LONDON--(BUSINESS WIRE)--The global personal safety tracking devices market is expected to grow at a CAGR of close to 13% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global personal safety tracking devices market by end-user (children, elderly, and adults), by technology (GPS and Bluetooth), and by distribution channel (specialty stores, department stores, and online retail). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growth in product premiumization
The global personal safety tracking devices market has been impacted positively by the introduction of innovative features in personal safety tracking devices. Brand conscious customers are attracted toward products that optimally fulfill their requirements. Premium personal safety tracking devices are durable, and they have multiple features incorporated into them. The present need for parents across the world to keep track of their children from remote locations has been tapped by the competitors of personal safety tracking devices.
According to a senior analyst at Technavio consumer services and personal care research, “Branding is essential in attracting and retaining the customers. Product premiumization is crucial in the market because many existing players offer similar products that have similar features. Therefore, in such situations, effective branding through product differentiation assists competitors in retaining their existing consumer base. The high status-quo linked with premium and high-quality personal safety tracking devices encourages many consumers to purchase these products.”
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Market trend: increasing investment in marketing and promotional activities
The key competitors are concentrating on increasing their target customer base by investing in marketing and promotional activities. These vendors expect to strengthen their presence in the market by investing in brand visibility activities, celebrity endorsements, and testimonials. They also employ a targeted advertising approach. These advertisements are designed and crafted to promote not only the products but also the brand positions. Digital marketing has a wide reach, and therefore, the vendors are increasingly spending on it to expand their consumer reach. The growing penetration of internet, increasing adoption of smartphones and tablets, and a rise in the popularity of social media platforms has enabled the consumers to have easy access to information.
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Some of the players in the market are:
- Amber Alert GPS
- BrickHouse Security
- KJB Security
The global personal safety tracking devices market is highly competitive because of the presence of many established players that makes it a fragmented market. Product innovation is predicted to be a major trend in the market during the forecast period. The vendors in the market compete on various factors such as price, quality, brand, and variety. The vendors adopt various strategies to increase their market share. These include the acquisition of various brands and focus on mass customizing that will assist the leading competitors in maintaining their dominance in the market during the forecast period.
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