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
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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.”
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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.
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