According to a new study titled "Gunshot Detection System Market, 2021-2028" by Fortune Business Insights™, the market size for gunshot detection systems was valued at USD 673.9 million in 2020. The market is projected to grow from USD 697.5 million in 2021 to USD 1,408.3 million by 2028, with a forecasted CAGR of 10.56% during the period. Browse Source : https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077

The market for gunshot detection systems (GDS) is anticipated to experience significant growth, driven by leading manufacturers' efforts to develop advanced technologies for real-time sound detection. According to the study, the market was valued at USD 673.9 million in 2020 and is projected to reach USD 1,408.3 million by 2028, growing at a compound annual growth rate (CAGR) of 10.56% during the forecast period. A list of all the reputed manufacturers present in this market: ShotSpotter Inc. (The U.S.) ACOEM Group (France) Louroe Electronics (The U.S.) Tracer Technology Systems, Inc. (The U.S.) Safety Dynamics, Inc. (The U.S.) Databuoy Corporation (The U.S.) Raytheon Company, a Raytheon Technologies company (The U.S.) Thales Group (France) Rheinmetall AG (Germany) IAI (Israel) QinetiQ (The U.S.) Browse Source : https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077 Segmentation- Gunshot Detection System Industry Geographical Segmentation: North America Europe Asia Pacific Latin America Middle East & Africa By Application: Defense and Homeland Security Commercial By Product Type: Indoor Gunshot Detection Systems Outdoor Gunshot Detection Systems By Component: Hardware Software Services By End User: Law Enforcement Agencies Military and Defense Smart Cities Others Report Coverage-Gunshot Detection System Market Size 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- Gunshot Detection System Market 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. Regional Insights- Increasing Installation by Law Enforcement Agencies to Favor Growth in North America In 2020, North America emerged as the leading geographical market for gunshot detection systems, generating a revenue of USD 248.3 million. This growth can be attributed to the rising adoption of these systems by law enforcement agencies, growing security concerns, and a surge in incidents of mass shootings in the region. Conversely, the Asia Pacific region is expected to witness remarkable growth, driven by an increase in defense expenditure, expansion of military forces, and a 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.

https://www.databridgemarketresearch.com/reports/global-gunshot-detection-system-market

A study by Fortune Business Insights™ titled "Gunshot Detection System Market, 2021-2028" reveals that the market was valued at USD 673.9 million in 2020 and is expected to reach USD 1,408.3 million by 2028, with a compound annual growth rate (CAGR) of 10.56% during the forecast period. Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/gunshot-detection-system-market-105077