Gunshot Detection Market Expected to Reach $1.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Gunshot Detection Market," The gunshot detection market was valued at $587.25 million in 2021, and is estimated to reach $1.2 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.

Presently, the global gunshot detection market is dominated by North America followed by Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the gunshot detection market in terms of growth during the forecast period. In North America, the U.S. is expected to capture the majority of the market share backed by extensive adoption of gunshot detection.

The gunshot detection market is expected to showcase a growth rate of 7.0% CAGR during the forecast period, backed by the rise in the installation of these systems across the globe. Rise in incidents of homicide across the globe, and increase in demand to establish a safe and secure environment support the growth of the gunshot detection market. There is an average of more than 19,000 firearm homicides and more than 1 million emergency department visits for assault cases across the U.S. in a year. These staggering numbers have allowed several nations to rapidly adopt gunshot detection systems in outdoor and public places. For instance., in September 2018, Shotspotter received a contract worth $23 million to install outdoor gunshot detection systems. The company now operates its network of gunshot detection systems from Chicago and New York City under the contract.

Furthermore, the integration of gunshot detection systems by range of government and military agencies further bolsters its market demand during the forecast period. Miniaturization of gunshot detection system, allowing it to be portable is one of the major factors driving the market penetration of gunshot detection system in military and government verticals. Companies across the globe are trying different avenues to ensure operational efficiency of gunshot detections using minimal resources. Amidst the race of miniaturization of this system, in March 2022, Shotspotter announced their plan to integrate gunshot detection in mobile phones. The contract is expected to be inked at the value of $525 thousand.

The gunshot detection market is segregated into application, product, system, installation, and region. The application segment is further classified into defense, homeland, and commercial. The commercial segment within the application is further divided into retail stores and venues, schools and colleges, hospitals, corporate enterprises, and others. The product segment of the gunshot detection market is bifurcated into indoor and outdoor. Based on the system, the market is bifurcated into an integrated system and a standalone system. With respect to installation, the gunshot detection market is divided into vehicle-mounted systems, portable systems, and fixed systems. By region, the market is categorized by North America, Europe, Asia-Pacific, and LAMEA

Integration of various electronic and optronics technologies, adoption of Size, Weight, and Power (SWaP), and the adoption of artificial intelligence, machine learning, and cloud computing in gunshot detection systems are among the primary factors propelling business opportunities. Nevertheless, the shortage of semiconductors across the globe and the high cost of sensors and electronic chips associated with it is gradually increasing its price-point across the supply chain. Companies across the globe are taking efforts to reduce the costing through reducing the size and making it a wearable device, or integrating it with other devices like cell phones.

In addition, these devices assist people in capturing and transmitting electronic data. Moreover, the sensors notify about gunshot quickly, which help security officials to arrest criminals or create alarm alerts in public places, which reduces the consequences. Escalating growth in the IoT industry and government initiatives regarding adopting sensors are anticipated to foster the overall gunshot detection market growth during the forecast period.

The addition of sensors does help to increase automation in electronic devices; however, it incurs an extra cost and is avoided in cost-effective applications. The incorporation of sensors facilitates different features and automates the machines, although it incurs some additional cost, and after that, it is avoided in cost-effective applications. Sensors create heating issues and reduce their overall life in devices that are used continuously for a long time as these devices have temperature-sensitive components. Moreover, over the past five years, the cost of sensors has reduced to about 10% per year due to increased production and technological advancements in these sensors. However, sensors are still expensive compared to other conventional types of equipment, thereby limiting their adoption. This factor is expected to hinder the growth of the market during the forecast period.

However, technological advancements in gunshot detection sensors offer innovative and additional features to the equipment and devices used to monitor gunshots in public places, including residential and commercial premises to support the market. Wearable technology is an emerging industry in the defense sector. This market comprises hi-tech wearable devices with sensors that monitor individual physical and public terror activities. These sensors collect information about respective parameters, converting them into digital form and displaying them on screen. Addition of sensors in other technologies in gunshot detection systems allows increased accuracy, situational awareness and response time, supporting business opportunities in coming years.

KEY FINDINGS OF THE STUDY

• By product, the indoor segment is expected to capture a higher market share during the forecast period.
• By application, the commercial segment leads the market during the forecast period.
• By installation, the portable system segment is expected to grow at lucrative growth rate during the forecast period.
• By system, the standalone segment leads the market during the forecast period.
• Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.

The key players operating in this gunshot detection market are 3xLOGIC, Alarm Systems, Inc., AmberBox, Inc., Databuoy Corporation, Information System Technologies Inc., QinetiQ Inc. US, Raytheon Technologies Corporation, Safe Zone Technologies, Inc., Shooter Detection Systems, and ShotSpotter Inc.