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

  • Published: Apr 2022
  • Pages: 121
  • SKU: IRTNTR73065
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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:

  • 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?

Smart Gun Market Size

Download the Free Report Sample to Unlock the Smart Gun Market Size for the Forecast Period and Other Important Statistics

 

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?

Smart Gun Market Market segmentation by region

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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?

Smart Gun Market Segmentation

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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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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Technology

    • 5.1 Market segments
      • Exhibit 24: Chart on Technology - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Technology - Market share 2021-2026 (%)
    • 5.2 Comparison by Technology
      • Exhibit 26: Chart on Comparison by Technology
      • Exhibit 27: Data Table on Comparison by Technology
    • 5.3 RFID - Market size and forecast 2021-2026
      • Exhibit 28: Chart on RFID - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on RFID - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on RFID - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on RFID - Year-over-year growth 2021-2026 (%)
    • 5.4 Biometrics - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Biometrics - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Biometrics - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Biometrics - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Biometrics - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Technology
      • Exhibit 36: Market opportunity by Technology ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 North America - Market size and forecast 2021-2026
      • Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 Germany - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.10 Austria - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Austria - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on Austria - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on Austria - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Austria - Year-over-year growth 2021-2026 (%)
    • 7.11 Canada - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Canada - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Canada - Year-over-year growth 2021-2026 (%)
    • 7.12 Israel - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Israel - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Israel - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Israel - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Israel - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 Biofire Technologies Inc.
              • Exhibit 89: Biofire Technologies Inc. - Overview
              • Exhibit 90: Biofire Technologies Inc. - Product / Service
              • Exhibit 91: Biofire Technologies Inc. - Key offerings
            • 10.4 Identilock LLC
              • Exhibit 92: Identilock LLC - Overview
              • Exhibit 93: Identilock LLC - Product / Service
              • Exhibit 94: Identilock LLC - Key offerings
            • 10.5 Lodestar Works Inc.
              • Exhibit 95: Lodestar Works Inc. - Overview
              • Exhibit 96: Lodestar Works Inc. - Product / Service
              • Exhibit 97: Lodestar Works Inc. - Key offerings
            • 10.6 O.F. Mossberg Sons Inc.
              • Exhibit 98: O.F. Mossberg Sons Inc. - Overview
              • Exhibit 99: O.F. Mossberg Sons Inc. - Product / Service
              • Exhibit 100: O.F. Mossberg Sons Inc. - Key offerings
            • 10.7 SimonsVoss Technologies GmbH
              • Exhibit 101: SimonsVoss Technologies GmbH - Overview
              • Exhibit 102: SimonsVoss Technologies GmbH - Product / Service
              • Exhibit 103: SimonsVoss Technologies GmbH - Key offerings
            • 10.8 Smart Gunz LLC
              • Exhibit 104: Smart Gunz LLC - Overview
              • Exhibit 105: Smart Gunz LLC - Product / Service
              • Exhibit 106: Smart Gunz LLC - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 107: Inclusions checklist
                • Exhibit 108: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 109: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 110: Research methodology
                • Exhibit 111: Validation techniques employed for market sizing
                • Exhibit 112: Information sources
              • 11.5 List of abbreviations
                • Exhibit 113: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Smart Gun market growth will increase by $98.74 million during 2022-2026.
              The smart gun market is expected to grow at a CAGR of 6.08% during 2022-2026.
              Technavio has segmented the smart gun market by technology (RFID, Biometrics, and Middle East and Africa) and geographic (North America, Europe, APAC, South America, and Middle East and Africa).
              Biofire Technologies Inc., Identilock LLC, Lodestar Works Inc., O.F. Mossberg & Sons Inc., SimonsVoss Technologies GmbH, Smart Gunz LLC are a few of the key vendors in the smart gun market.
              North America will register the highest growth rate of 62.16% among the other regions. Therefore, the smart gun market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              • US
              • Canada
              • Israel
              • Germany
              • Austria
              The key factors driving the smart gun market growth are:
              • Modernization of law enforcement capabilities
              • Use of 3D (3 Dimensional) printing technology and composite materials
              The smart gun market vendors should focus on grabbing business opportunities from the rfid segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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              • Covid-19 impact and recovery analysis
              • Data on revenue-generating market segments
              • Details on the market shares of various regions
              • Five-force market analysis

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