticipated to record fastest growth rate, owing to a rise in the adoption of smartphones and an increase in the use of smartphone applications in the region. Europe is expected to grasp the second largest share of the wearable security devices market owing to the presence of technologically advanced infrastructure in the region.
March 2019: Department of Homeland Security Science & Technology (DHS S&T), (U.S.) is designing wearable security devices that are compatible with the FirstNet’s IT infrastructure and interoperable between different agencies.
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- Wearable Security Device Providers
- Smart Components Manufacturers
- Retail Agencies
- Electronic Components Manufacturers
- Value-added Resellers
- Materials Suppliers
- Research Firms
- Smartphone Manufacturers
- Application Developers
- Operating System Developers
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