Yahoo Finance $47+ Bn Global Push to Talk (PTT) Market to See Booming Growth of CAGR 8.8% by 2028 | Rising Penetration of Smartphones is Propelling Market Growth | Size & Share, Key Players, Growth Forecast Report 2022-2028 by Vantage Market Research
WASHINGTON, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Push-to-talk over cellular is widely used for applications that require wide geographical coverage, such as public safety & security, transportation & logistics, and more. Also, the increase in the adoption of IoT technology for infrastructure management and city monitoring and the exponential rise in urban population are anticipated to drive the market.
The Global Push to Talk Market revenue is expected to reach a value USD 47.7 Billion in 2028.
The Global Market revenue was valued at USD 28.8 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period; states Vantage Market Research, in a report, titled “Push to Talk Market Size, Share & Trends Analysis Report by Component (Hardware, Solutions, Services), by vertical (Public Safety, Government & Defense, Commercial), by Organization Size (Large enterprises, SMEs), by Network Type (Land Mobile Radio (LMR), Cellular), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
The global Push to Talk Market was valued USD 28.8 Billion in 2021 and is all set to surpass USD 47.7 Billion by 2028, exhibiting a CAGR of 8.8% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Push to Talk industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics:
Drivers:
The Transition of LMR Systems from Analog to Digital
The several benefits over analog items, digitalized products are in more demand. Digitized devices provide Machine-to-Machine (M2M) support and other high-end Industrial Internet of Things (IIoT) applications by providing a solid communication experience and greater spectrum efficiency. Industries may provide voice and data services, including M2M applications, on a highly dependable network that provides coverage over the full-service zone by utilizing modern digital mission-critical and Mobile Radio (LMR)systems.
LMR, still commonly used today, was the first technology explicitly created for PTT communication over a local private network. Digital Mobile Radio (DMR), Project 25 (P25), Terrestrial Trunked Radio (TETRA), and NXDN are examples of contemporary LMR technologies that are based on an open standard architecture and since they are digital, may function over traditional IP networks. In addition to speech, these analog technologies allow LMR to transport specific additional data. Due to the robustness of LMR equipment and the multiple failsafe features incorporated into LMR radios and networks, LMR communication has an outstanding reputation for reliability. The widespread usage of LMR systems is driving enterprises. Their conversion to digital LMR and their support for both voice and data services are encouraging businesses to successfully use broadband PTT for LMR augmentation.
Opportunity:
High-Speed 5G Network for Enhancing PTT-Related Operations
Beyond existing mobile broadband networks, 5G-enabled high-speed networks are anticipated to substantially influence innovation, productivity, and efficiency improvements. Although 5G networks are still nascent, services like mission-critical communications, as described in the 3GPP Release 13 and higher, are now accessible across LTE networks. Mission-Critical Push-To-Talk (MCPTT) services deployed over a current LTE network cannot assure compliance with Key Performance Indicators (KPIs) defined by 3GPP under any circumstances. Nevertheless, the introduction of 5G networks will offer performance developments that are anticipated in low latency services, such as mission-critical communications. First responders can quickly prioritize mission-critical traffic using 5G networks, providing other advantages like push-to-video, video sharing, group chat, file sharing, location sharing, and many more.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The report on Push to Talk Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates, and Forecast
Company Profiles
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Regional Analysis:
North America is expected to dominate the growth of Push to Talk Market in 2021.This market dominance is due to several factors, such as the rising adoption of push-to-talk solutions among various end-use industries, which comprise public safety organizations, healthcare, and government and defense, among others. Also, the presence of major players in the region is anticipated to further propel the market growth over the forecast period.
List of Prominent Players in Push to Talk Market:
AT&T Inc. (US)
Verizon Wireless (US)
Motorola Solutions Inc. (US)
T-Mobile (US)
Qualcomm Incorporated (US)
Bell Canada (Canada)
Iridium Satellite LLC (US)
Tait Communications (New Zealand)
Zebra Technologies Corporation (US)
Telstra Corporation Limited (Australia)
Hytera Communications Corporation Limited (China)
Simoco Wireless Solutions Limited (England)
GroupTalk (Sweden)
Orion Labs Inc. (US)
Zello Inc (US)
Yiip Inc. Voice Layer (US)
Voxer Net LLC (US)
International Push to Talk Ltd (iPTT) (England)
Enterprise Secure Chat (ESChat) (US)
AINA Wireless (US)
S.L. (Azetti Networks) (Spain)
Service Max Inc. (US)
Peak PTT (US)
Rug Gear (China)
Team Connect (US)
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "Push to Talk Market Size, Share & Trends Analysis Report by Component (Hardware, Solutions, Services), by vertical (Public Safety, Government & Defense, Commercial), by Organization Size (Large enterprises, SMEs), by Network Type (Land Mobile Radio (LMR), Cellular), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
July 2021: Motorola and AT&T collaborate on a second MCPTT offering for FirstNet.
April 2020: T-Mobile US and Sprint Corporation completed their merger, with T-Mobile now being the sole owner of Sprint, making Sprint an effective subsidiary of T-Mobile until the Sprint brand was officially phased out on August 2, 2020.
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Push to Talk Market for the base year and forecast period?
This market titled “Push to Talk Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter | Details |
Market Size Provided for Years | 2016-2028 |
Base Year | 2021 |
Historic Years | 2016-2020 |
Forecast Years | 2022-2028 |
Segments Covered | • Component |
Region & Counties Covered | • North America |
Companies Covered | • AT&T Inc. (US) |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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