The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.
Gunshot Detection System Market Overview:
The sudden outbreak of the COVID-19 has led to unforeseen fluctuations across many industries and the Gunshot Detection System Market is no different. Derived from the previous market scenario, the Gunshot Detection System Market is likely to witness an impressive CAGR of 15.2% during 2020-25 but with the global crisis in action, the growth curve has deviated from its expected path and exhibits an uncertain trajectory at present.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
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Market Share Analysis
Gunshot Detection System Market Share: By Application Type
Based on the application type, the market is segmented as commercial and defense. The commercial segment is estimated to register a higher growth during the forecast period. The growth of the segment is driven by the demand for enhanced security in futuristic smart cities. On the other hand, the defense application segment of gunshot detection systems includes soldier wearables, installation on armored vehicles, border crossings, and military installations at edifices and bases, among others. Defense systems are attentive at localization of the origin of gunshots and delivering information for counter-offensive strategies.
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Gunshot Detection System Market Share: By Installation Type
Based on the installation type, the market is segmented as fixed installations, soldier mounted, and vehicle installations. The fixed installations segment is estimated to witness the highest growth in the coming five years. Nevertheless, the vehicle installations segment commands the global market and the market potential for GDS systems on vehicle installations will significantly escalate based on the growing demand for armored vehicles from the militaries across the globe.
Gunshot Detection System Market Share: By Region
In terms of regions, the US gunshot detection system market is estimated to portray the highest growth the during the forecast period. Factors contributing to the threat of gunfire-related incidents have been gun ownership in the US and illegal arms sales. Rise in deaths or homicide incidents triggered off by the use of guns is a grave concern in the region. The North American gunshot detection system market is expected to witness substantial growth, driven by the high amount of firearm-related deaths in the region, especially in the US, where the firearm-related death rate outpaces other countries by 25 times. Further, prominent US cities are deliberating to install indoor gunshot detection systems at corporate offices, universities, schools, hospitals, and financial facilities, among others, over the next 5 years. Europe and Asia-Pacific are also expected to offer sizeable growth opportunities during the forecast period.
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