Google has announced the launch of Android Device Manager, a free service to helps you remotely control and recover your lost or stolen smartphone. The service will be available later this month on devices running Android 2.2 or later and there will also be an Android app to allow you to easily find and manage your devices.
The working of Android Device Manager is similar to Apple’s “Find My iPhone” and in case you lose or misplace your smartphone, you can sign into Google Play to locate its location via GPS. You can “ring” your phone at maximum volume to find your lost phone, even if it’s been silenced.
Also, if your device has been stolen, which is of course less likely, you can quickly and securely wipe all your personal data off the device by just hitting the option “Wipe Device,” and ensure your confidential information won’t get into wrong hands.
As there is very real possibility of misplacing or losing a device as well as chances of being stolen, this service has some greater importance to recover or at least wipe out all your personal data remotely from your device. Also, note that, there are plenty of apps available at Play Store to offer same service [Source – Android blog]