Global Smart Gun Market 2018: Rising at Promising 6.86% CAGR by 2022
Smart gun is a technology to eradicate the ability of an unauthorized user from firing a law enforcement officer’s firearm. It allows one to fire only when activated by an authorized user. It is also termed as personalized gun. This smart technology help to prevent gun thefts and accidental shootings.
Growing modernization of law enforcement and rising occurrence of domestic violence, social unrest, organized crimes, and drugs smuggling are documented as major factors of Smart Gun Market that are estimated to enhance the growth in the years to come. However, technical issues related to smart guns may restrain overall market growth in the coming years. Smart Gun Market is segmented based on technology, applications, and region.
Biometrics and RFID are the enhanced technology that could be explored in Smart Gun in the forecast period. The RFID sector may account for the substantial market share of Smart Gun and is estimated to lead the overall market in the coming years. The market may be categorized based on applications like law enforcement, personal defense, training, hunting, and others that could be explored in the forecast period.
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Smart Gun Market is segmented geographically into Americas (North America, South America, and Latin America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Latin America (Mexico, Argentina, and Brazil), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).
Globally, Americas may account for the significant market share of Smart Gun and is estimated to lead the overall market in the coming years. Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of Smart Gun Market are TriggerSmart Technologies, Armatix, iGUN Technology, Biofire Technologies, and IDENTILOCK. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart gun market for 2018-2022. To calculate the market size, the report considers the revenue generated from the usage of smart guns for applications such as personal defense, hunting, training, and law enforcement.
The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA
This report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
• Armatix
• Biofire Technologies
• IDENTILOCK
• iGUN Technology
• TriggerSmart Technologies
Market driver
• Modernization of law enforcement capabilities
• For a full, detailed list, view our report
Market challenge
• Technical constraints with smart gun technology
• For a full, detailed list, view our report
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Market trend
• Use of 3D printing technology and composite materials
• For a full, detailed list, view our report
Key questions answered in this report
• What will the market size be in 2022 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
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