Yahoo Finance Gunshot Detection System Market Size Report ($4.32 Billion by 2025) with 22.6% CAGR – Comprehensive Analysis by The Insight Partners
The global gunshot detection system market growth in fuelled by increase in smart city to expedite gunshot detection systems, integrated with video surveillance and reducing casualties from enemy gunfire in war zones.
New York, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Gunshot Detection System Market Size, Share, Growth and Global Forecasts to 2025 - Global Analysis and Forecasts by Product Type (Indoor and Outdoor); Installation (Fixed Installation, Wearable Installation, and Vehicle Mounted Installation) and Application (Military and Law Enforcement)”, the global gunshot detection system market size is estimated to grow at a CAGR of 22.6% during 2018–2025, it was valued at USD 0.850 billion in 2017 to reach USD 4.32 billion by 2025.
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Global Gunshot Detection System Market – Report Scope:
Market Size Value in | USD 0.850 Billion in 2017 |
Market Size Value by | USD 4.32 Billion by 2025 |
Growth rate | CAGR of 22.6% from 2018 to 2025 |
Forecast Period | 2018-2025 |
Base Year | 2018 |
No. of Pages | 122 |
No. of Tables | 16 |
No. of Charts & Figures | 58 |
Historical data available | Yes |
Segments covered | Product Type; Installation and Application |
Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Gunshot Detection System Market: Competitive Landscape and Key Developments
ShotSpotter, Shooter Detection Systems LLC, V5 Systems, AmberBox, Inc., Safety Dynamics Inc., and QinetiQ North America, are among the leading players profiled in the Gunshot Detection System Market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments under Gunshot Detection System Market are mentioned below:
In 2018, Stanley Security is a manufacturer of varied security solutions to cater large number of industries is entered into a partnership with the Shooter Detection Systems LLC. Now, Stanley Security is permitted to officially sell, deploy and service the SDS products and services. The Guardian Indoor Active Shooter Detection System detects gunshots immediately and at the same time alerts the residents of building within one second and zero errors.
In 2016, Rheinmetall AG unveiled new Lynx infantry fighting vehicle. Four core capabilities characterize the Lynx infantry fighting vehicle are firepower, force protection, situational awareness and mobility. Laser warning sensors and the Acoustic Sniper Locating System (ASLS) form a part of the sensor suite for situational awareness.
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Increase in Smart City to Expedite Gunshot detection systems, Provide Lucrative Opportunities for Global Gunshot Detection System Market Growth during (2018-2025)
Gunshot detection system is used by urban safety & security agencies to improve core city services. Cities are turning to smart city with installation of numerous security and innovative features that improve and maintain a high quality of life and livability for citizens. These systems can be installed as a standalone device and discretely located on rooftops & other out of sight areas. The gunshot detection system is now being a part of the developing smart cities around the world. Smart city solutions include novel technologies that help improve quality of life for citizens. The smart city solutions include gunshot detection, efficient waste removal, and smart streetlights including many others. Shotspotter, one of the leading players in gunshot detection systems can also include in sensors installed in GE’s smart streetlights which is the initiative to develop smart cities across the globe. Thus, increase in initiative to construct smart cities worldwide is expected to generate ample opportunity for industry players in gunshot detection system market.
North America region includes the U.S., Canada and Mexico, US being highly security concern nation acquire major market share. Further, due to few gunfire incidences in past, law enforcement department have doubled the amount of public CCTV cameras and deployment of gunfire tracking devices that can provide police with real-time shooting locations is creating new opportunities for companies to market gunshot detection system across Canada. As per Small Arms Survey 2018 report, the number of firearms in the U.S. vary from around 120.5 firearms for every 100 residents. Further, as per ShotSpotter National Gunfire Index, there were around 86,665 gunfire incidents in 2017 across 87 cities in the U.S. The index also states that there is a decline in the number of gunfire incidents from 2016 to 2017. The government is allocating funds and emphasizing on deployment of gunshot detection systems. For instance, in May 2018, Chicago law enforcement department signed a contract with ShotSpotter to expand its coverage area of gunshot detection solutions. Also, in April 2018, ShotSpotter expanded its gunshot detection installation in Fresno, California. Furthermore, the company signed an agreement with Verizon to bring its gunshot detection solution to cities by utilizing Verizon's Light Sensory Network deployed on streetlights.
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Gunshot Detection System Market: Industry Overview
The Gunshot Detection System Market has been segmented based on Product type, installation and Application. In terms of Product type, the Gunshot Detection System Market is bifurcated Indoor and outdoor. Based on installation, the Gunshot Detection System Market is segmented into Fixed installation, Wearable Installation, and vehicle Mounted installation. Based on Application, the Gunshot Detection System Market is bifurcated into Military and Law enforcement.
The revenue generated from the market for gunshot detection system is uneven for different regions. For instance, the North America region is estimated to hold the major revenue share. The U.S. is dominating the market globally by holding more than 50% of the total market share. North America is followed by MEA region. Majority of the growth in MEA region is from developed economies such as Saudi Arabia, Iran, UAE, and Afghanistan among others. However, minimal growth has been noticed in the African region, apart from South Africa. The market in Europe and APAC is correspondingly showing growth, with increasing government budgets for defense as well as security. This growth is further attributed to the increasing threat from terrorism. SAM region acquires a very low market share due to presence of several underdeveloped as well as developing economies with low government budgets for law enforcement and public security.
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