Smart Gun Market by Technology and Geography - Forecast and Analysis 2022-2026

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:

• Technology - RFID and biometrics
• Geography - North America, Europe, APAC, South America, and Middle East and Africa

What will the Smart Gun Market Size be During the Forecast Period?

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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.

Smart Gun Market: Key Drivers, Trends, and Challenges

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,

• In 2021, Under the Assistance to States for Modernization of Police (ASMP) scheme, the Ministry of Home Affairs (MHA), on behalf of the Central government, has been supplementing the state's efforts in modernizing the state police force.

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.

Who are the Major Smart Gun Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Biofire Technologies Inc.
• Identilock LLC
• Lodestar Works Inc.
• O.F. Mossberg & Sons Inc.
• SimonsVoss Technologies GmbH
• Smart Gunz LLC

 

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.

Product Insights and News

• Biofire Technologies Inc. - The company offers a smart gun that is the world's first biometrically authenticated firearm that is ready to fire when picked up, under the brand name Biofire. 
• Biofire Technologies Inc. - Under the unified segment, the company offers smart guns for gun owners who want more control over who can access their weapon and eliminate unauthorized use by children, thieves, or anyone else.

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.

Which are the Key Regions for Smart Gun Market?

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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.

What are the Revenue-generating Technology Segments in the Smart Gun Market?

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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.

Smart Gun Market Value Chain Analysis

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.

Parent Market Analysis

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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What are the Key Data Covered in this Smart Gun Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive smart gun market growth during the next five years
• Precise estimation of the smart gun market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the smart gun industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of smart gun market vendors

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