The gunshot detection market in 2020 was valued at 650 million, which is based on a compilation of findings from Mordor Intelligence. Its CAGR is expected to grow at over 8% during the forecast period from 2021-2026. COVID’s impact on the gunshot detection market was virtually nonexistent. Law enforcement and military personnel were able to seamlessly introduce these systems into their daily operations.
As a company that is at the forefront of administering security solutions, we make it a mission to align our consumers with comprehensive security solutions that are going to serve them for years to come. Let’s take a look at where it sits in the market and what it could look like for the future of security and enhanced safety measures
Overview of Gunshot Detection Market
Incidents of gunfire on facilities like school grounds have motivated a variety of organizations to reassess the integrity of their security measures. When these systems are in place, they will warn civilians that are in close proximity as well as the local authorities of when something is occurring. The necessity for gunshot detection systems will continue to drive the demand in the forecast period.
In addition to its impact on law enforcement and within the school system, the large investments in border security are likely to drive the growth of the market in the coming years. Gunshot detectors will help border patrol apprehend those who are attempting to smuggle drugs, infiltrate the country, or illegally immigrate into the US. It’s even possible to make alterations to the system so that manufacturers can have an easier time assisting the forces with finding suspects, even if the situation is devoid of gunshots.
Artificial Intelligence (A.I.) is another element that can complement the development of these systems. A.I. can combine visual and acoustic information in order to track and eradicate any looming threats.
Trends In The Market
The segment that is expected to achieve the highest CAGR rating is the outdoor segment. This is due largely in part to the growing demand for enhanced security at the national border, highways, and a variety of other public spaces. Fire-arm-related fatalities have been on the upswing in countries like Europe, North America, and Latin America, which continues to support the growing need for protection. A finding from ShotSpotter has revealed that retail area shootings increased more than 40% in 2020.
As the threat of gun violence continues to grow, companies are taking the initiative and implementing change to expand the strategies in the market. The military is also getting the most out of these protocols as they can be used to protect personnel and valuable assets.
North America Had The Highest Revenue Shares in 2020
North America dominated this market in 2020 and is expected to reign supreme in the coming years, as well. Why is this? Simply put, the United States has seen an uptick in gun-related incidents in the last few years, which has prompted law enforcement to take the necessary steps for protecting its citizens. As an example, in November of 2020, the Detroit Police Department received approval to install an acoustic gunshot detection system to augment their surveillance capabilities and it will also alert the department of imminent danger in the city.
Evaluating The Competitive Landscape
There is slight fragmentation when it comes to this sector of the market, as a result of sensor manufacturers and software providers. Suppliers of gunshot detection systems are all competing to see who can deliver the best systems while keeping a reasonable price tag and higher rates of efficiency. The development of the detection software is expected to bring new players and thought leaders to these emerging markets.
The Impact Of COVID on Gunshot Detection Solutions
As previously mentioned, the pandemic had a low impact on the market. Industries that were already planning to introduce these solutions for their businesses were able to stay on track. A minor setback was the delay or cancellation of product deliveries, but supply and logistics issues can certainly recover, as the worst of the pandemic in many respects, is behind us.
Using Tools From The Gunshot Detection Market
If you’re interested in finding a modern solution for your security protocols, our team at Smart CT is dedicated to aligning you with solutions that will keep you, your associates, and people in the surrounding areas safe. Contact us today to learn more about our solutions.