The global gunshot detection system (GDS) market growth is set to gain momentum from the increasing focus of prominent manufacturers on the development of advanced technologies for detecting real-time sound. Safe Zone, for instance, completed a USD 1 million round of funding anchored by Seedfunders. This would help to broaden its senior leadership team and strengthen its distribution in North America. Fortune Business Insights™ published this information in a new study, titled, “Gunshot Detection System Market, 2021-2028.” The study further mentions that the market size was USD 673.9 million in 2020. It is expected to grow from USD 697.5 million in 2021 to USD 1,408.3 million in 2028, exhibiting a CAGR of 10.56% in the forecast period.

Increasing Installation to Spur Growth of the Defense Segment

The research report classifies the market based on geography, installation, application, and system. By installation, it is divided into fixed installation, vehicle installation, and soldier mounted installation. In terms of system, it is segmented into outdoor and indoor. Based on application, it is bifurcated into defense and commercial. Amongst these, the defense segment is expected to remain at the forefront by generating the largest gunshot detection system market share. GDS is mainly used in this sector to detect locations of firing, especially from large weapons.

Report Coverage-

The market comprises multiple stakeholders, such as software solution providers, original equipment manufacturers (OEMs), and gunshot detection system equipment manufacturers, and component suppliers. All percentage breakdowns, splits, and shares were verified through primary sources and determined using secondary sources. The market’s size and supply chain were calculated using the bottom-up and top-down approaches.

Drivers & Restraints-

Surging Need to Reduce Risks of Collateral Damage to Bolster Growth

The increasing cases of mass shootings in public worldwide are one of the most crucial reasons responsible for the gunshot detection system market growth in the near future. The Gun Violence Research Group, for instance, declared that in 2019, the U.S. experienced the highest number of mass shooting incidents. When deployed indoors and outdoors, gunshot detection systems help to lower the risk of collateral damage in high crime areas. However, the installation and integration of these systems involve high cost spending, which, in turn, may obstruct growth.

Browse Source : 

https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077

Regional Insights-

Increasing Installation by Law Enforcement Agencies to Favor Growth in North America

Geographically, North America remained dominant in 2020 by generating USD 248.3 million in terms of revenue. This growth is attributable to the increasing installation of these detection systems by various law enforcement agencies, increasing security concerns, and surging mass shooting incidence in the region. On the other hand, Asia Pacific is anticipated to grow remarkably fueled by the increasing defense expenditure, expansion of military forces, and rising number of smart city projects.

Competitive Landscape-

Winning of Significant Contracts — Vital Strategy Adopted by Key Players to Compete

The global market is fragmented with the presence of several companies that are persistently striving to gain a competitive edge by bagging new contracts from regulatory bodies and renowned firms. This way, they will be able to provide their in-house solutions. Below are the two latest industry developments:

• December 2020: ShotSpotter, Inc. signed new contracts with seven U.S. cities with populations of less than 50,000. The company will install its flagship gunshot detection solution named ShotSpotter Respond™ to keep up with the latest trend of small cities equipping big city tools to reduce and prevent gun violence.
• April 2020: Aselsan, a defense company based in Turkey, signed a contract with a NATO member nation to deliver SEDA Gunshot Detection System and SARP Advanced Remote Controlled Stabilized Weapon Stations.