According to a new report published by Allied Market Research, titled, “Gunshot Detection Market,” The gunshot detection market was valued at $587.25 million in 2021, and is estimated to reach $1.2 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/2468
Presently, the global gunshot detection market is dominated by North America followed by Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the gunshot detection market in terms of growth during the forecast period. In North America, the U.S. is expected to capture the majority of the market share backed by extensive adoption of gunshot detection.
The gunshot detection market is expected to showcase a growth rate of 7.0% CAGR during the forecast period, backed by the rise in the installation of these systems across the globe. Rise in incidents of homicide across the globe, and increase in demand to establish a safe and secure environment support the growth of the gunshot detection market. There is an average of more than 19,000 firearm homicides and more than 1 million emergency department visits for assault cases across the U.S. in a year.
These staggering numbers have allowed several nations to rapidly adopt gunshot detection systems in outdoor and public places. For instance., in September 2018, Shotspotter received a contract worth $23 million to install outdoor gunshot detection systems. The company now operates its network of gunshot detection systems from Chicago and New York City under the contract.
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had negatively impacted the growth of the global gunshot detection market, owing to lockdown in key countries such as the U.S. impacting defence sector leading to a halt in production and delay in product shipments.
- However, the travel ban halted all deployment and project management activities during the COVID-19 pandemic-induced lockdowns. This, in turn, hindered the growth of the global market.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/2468
Furthermore, the integration of gunshot detection systems by range of government and military agencies further bolsters its market demand during the forecast period. Miniaturization of gunshot detection system, allowing it to be portable is one of the major factors driving the market penetration of gunshot detection system in military and government verticals. Companies across the globe are trying different avenues to ensure operational efficiency of gunshot detections using minimal resources. Amidst the race of miniaturization of this system, in March 2022, Shotspotter announced their plan to integrate gunshot detection in mobile phones. The contract is expected to be inked at the value of $525 thousand.
Integration of various electronic and optronics technologies, adoption of Size, Weight, and Power (SWaP), and the adoption of artificial intelligence, machine learning, and cloud computing in gunshot detection systems are among the primary factors propelling business opportunities. Nevertheless, the shortage of semiconductors across the globe and the high cost of sensors and electronic chips associated with it is gradually increasing its price-point across the supply chain. Companies across the globe are taking efforts to reduce the costing through reducing the size and making it a wearable device, or integrating it with other devices like cell phones.
The gunshot detection market is segregated into application, product, system, installation, and region. The application segment is further classified into defense, homeland, and commercial. The commercial segment within the application is further divided into retail stores and venues, schools and colleges, hospitals, corporate enterprises, and others. The product segment of the gunshot detection market is bifurcated into indoor and outdoor. Based on the system, the market is bifurcated into an integrated system and a standalone system. With respect to installation, the gunshot detection market is divided into vehicle-mounted systems, portable systems, and fixed systems. By region, the market is categorized by North America, Europe, Asia-Pacific, and LAMEA
The key players operating in this gunshot detection market are 3xLOGIC, Alarm Systems, Inc., AmberBox, Inc., Databuoy Corporation, Information System Technologies Inc., QinetiQ Inc. US, Raytheon Technologies Corporation, Safe Zone Technologies, Inc., Shooter Detection Systems, and ShotSpotter Inc.
𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁: https://www.alliedmarketresearch.com/gunshot-detection-market/purchase-options