New York, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market research report on the “Global Wearable Security Device Market” for the forecast period, i.e., 2022-2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Wearable Security Device Market Size:
The global wearable security device market is predicted to grow at a CAGR of ~18% over the forecast period. The rise in the number of women’s abuse incidents necessitating urgent pleas for aid might be ascribed to the expansion of the market. One in three women worldwide and especially young women are victims of violence, according to the World Health Organization (WHO). Additionally, there has been a rise in public awareness of wearable security gadgets that monitor people’s living patterns and fitness. Furthermore, fitness trackers, smartwatches, and smart clothes rule the wearable market, whereas there is a big market for gaming wearables as well. Through the use of 3D head-worn and walkable surround displays, advanced technology aims to create an immersive augmented world. For instance, the number of augmented reality (AR) and virtual reality (VR) devices deployed globally in 2021 was 10 million units, and predictions indicate that figure could increase to 19 million units in 2023.
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Global Wearable Security Device Market: Key Takeaways
- North American region to acquire a significant share of the revenue
- Healthcare segment to influence the revenue graph
- iOS Segment remains prominent in the System Program Segmentation
Rising Demand for Smart Watches and Fitness Monitors to Boost the Market
Owing to the advanced features and as a style statement, general-purpose wearables like smartwatches and smart garments that can provide cellular and internet connectivity have witnessed enormous demand in recent years. For instance, in the first quarter of 2022, shipments of smartwatches increased by upto 12.5% globally to around 34 million devices. Shipments of smartwatches increased by roughly 29.5% in 2021, more than doubling from approximately 1.5 percent in 2020; they are expected to halve to almost 14.5% at the end of 2022 and then slowly grow to 15.3 percent the following year. In addition, as of the first quarter of 2022, Apple accounted for 37% of the global smartwatch shipments, making it the industry leader in terms of shipment share.
Furthermore, another widely adopted wearable computer that assists in monitoring and tracking fitness-related parameters, such as distance walked or ran, calories consumed, and in some cases, heart rate is a fitness tracker. In the first quarter of 2022, around 9.9 million fitness bands or 24% of the market were shipped, while 32.5 million ordinary watches and smart watches were supplied accounting for the remaining 42% of wearables shipped in the same period. Growing demand for wearable fitness trackers and smartwatches drives the growth of the global wearable security device market.
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Global Wearable Security Device Market: Regional Overview
The global wearable security device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Adoption of Wearable Health Monitors and Growing Consumer Expenditure to Propel the North American Market
On the strength of a rise in the number of individuals wearing devices of health care, the North American region is predicted to experience modest growth in the global wearable security device market over the forecast period. The National Library of Medicine estimates that 30% of American adults use wearable technology to monitor their health. In addition, there is a rise in interest in wearable security gadgets for women’s and children’s protection. Further, the younger generation seeks to stay current with new technology, wearable gadgets are common thoughts with them. As a result, the populace now spends more money to maintain a higher level of living. The World Bank estimates that in 2020, North America’s final consumer expenditure increased to USD 18,442,815.7.
Increasing Prevalence of Chronic Diseases and Rising Geriatric Population to Drive the Growth in the Asia Pacific region
On the other hand, owing to the growing incidences of chronic diseases, growing population, and rising awareness of the value of fitness activities to drive the market in the Asia Pacific region. A sizable fraction of the Chinese population had chronic illnesses in 2020. Overweight or Obesity affected more than 550 million people, and high blood pressure affected more than 450 million people. In China, chronic diseases were responsible for almost 87.9 percent of deaths in 2019. In addition, statistics from the World Bank show that 12% of China’s total population was 65 years of age or older in 2021. The need for wearable health monitors in the region is growing on account of an increased prevalence of chronic diseases and the growing geriatric population.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Wearable Security Device Market, Segmentation by Application
- Healthcare
- Enterprise
- Consumer Electronics
- Media
- Others
The health care sector is anticipated to account for the greatest share over the forecast period. Wearable technology, according to the National Library of Medicine, assists in tracking patients’ movements throughout the 24 hours that allow for prospects for chronic disease study. Additionally, there is a rise in in public health consciousness which is anticipated to support the expansion of the healthcare industry. The first wearable blood pressure monitor, Heart Guide, was introduced by Omron Healthcare in 2019. In addition to measuring blood pressure, this sociometric blood pressure monitor can also track daily activity such as steps walked, miles driven, and calories burned. Up to 100 readings can be stored in the memory by Heart Guide, and each reading can be uploaded to a related mobile app. Furthermore, over the past 30 years, the number of persons aged 30-79 who have hypertension has climbed from 650 million to 1.28 billion worldwide. Moreover, the use of wearable devices resulted in a 90% decrease in the number of patients who went into avoidable cardiac or respiratory arrest. The rising prevalence of patients with hypertension and cardiac problems increases the need for wearable health monitors and further drives the growth of the segment.
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Global Wearable Security Device Market, Segmentation by System Program
- Android
- iOS
The iOS segment is anticipated to hold a substantial market share during the forecast period. In Q1 (Quarter 1) 2022, Apple sold 9.5 million Apple smart watches, helping the firm to develop new products that gave customers more options and increased market share. This enabled the company to achieve a favorable 22% increase in annual revenues when comparing Q1 2021 and Q1 2022. The growing sales of iOS smart watches increase the demand for wearable security devices and further drive the expansion of the market.
Global Wearable Security Device Market, Segmentation by Product Type
- Smart Jewelry
- Footwear
- Headwear
- Bodywear
- Wristwear
Few of the well-known market leaders in the Global wearable security device market that are profiled y Kenneth Research are Intel Corporation, Apple Inc., LG Electronics., Epson America, Inc., Fitbit International Limited, EMOTIV, Inc., COOLSHIRT SYSTEMS, SAMSUNG ELECTRONICS CO., LTD., Garmin Ltd., Electricfoxy. and others.
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Recent Developments in the Global Wearable Security Device Market:
- In 14 September 2021, with a new display, Apple Inc. unveiled the Apple Watch Series 7 with a slight modification in size, the Apple watch’s narrow border maximizes the screen surface.
- In 11 August 2021, the Galaxy Watch 4 and Galaxy Watch 4 classic were introduced by SAMSUNG ELECTRONICS CO., LTD. with the company’s most user-friendly interface to date.
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