LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global smart gun market predicts a CAGR of around 7% during the period 2018-2022.
The report segments the global smart gun market by technology (RFID and biometrics) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global smart gun market, according to Technavio aerospace and defense researchers:
- Modernization of law enforcement capabilities: a major market driver
- Use of 3D printing technology and composite materials: emerging market trend
- The Americas dominated the global smart gun market in 2017, accounting for a market share of around 62%.
- In 2017, the RFID sector held the largest share of the market
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
Modernization of law enforcement capabilities: a major market driver
The modernization of law enforcement capabilities is one of the major factors driving the global smart gun market. With the increasing instances of domestic violence, organized crimes, drugs and arms smuggling, and social unrest, there is a rising need for modernizing law enforcement capabilities. Gun violence is emerging as one of the most substantial concerns across nations around the world.
According to a senior analyst at Technavio for research on defense, “In the current political scenario, the most promising way to save lives is by accelerating the adoption of safer firearms. The governments are trying to deploy smart guns to law enforcement agencies to avoid the misuse of weapons.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Use of 3D printing technology and composite materials: emerging market trend
Additive manufacturing, which is also called as 3D printing, is an evolving manufacturing technology. It builds products by adding successive layers of materials. It is a computer-controlled technology, which decreases the lead time taken for the manufacturing of the product. Additionally, the advancements in 3D printing technology have led to the printing of metals and even composites.
Global market opportunities
The Americas dominated the global smart gun market in 2017, accounting for a market share of around 62%. The demand for smart guns is propelled by the increase in gun violence across the globe. The smart gun manufacturers are also focusing on the adoption of different materials, manufacturing processes, and advanced systems such as Global Positioning System (GPS) to develop highly durable products, which can be used for civilian and law enforcement applications. Also, the market is witnessing an increased number of conventional guns being retrofitted into smart guns that will drive the market in all regions.
|
Technavio’s best deals of the month! Technavio supports Health for All campaign on this World Health Day with 20% savings on all reports in the Health and Wellness category for the entire month. OR Celebrate International Astronomy Day by indulging in a whopping 30% savings on all reports in the Space category. Offer valid from 16th April for a limited period. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
