Global Smart Gun Market 2018-2022
About Smart Gun
A smart gun is a weapon that has more components than the standard mechanical parts and allows only authorized users to operate the weapon.
Technavio’s analysts forecast the global smart gun market to grow at a CAGR of 6.86% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart gun market for 2018-2022. To calculate the market size, the report considers the revenue generated from the usage of smart guns for applications such as personal defense, hunting, training, and law enforcement.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Gun Market 2018-2022
Technavio recognizes the following companies as the key players in the global smart gun market: Armatix, Biofire Technologies, IDENTILOCK, iGUN Technology, and TriggerSmart Technologies.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the use of 3D printing technology and composite materials. Additive manufacturing or 3D printing is an evolving manufacturing technology that builds products by adding successive layers of materials. It is a computer controlled technology that decreases the lead time taken for the manufacturing of the product. Advancements in 3D printing technology have led to the printing of metals and even composites”
According to the report, one of the major drivers for this market is the modernization of law enforcement capabilities. With growing instances of domestic violence, organized crimes, drugs and arms smuggling, and social unrest, there is a growing need for modernizing law enforcement capabilities. In the current political scenario, the most promising way to save lives by accelerating the adoption of safer firearms.
Further, the report states that one of the major factors hindering the growth of this market is the technical constraints with smart gun technology. Smart guns are installed with various electronic systems, such as sensors and batteries, and any fault in these electrical systems may restrict the gun from firing. Although the arms used for home defense are occasionally used, they must deactivate and operate in the moment of need and such flaws will reduce the reliability on these guns.
Armatix, Biofire Technologies, IDENTILOCK, iGUN Technology, and TriggerSmart Technologies.