Gunshot Detection System Market Size to Boost $1.15 Billion By 2027 | CAGR 8.64%
Growing Adoption of Gunshot Detection Systems in Smart Cities is Analyzed to Drive the Gunshot Detection System Market
HYDERABAD, TELANGANA, INDIA, December 7, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Gunshot Detection System Market size is estimated to reach $1.15 billion by 2027 at a CAGR of 8.64% during the forecast period 2022-2027. The growing adoption of gunshot detection systems by law enforcement agencies, due to the rising security concerns is another major factor driving the growth of the global gunshot detection system market. In addition, the growing number of mass shooting incidents in government offices, hospitals, and educational institutions is resulting in an increasing demand for surveillance and security equipment. Moreover, the expanding use of these systems at edge and war zone areas for decreasing the number of accidents has proven to be remarkably effective. Further various law enforcement agencies are currently deploying various tactics to curb the increased incidents related to mass shootings, which may further open new market opportunities for advanced gunfire detection technologies. Factors such as the rising demand for gunshot detection systems in smart cities globally, coupled with the numerous benefits associated with gunshot detection systems are anticipated to promote the growth of the global gunshot detection system industry during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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1. North America dominated the Gunshot Detection System market size in 2021 with a share of 33.5%. The demand for gunshot detectors in the region is mainly due to the increasing gun violence in the United States.
2. In Gunshot Detection System Market, the outdoor segment is expected to register a CAGR of 9.2% during the forecast period due to increasing demand for gunshot detection systems at the national borders, national highways, and public areas.
3. The Commercial sector in Gunshot Detection Systems market is growing at the highest CAGR of 9.5% during the forecast period owing to the Increasing security concerns, as well as rising shooting incidents at schools, malls, and other public places.
4. Gunshot Detection System companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
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1. Gunshot Detection System Market, the outdoor segment is expected to register a CAGR of 9.2% during the forecast period due to increasing demand for gunshot detection systems at the national borders, national highways, and public areas.
2. According to ShotSpotter’s data, the overall retail area shootings witnessed an increase of more than 40% in 2020 compared to the previous year in areas with ShotSpotter coverage. Furthermore, with the increasing gun violence around the world, companies are introducing new strategies to expand their presence in the market.
3. North America dominated the Gunshot Detection System market size in 2021 with a share of 33.5%. The demand for gunshot detectors in the region is mainly due to the increasing gun violence in the United States.
4. For instance, in November 2020, the Detroit Police Department received the approval to install an acoustic gunshot detection system from ShotSpotter to enhance their surveillance capabilities and alert the department in case of gunshots in the city. Under a four-year contract of $1.5 million, the sensors are expected to be installed in two neighbourhoods of the city that span six and a half square miles.
5. The Commercial sector in Gunshot Detection Systems market is growing at the highest CAGR of 9.5% during the forecast period owing to the increasing security concerns, as well as rising shooting incidents at schools, malls, and other public places.
6. In 2020, during the pandemic and nationwide facility shutdowns, mass shootings still managed to rise in number by nearly 50%. The first quarter of 2021 is closing on the heels of seven mass shootings in the span of a week, beginning with the Atlanta spa shootings that killed eight and ending with the ten victims killed inside King Sooper’s grocery store in Boulder.
The top 5 players in the Gunshot Detection System industry are –
1. ACOEM Group
2. Raytheon Technologies Corporation
3. QinetiQ Group
4. ShotSpotter Inc.
5. Rheinmetall AG
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