The global gunshot detection system (GDS) market is projected to experience significant growth in the coming years. Manufacturers are focusing on developing advanced technologies to detect real-time sounds, leading to increased investments in the industry. Safe Zone, for example, recently secured a USD 1 million funding round to expand its leadership team and enhance distribution in North America. A study by Fortune Business Insights™ titled “Gunshot Detection System Market, 2021-2028” reveals that the market was valued at USD 673.9 million in 2020 and is expected to reach USD 1,408.3 million by 2028, with a compound annual growth rate (CAGR) of 10.56% during the forecast period.
A list of all the reputed manufacturers present in this market:
- ShotSpotter Inc. (The U.S.)
- ACOEM Group (France)
- Louroe Electronics (The U.S.)
- Tracer Technology Systems, Inc. (The U.S.)
- Safety Dynamics, Inc. (The U.S.)
- Databuoy Corporation (The U.S.)
- Raytheon Company, a Raytheon Technologies company (The U.S.)
- Thales Group (France)
- Rheinmetall AG (Germany)
- IAI (Israel)
- QinetiQ (The U.S.)
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Segmentation–
Increasing Installation to Spur Growth of the Defense Segment
The research report classifies the market based on geography, installation, application, and system. By installation, it is divided into fixed installation, vehicle installation, and soldier mounted installation. In terms of system, it is segmented into outdoor and indoor. Based on application, it is bifurcated into defense and commercial. Amongst these, the defense segment is expected to remain at the forefront by generating the largest gunshot detection system market share. GDS is mainly used in this sector to detect locations of firing, especially from large weapons.
Report Coverage-
The market comprises multiple stakeholders, such as software solution providers, original equipment manufacturers (OEMs), and gunshot detection system equipment manufacturers, and component suppliers. All percentage breakdowns, splits, and shares were verified through primary sources and determined using secondary sources. The market’s size and supply chain were calculated using the bottom-up and top-down approaches.
Drivers & Restraints-
Surging Need to Reduce Risks of Collateral Damage to Bolster Growth
The increasing cases of mass shootings in public worldwide are one of the most crucial reasons responsible for the gunshot detection system market growth in the near future. The Gun Violence Research Group, for instance, declared that in 2019, the U.S. experienced the highest number of mass shooting incidents. When deployed indoors and outdoors, gunshot detection systems help to lower the risk of collateral damage in high crime areas. However, the installation and integration of these systems involve high cost spending, which, in turn, may obstruct growth.
Regional Insights-
Increasing Installation by Law Enforcement Agencies to Favor Growth in North America
Geographically, North America remained dominant in 2020 by generating USD 248.3 million in terms of revenue. This growth is attributable to the increasing installation of these detection systems by various law enforcement agencies, increasing security concerns, and surging mass shooting incidence in the region. On the other hand, Asia Pacific is anticipated to grow remarkably fueled by the increasing defense expenditure, expansion of military forces, and rising number of smart city projects.