Gunshot Detection System Market is Expected to Reach $564 Million by 2024, at a CAGR of 3.85% from 2
According to the new market research report "Gunshot Detection System Market by Application (Commercial, Defense), Installation (Fixed Installations, Vehicle Installations, Soldier Mounted), System (Indoor, Outdoor), Solution (Systems, SaaS) and Region - Global Forecast to 2024", published by MarketsandMarkets™,
The Gunshot Detection System Market is estimated at USD 564 million in 2019 and is projected to reach USD 1,008 million by 2024, at a Compound Annual Growth Rate (CAGR) of 12.30% from 2019 to 2024.
Gunshot detection systems for homeland security were first used in the US. These systems are primarily used by law enforcement agencies. They are installed at a height of more than 30 feet above the ground at select locations of the coverage area. These include walls, poles, streetlights, and buildings, among others. Increase in the incidents of mass shootings in educational institutions is a prime concern. These systems installed at educational institutions places provide real-time updates on shooting events to security personnel, along with individuals inside these places on their electronic communication devices.
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The fixed installation segment to grow at a higher CAGR in the gunshot detection system market during the forecast period
The gunshot detection system market has been segmented and analyzed in terms of installation type, namely, fixed installation, soldier mounted, and vehicle installation. The market is dominated by the fixed installation segment and this segment is also projected to grow at the highest CAGR during the forecast period. Fixed gunshot detection systems use the acoustic sensor node detection technology to detect a gunshot event. Fixed installations are installed at a specific height from the ground. High-security areas, such as restricted military infrastructure are high potential fixed installation sites for gunshot detection systems. Military installations use fixed installations on walls, poles, or border crossings. Fixed electro-optic systems are used by military personnel for enemy sniper localization.
Increasing investment in Subscription as a Service (SaaS) is expected to drive the gunshot detection system market during the forecast period
Based on solution, the SaaS segment of the gunshot detection system market is estimated to grow at the highest CAGR during the forecast period. The increasing demand for subscription-based services by public safety authorities is driving the market for this segment.
North America region shows the highest potential for implementation of gunshot detection
North America is expected to drive the growth of the gunshot detection system market in the coming years, and is expected to grow at the highest CAGR during the forecast period, 2019 to 2024. The gunshot detection system market in North America is expected to witness growth, owing to the high number of firearm-related deaths in the region, especially in the US where firearm-related death rate is 25 times higher than other countries. Major US cities are planning to install indoor gunshot detection systems at universities, corporate office locations, and financial facilities, among others, over the next 5 years.
Browse in-depth TOC on "Gunshot Detection System Market"
105 – Tables
35 – Figures
145 – Pages
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The major players in the gunshot detection system market include SST, Inc. (US), Raytheon (US), QinetiQ North America (US), Shooter Detection Systems, LLC. (US), Acoem Group (France), and Thales Group (France), among others. SST, Inc is one of the key market players engaged in securing contracts to increase the sale of gunshot detection systems.
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