The gunshot detection system market size is expected to reach US$ 4,325.0 million by 2025, it is registering at a CAGR of 22.6% during 2018–2025, according to a new research study conducted by The Insight Partners.
In 2017, North America accounted for the largest revenue share of total market share, followed by Europe.
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.
Several market initiatives are adopted by the companies to extend its footprint throughout the globe and to answer the growing demand for the gunshot detection in the market. The players present in gunshot detection system market majorly focuses on partnership, contractual alliances for the deployment of gunshot systems in the required areas which also permit the company to maintain its brand name at a global level. Most of the market initiative were observed in North America region, which have the high potential of gunshot detection system related products and solutions. For instance, in 2018, SDS’s Guardian Indoor Active Shooter Detection and Reporting System is selected to protect the students of universities in the Southeast. The Guardian system was selected due to its performance history recorded in other large universities; in 2018, ACG Solutions signed an agreement with AmberBox Gunshot Detection. Under terms of the agreement, ACG will offer AmberBox's market-leading indoor gunshot detection and response technology as an integral component of the recently launched Synchronized Orchestrated Response (SOR).
The global gunshot detection system market is segmented based on p product type, installation, application, and geography. The different types included in global gunshot detection system market include indoor and outdoor; installation type segment in global gunshot detection system market are fixed, wearable and vehicle mounted. The different applications areas covered in gunshot detection system market include military and law enforcement agencies. Geographically the gunshot detection system market is segmented on basis of five strategic regions as North America, Europe, Asia Pacific, Middle East and Africa and South America.
Key findings of the study:
- Middle East and Africa is anticipated to account for the highest growth rate during the forecast period from 2018 – 2025, registering a growth rate of 23.5%.
- Based on the installation, wearable segment is expected to surge at a prime rate during the forecast period.
- Countries in Middle East and Africa region namely Saudi Arabia and UAE are experiencing significant rise adoption of advanced technologies including gunshot detection system in the recent scenario, and the two countries are also expected to create enough market space for gunshot detection system market.
Europe held the second largest market share in 2017. The increasing military budgets of certain European countries also provides opportunity for the market to grow. The EU announced to increase its military & defense budget and amount to be invested in new military technologies. For instance, France added US$ 2.1 Bn to its defense budget of 2018. Also, Denmark also announced to increase its military budget by 20%.
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 major companies operating in the market includes Raytheon Company, Shotspotter Inc., Shooter Detection Systems, Amberbox, Inc., Louroe Electronics, Safety Dynamics, Inc., Microflown AVISA BV, Rheinmetall AG, QinetiQ North America, and DataBuoy Corporation.
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