The globalgunshot detection system (GDS) marketis 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 Insightspublished this information in a new study, titled, Gunshot Detection System Market, 2021-2028. The study further mentions that the market size wasUSD 673.9 millionin 2020. It is expected to grow fromUSD 697.5 million in 2021toUSD 1,408.3 million in 2028,exhibiting a CAGR of10.56%in the forecast period.
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.
Regional Insights-
Increasing Installation byLaw Enforcement Agencies to Favor Growth in North America
Geographically, North America remained dominant in 2020 by generatingUSD 248.3 millionin 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.
Source :https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077
