Latest News - Smart Gun Market: RFID is expected to lead the Technology segment during 2024-2028

The Smart Gun Market is being driven by Modernization of law enforcement capabilities

The Smart Gun Market is expected to grow at a CAGR of 7.07% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 116.8 million. Additive manufacturing, or 3D printing, is a progressive technology that constructs products by adding successive layers of materials under computer control. This technology significantly reduces the manufacturing lead time. Advanced 3D printing capabilities now enable the printing of metals and composites. In the manufacturing sector, including gun manufacturing companies, the application of 3D printing is expanding. For instance, Biofire Technologies, a US-based start-up, is pioneering the development of smart guns using this technology. These guns incorporate a fingerprint-recognition system for user identification, ensuring enhanced security and control. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • RFID
  • Biometrics
• Geography
  • North America
    • US
    • Canada
  • Europe
    • Austria
    • Germany
  • APAC
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Modernization of law enforcement capabilities
• Advancement in smart gun technology
• Conversion of conventional guns into smart guns

However, the market also witnesses some limitations, which are as follows:

• Technical constraints with smart gun technology
• Malfunctioning of smart guns
• Stringent regulatory framework

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Market Scope in Smart Gun Market Research Report

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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 global aerospace and defense industry encompasses various sectors, including the production of commercial and general aviation aircraft and defense platforms for naval, land, and air applications. Additionally, this market involves the manufacturing of arms, ammunition, defense electronics, logistics equipment, and space platforms, equipment, and launch vehicles. Furthermore, it includes MRO activities related to both commercial aviation and defense sectors. According to Technavio, the global capital goods market size is determined by the collective revenue generated by industry participants in sectors such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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