Global Wearable Security Devices Market to Be Worth USD 5.74 Billion by 2021: Technavio
According to the latest market study released by Technavio, the global wearable security devices market is expected to grow at a CAGR of close to 19% during the forecast period.
Technavio analysts forecast the global wearable security devices market size to reach USD 5.74 billion by 2021. The increased adoption of Internet of Things (IoT) to manage the physical assets of an organization is one of the key drivers of the market.
Based on application, the report categorizes wearable security devices into the following segments:
• Emergency services
• Biometric recognition
The top three revenue-generating application segments in the global wearable security devices market are discussed below:
“The military is a key application segment of the global wearable security devices market in terms of revenue. Several countries such as the US and the UK have adopted smart clothing for military applications, which are designed to provide both comfort and protection,” says Abhishek Sharma, one of the lead analysts at Technavio for M2M and connected devices research.
This segment is also creating a demand for smart clothing designs, which can provide protection from hazards such as viruses and chemical weaponry. Agencies such as NASA, the Canadian Space Agency, and other military organizations seek the expertise of vendors like Hexoskin to design and manufacture smart shirts for health tracking.
The emergency services constitute the second largest application segment of the wearable security devices market. This segment has wearable devices, which can assist the elderly and differently abled people in carrying out routine tasks safely and effectively. They are also equipped with emergency contacts of first responders and alert them in the case of any shift in patterns recorded by the sensors. Additionally, wearable devices are being increasingly used to respond to emergency situations such as natural or human-made disasters and personal attacks.
“An increase in health awareness among people is reflected in the rapid growth in demand for hygienic and nutritious food, gym memberships, and diet programs. To keep track of all their activities throughout the day, the demand for fitness tracking devices have also increased,” says Abhishek.
Individuals are adopting various fitness tracking devices such as fitness bands and sports equipment to track and control their health to reduce the risk of diseases. Smart wearable fitness devices monitor the fitness of individuals and measuring and eventually improving the performance of players and athletes. Additionally, the availability of low-cost tracking services is resulting in increased sales of these devices, resulting in high market growth.
The top vendors highlighted by Technavio’s research analysts in this report are:
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