The global gunshot detection system market accounted for US$ 850.2 Mn in 2017 and is expected to grow at a CAGR of 22.6% over the forecast period 2018-2025, to account for US$ 4325.0 Mn in 2025
LONDON, Sept. 10, 2018 /PRNewswire/ -- The global gunshot detection system market accounted for US$ 850.2 Mn in 2017 and is expected to grow at a CAGR of 22.6% over the forecast period 2018–2025, to account for US$ 4325.0 Mn in 2025. The demand for gunshot detection systems is largely influenced by a number of factors such as increasing firearm related crimes worldwide. Weapon related fierceness are devastating these days across the globe. Unfortunately, these incidents of violence are increasing rapidly and are unreported in many cases. Therefore, it has become essential for state and local law enforcement agencies to deploy solution which can take detect/prevent such cases in future. Also, during the past few years, several incidents of gunfire took place in public areas as well as commercial infrastructure. One such miserable instance took place in Las Vegas in 2017, in which 58 people were killed and hundreds of others were injured by a gunman. Further, in 2014, a terrorist attack in a School of Pakistan killed around 150 people. Increase in such incidences are fueling the gunshot detection system market growth for homeland security. As per SecurityInfowatch, around 300 mass shootings incidences occurred in the U.S. alone during 2015. Attributed to the above mentioned factor, the gunshot detection systems is extensively deployed in educational institutes, government buildings, museums, and hotels etc.
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The gunshot detection system market is fragmented with the presence of several providers in the supply chain and the competitive dynamics in the market is expected to change during the upcoming years.The players in the value chain depend on different third-party solution providers, software providers, and hardware providers.
This results in over-dependency of players on each other for efficient performance. ShotSpotter, Inc., U.S. is the leading gunshot detection system market globally. Other key players of the gunshot detection system market include Raytheon Company, Shooter Detection System LLC, Thales Group, and Safety Dynamics, Inc. among others.
On the basis of product type, outdoor segment is the leading the gunshot detection system market however, it is expected that the segment will continue its dominance during the forecast period.Currently, gunfire and violent crime are posing a significant challenge for law enforcement officers and other first responding personnel.
On 10 February 2017, it is mentioned in Newsweek that there have been more than 11,600 deaths related with gun violence in the year 2017 in the U.S. Similarly, in 2016, 15,000 were killed by gun violence and there were 383 mass shootings. The U.S. ranked No. 1 in terms of firearms and it has the highest homicide by firearm rate the developed world. Also, according to the study published in journal Pediatrics, yearly an average 1,297 children die due to gun-related injuries till June 2017 in the U.S.
The overall gunshot detection system market size has been derived using both primary and secondary source.The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the gunshot detection system market.
It also provides the overview and forecast for the global gunshot detection system market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the gunshot detection system market.
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