Authored By: Sarah
11 Jul 2024

 Smart Gun Market Size to grow by USD 116.8 million between 2024-2028

According to a research report “ Smart Gun Market” by Technology (RFID, Biometrics) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 116.8 million, at a CAGR of  7.07% during the forecast period. In the current global climate, public safety is of paramount importance, with gun violence being a pressing concern. Domestic violence, organized crimes, drug trafficking, arms smuggling, and social unrest are significant challenges that necessitate the modernization of law enforcement capabilities. Smart guns, which aim to prevent unauthorized use, offer a promising solution to mitigate the misuse of firearms. The Indian government, through the Assistance to States for Modernization of Police (ASMP) scheme, is investing in the modernization of state police forces, including the adoption of advanced armaments. This strategic initiative underscores the commitment to enhancing public safety and reducing gun-related incidents.

Browse market data tables, figures, and in-depth TOC on “Smart Gun Market” by Technology (RFID, Biometrics) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Technology, the RFID segment is projected to dominate the market size in 2024

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By Geography, North America  segment is expected to hold the largest market size for the year 2024

In the burgeoning smart gun market, innovation is the key driver. These advanced firearms, equipped with biometric identification systems or radio frequency identification technology, offer enhanced safety and security. The global market is projected to grow at a significant CAGR, fueled by increasing demand for gun safety and technological advancements. Companies such as Armatix, Smith & Wesson, and Sig Sauer lead this sector, delivering cutting-edge solutions to discerning consumers.

North America is forecasted to hold the largest market size by region in 2024

In the dynamic and innovative landscape of technology, the Smart Gun Market represents a significant growth opportunity. This market, characterized by firearms equipped with advanced features such as biometric identification systems and GPS tracking, offers substantial potential for businesses. With increasing consumer demand for enhanced safety and security, this sector is poised for robust expansion. Companies specializing in research, development, and manufacturing of smart guns can capitalize on this trend and establish a competitive edge in the industry.

The Smart Gun Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Biofire Technologies Inc.
  • General Dynamics Corp.
  • Identilock LLC
  • Lockheed Martin Corp.
  • Lodestar Works Inc.
  • Northrop Grumman Corp.
  • O.F. Mossberg and Sons Inc.
  • SimonsVoss Technologies GmbH
  • Smart Gunz LLC
  • The Boeing Co.
.

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Research Analysis Overview

The Smart Weapons Market has witnessed significant growth in recent years due to increasing defense budgets and advancements in technology. This market includes weapons equipped with features such as magnetic kits, mechanical locks, biometric sensors, and fingerprint scanners for enhanced safety. Defense systems manufacturers are also integrating tactics like satellite guidance systems, laser, infrared, radio, GPS, and computer-guided munitions for improved lethality and operational performance. Arms transfer regulations continue to evolve, impacting the market's growth. For instance, the integration of external operating systems and intelligent weapons has led to the development of cruise missiles with advanced navigation and targeting capabilities. However, logistics challenges, raw materials, and supply chain issues can pose significant hurdles for defense companies. The Smart Weapons Market is driven by orders from defense services and defense companies. Key players include Raytheon Technologies, Lockheed Martin, and Northrop Grumman. The market's future growth is expected to be influenced by advancements in biometric sensors, fingerprint scanners, and satellite guidance systems. Despite these opportunities, the market faces challenges in meeting the complex requirements of various defense applications.

Market Research Overview

The Smart Gun Market encompasses a range of advanced technologies and systems designed for surveillance, electronic warfare, and weapon modernization. This market includes surveillance systems utilizing microwave weapons and electronic warfare systems, as well as night vision devices and tactical radios with wireless equipment and information technology services. Military modernization programs are driving growth in this sector, with defense spending increasing in the air, maritime, and land categories for airborne, maritime, and land platforms. Positioning systems like GPS, radar, and satellite guidance systems are essential components of smart weapons, which include guided firearms, projectiles, rockets, missiles, and hypersonic missile systems. Modern warfare tactics rely on high precision arms and lethality, with computer-guided munitions and intelligent weapons employing external operating systems, laser, infrared, radio, and GPS technology. However, concerns regarding misuse, accidental use, and safety features are significant challenges. Technologies like fingerprint sensors, biometric sensors, and facial recognition systems are being integrated into smart guns to mitigate these risks. The market for smart guns is expected to grow significantly, with orders from law enforcement agencies and defense companies, despite logistical challenges, raw materials, and supply chain concerns. The smart weapons market is a complex ecosystem, requiring collaboration between service providers, defense systems manufacturers, and governments to address the intricacies of this dynamic and evolving industry. Despite the potential benefits of smart guns, there are concerns about the misuse, accidental use, and potential collateral damage from electromagnetic (EM) waves, machine learning (ML), and artificial intelligence (AI) in weapon technology. The Gun Violence Archives report thousands of deaths each year from murders, suicides, and accidental shootings, highlighting the need for continued innovation and regulation in this sector. The LodeStar Works company is one of the leading players in this market, providing advanced technology solutions for smart guns and defense systems.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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