The gunshot detection system market, valued at USD 673.9 million in 2020, is expected to expand to USD 1,408.3 million by 2028, representing a compound annual growth rate (CAGR) of 10.56% during the period of 2024-2028. This increase in CAGR is primarily driven by growing demand and a return to pre-pandemic levels post-pandemic. The COVID-19 pandemic had a significant adverse effect on the demand for gunshot detection systems worldwide, leading to a -7.03% growth in 2020 compared to the average annual growth between 2017 and 2019. However, with the pandemic's eventual resolution, the market is anticipated to rebound and witness robust growth across all regions.
Fortune Business Insights™ provides this information in its research report, titled “Gunshot Detection System Market, 2024-2028”.
List of Key Players Mentioned in the Report:
SoundThinking Inc. (U.S.)
Raytheon Technologies Corporation (U.S.)
Shooter Detection Systems LLC (U.S.)
Amberbox Inc (U.S.)
Itron Inc. (Databuoy Corporation) (U.S.)
Qinetiq Group (U.K.)
Eagl Technologies (U.S.)
3XLOGIC (U.S.)
ZeroEyes (U.S.)
Omnilert (U.S.)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077
Russia-Ukraine War Impact:
Increase in Awareness about Security Threats Caused Interest in the Product
The Russia-Ukraine war observed an increase in awareness related to security threats and the significance of advanced security systems on account of geopolitical conflicts. This growth in awareness is poised to bolster the interest in gunshot detection devices in the region. Moreover, governments allocated more resources to defense and security initiatives in the wake of international conflicts.
Segmentation:
Acoustic-based Technology Segment to Secure the Largest Share Due to its Ability to Detect Gunshots within Seconds
By sensing technology, the market is segregated into seismic-based detection, acoustic-plus IR, and acoustic-based technology. Acoustic-based technology segment is slated to capture the largest share during the forecast period. Gunshots can be detected within seconds of the shots being fired, offering valuable time to respond to the incident using the acoustic-based technology, fueling the segment expansion.
Increasing Incidents of Mass Shootings to Spur the Fixed Installation Segment Growth
By installation, the market is segmented into soldier-worn, vehicle mounted, and fixed installation. The fixed installation segment depicted the largest market share in 2022. The surging incidents of urban violence and mass shootings have bolstered awareness and demand for technologies that can help in quick response to active shooter situations. This factor is proliferating the fixed installation segment growth.
Rising Installation of the Product in Outdoor Spaces to Drive the Segment Growth
In terms of application, the market is categorized into outdoor and indoor. The outdoor segment accounted for the largest market share in 2022. The surging installation of the product in outdoor spaces, including public events and gatherings, transportation hubs, and parks, owing to requirements for the enhancement of security and occupant protection and responding to potential threats effectively, is augmenting the outdoor segment growth.
Increase in the Concern for National Safety to Impel the Homeland Security Segment Growth
On the basis of end-user, the market is segregated into critical infrastructure, private sector, defense and government, homeland security, and others. The homeland security segment registered the largest share in 2022. The surging concern for the security of citizens against transnational criminal organizations, national safety, and other threats has caused a rise in the demand for products for homeland security.
Based on country, the market is classified into the U.S., and Canada.
Report Coverage
The report provides an in-depth analysis of several factors behind the market expansion. In addition, the notable industry developments, key segments, COVID-19 impact, and strategic initiatives taken by prominent players have been mentioned in the report.
Drivers and Restraints:
Surging Deployment of Gunshot Detection Systems by Law Enforcement Agencies to Foster Market Growth
North America gunshot detection system market growth can be attributed to a rise in the use of the product by law enforcement agencies. The system helps in the detection and analysis of data in real-time and sends it to the police department.
Despite such growth opportunities, problems of reliability and false alarms may hinder market growth.
Competitive Landscape:
Prominent Companies Prioritize Partnership Strategies to Provide Enhanced Solutions
Prominent companies are focusing on innovative product development strategies to achieve a competitive advantage. Several players are also adopting partnership strategies to keep ahead of their competition while offering enhanced solutions capabilities.
Key Industry Development:
August 2023: Flock Safety partnered with Ubicquia, a maker of intelligent streetlight infrastructure, to revolutionize the way public safety agencies incorporate situational awareness cameras and license plate reading (LPR) to capture the objective evidence needed to solve crime.