Gunshot Detection Systems Market Growth at a Healthy CAGR Despite COVID-19 Impact: Global Analysis by ReportsnReports, Market Insights, and Top Companies

Technological Advancement and need to strengthen homeland security is expected to drive the market

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Prominent companies include Shot spotter, Inc., (US) and Shooter Detection Systems LLC (US). Key players offering gunshot detection systems for the defence sector are Raytheon Technologies Corporation (US), QinetiQ Group (US), ACOEM Group (France), THALES (France), and Elta Systems Ltd. (Israel), among others

The Gunshot Detection Systems market size is projected to grow from USD 4.9 Billion in 2022 to USD 7.8 Billion by 2027, at a CAGR of 9.7% from 2022 to 2027. Increased gunfire, especially on school grounds, has prompted several security measures, such as informing neighbours and reporting shooting locations to the police. During the projected period, this is anticipated to fuel demand for gunshot detection systems.

Fixed Installation segment is expected to account for the largest share in 2022

Based on Installation, the fixed installation segment is projected to lead the Gunshot Detection Systems market during the forecast period. Future smart cities are projected to deploy cutting-edge technologies to increase security. Fixed Gunshot Detection Systems is one of the technologies that can help cities improve their civilian security services.

The Commercial Segment is projected to dominate the market share in the End User segment during the forecast period

Based on End User, the commercial segment is projected to dominate the market share during the forecast period. The market is further segmented into commercial and defence segment. There has been a surge in the need for commercial gunshot detection systems, which has boosted industry cases. Gunfire and shootouts have become more frequent in inside settings, including schools, malls, private, and government facilities.

Outdoor Segment is projected to account for the largest share in 2022

Based on Application, the outdoor segment is projected to lead the Gunshot Detection Systems market during the forecast period. The outdoor sector is anticipated to be the largest in 2022, and it is likely that it will continue to dominate for the duration of the prediction. The rise is due to the expanded covering area and increased accuracy.

North America is expected to account for the largest market share in 2022

The Gunshot Detection Systems market industry has been studied in North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America accounted for the largest market share in 2022. The North America market will experience considerable growth in the next years because of the rising incidence of gun violence and the growing need for sophisticated gunshot detection systems. Over the past few years, there has been a rise in gun violence in the United States, which has prompted law enforcement agencies to deploy gunshot detection systems.

The break-up of the profile of primary participants in the Gunshot Detection Systems market:

By Company Type: Tier 1 - 55%, Tier 2 - 25%, and Tier 3 - 20%
By Designation: C Level - 50%, Director Level - 25%, Others-25%
By Region: North America - 45%, Europe - 25%, Asia Pacific - 20%, Middle East - 5%, and Latin America - 5%

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Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Gunshot Detection Systems market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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Market Penetration: Comprehensive information on Gunshot Detection Systems offered by the top players in the market
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Gunshot Detection Systems market
Market Development: Comprehensive information about lucrative markets - the report analyses the Gunshot Detection Systems market across varied regions

This release was published on openPR.