Asia Pacific was the largest region in the global defense market, accounting for 34% of the market in 2019. North America was the second largest region accounting for 25% of the global defense market. Africa was the smallest region in the global defense market.
Smart gun technology is gaining the interest of the manufacturer in recent times. The technology will reduce accidental and criminal shootings due to its safety features that allow firing by authorized users only. A gun is implanted with a radio-frequency-identification devices (RFID) chip reader that connects wirelessly with a watch or wristband when in a definite range, to activate it. This gun is activated through a 5-digit PIN code for a set period. Biometrics technology is also used for smart guns. Arms manufacturers such as Armatix and iGun Technology Corp are pursuing such technological advancements to provide the market with smart guns.
The defense market consists of sales of air-based, sea-based, and land-based military equipment by entities (organizations, sole traders, and partnerships) that produce air-based, sea-based, and land-based military equipment including support and auxiliary equipment such as radar, satellites, sonars, and other auxiliary equipment or maintenance, repair, and overhaul of defense equipment.
The global defense market is expected to decline from USD 428 billion in 2019 to USD 372 billion in 2020 at a compound annual growth rate (CAGR) of -13.1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 4% from 2021 and reach USD 411.6 billion in 2023.
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