The global gunshot detection system market size is set to reach USD 1,408.3 million in 2028. This information is given by Fortune Business Insights™ in a new report, titled, “Gunshot Detection System Market, 2021-2028.” The report further states that the market stood at USD 673.9 million in 2020. It is expected to showcase a CAGR of 10.56% in the forecast period between 2021-2028. An increasing number of upcoming smart city projects in various parts of the world are compelling government agencies to install advanced gunshot detection systems. In November 2019, ShotSpotter, Inc., for instance, signed a three-year contract worth USD 4.27 million with the Puerto Rico Public Housing Authority. This deal would enable the company to supply its novel gunshot detection technology to the metropolitan area, including Trujillo Alto, Bayamón, and San Juan.
COVID-19 Pandemic: Travel Bans Worldwide to Impact Growth Negatively
Stringent lockdown and social distancing measures implemented by regulatory bodies would negatively affect the defense sector across the globe amid the COVID-19 pandemic. ShotSpotter, Inc., for instance, declared a complete travel ban because of the pandemic in March 2020. It would suspend every installation and project management activity, thereby impacting the demand for these detection systems. At the same time, scheduled deployments would also be postponed as customers are dealing with their own response to the pandemic. Similar other factors are set to be responsible for a slowdown in the industry.
Our analysts have conducted extensive primary and secondary research to gain authentic information of the market. In the secondary research, several government sources, such as the Bureau of Justice Statistics (BJS), U.S. Federal Bureau of Investigation (FBI), were taken into consideration to determine the crime rate across the globe. The primary research included the supply side marked by development of gunshot detection and advancements in gunshot detection technology.
A Significant Industry Development-
ShotSpotter Bags New Contract from Detroit Police Department to Deliver Sensors
In November 2020, ShotSpotter, a leading gunshot detection system manufacturer, received a four-year contract from the Detroit Police Department for the installation of sensors. The deal is worth USD 1.5 million and it includes the annual subscription for expert witness services, real-time alert services, and gunfire analysis. It will be started in spring 2021. These sensors will be mounted on high structures, such as streetlights, buildings, and telephone poles. It can also capture audio clips and date & time during a shooting.
Drivers & Restraints-
Surging Installation by Law Enforcement to Aid Growth
The surging utilization of gunshot detection systems by defense forces, security agencies, and law enforcement worldwide are set to affect growth positively. These systems can analyze and detect real-time information and send it to the police department. In June 2020, for instance, the Sacramento City Council extended a contract worth USD 2.5 million with ShotSpotter. It will enable the former to detect gunshots through 2025 at three undisclosed locations. However, the installation process of these detection systems requires high material costs and labor. It may hinder the gunshot detection system market growth in the upcoming years.
Information source: https://www.fortunebusinessinsights.com/gunshot-detection-system-market-105077