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The smart gun market share is expected to increase to USD 98.74 million from 2021 to 2026, at a CAGR of 6.08%.
This smart gun market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers smart gun market segmentation by:
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The smart gun market report also offers information on several market vendors, including Biofire Technologies Inc., Identilock LLC, Lodestar Works Inc., O.F. Mossberg & Sons Inc., SimonsVoss Technologies GmbH, and Smart Gunz LLC among others.
The modernization of law enforcement capabilities is notably driving the smart gun market growth, although factors such as technical constraints with smart gun technology may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart gun industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Smart Gun Market Driver
One of the key factors driving the global smart gun market growth is the modernization of law enforcement capabilities. Governments are trying to deploy smart guns to law enforcement agencies to avoid the misuse of weapons. On that note, in April 2016, a former US President expressed his interest in pushing the adoption of smart guns. In addition, government funding for the modernization of law enforcement armaments is increasing. For instance,
After this program, the government will be upgrading weapons, the Crime and Criminal Tracking Networks and Systems (CCTNS) project, and the e-prison project. Such funding helps in the procurement of modern weapons such as smart guns and drives the market.
Key Smart Gun Market Trend
Use of 3D (3 Dimensional) printing technology and composite materials is one of the key smart gun market trends that is expected to impact the industry positively in the forecast period. For instance, a US-based start-up company, Biofire Technologies, is investing in the development of smart guns using 3D printing technology. The flexibility offered by 3D printing technology allows the production of micro components of any geometry and makes it ideal for the gun manufacturing industry. It also helps in reducing the overall size of the platform as well as components. Additive manufacturing allows gun producers to save costs by reducing material wastage and product development time. In addition, futuristic smart guns designs include complex shapes with composite materials, which can be easily developed through 3D printing. Such trends will positively impact the smart gun market during the forecast period.
Key Smart Gun Market Challenge
One of the key challenges to the global smart gun market growth is the technical constraints with smart gun technology. Although the arms used for home defense are occasionally used, they must activate and operate in the moment of need. Thus, any flaw in the electronic systems reduces the reliability of smart guns. In addition, with smart guns involving many electromechanical components, it is difficult to gain such durability with advanced technology. Smart guns require pairing with other devices for their functioning. For instance, RFID guns require radio frequency devices that are incorporated into rings and watches for the activation of the guns. Such constraints affect the extensive adoption of smart gun technology, which may limit the market growth in the forecast period.
This smart gun market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the smart gun market encompasses successful business strategies deployed by the key vendors. The smart gun market is concentrated and the vendors are deploying growth strategies such as M&A activities to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The smart gun market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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62% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for smart guns in North America. Market growth in this region will be faster than the growth of the market in Europe, APAC, and MEA.
The rising need for self-defense among civilians to counter the growing violence will facilitate the smart gun market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic spread widely across North America, especially in the US, in 2020. Various countries, such as the US and Canada, across the region, imposed lockdowns to contain the spread of the disease. However, in 2021, due to the resumption of normal business activities and the lifting of lockdown restrictions, the demand for smart guns will rise in North America, and the regional smart guns market will grow during the forecast period.
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The smart gun market share growth by the RFID segment will be significant during the forecast period. The advancements in the RFID-based smart guns increase their reliability, which will drive the market in focus during the forecast years. For instance, a US-based company, Lodestar, is currently working on the development of reliable smart guns for law enforcement as well as civilian applications. It develops smart guns that identify authorized users through RFID technology.
This report provides an accurate prediction of the contribution of all the segments to the growth of the smart gun market size and actionable market insights on post COVID-19 impact on each segment.
Our report provides extensive information on the value chain analysis for the smart gun market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Technavio categorizes the global smart gun market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart gun market during the forecast period.
Smart Gun Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 6.08% |
Market growth 2022-2026 |
$ 98.74 million |
Market structure |
Concentrated |
YoY growth (%) |
6.87 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 62% |
Key consumer countries |
US, Canada, Israel, Germany, and Austria |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Biofire Technologies Inc., Identilock LLC, Lodestar Works Inc., O.F. Mossberg & Sons Inc., SimonsVoss Technologies GmbH, and Smart Gunz LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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