PORTLAND, Ore., Nov. 5, 2020
Deployment of LTE network, rise in number of internet users around the world, and proliferation of mobile devices drive the growth of the global push-to-talk over cellular market
PORTLAND, Ore., Nov. 5, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Push-to-Talk Over Cellular Market by Component (Equipment, Software, and Services) and Application (Public Safety & Security, Construction, Energy & Utility, Transportation & Logistics, Manufacturing, Government & Defense, Travel & Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global push-to-talk over cellular industry generated $3.43 billion in 2019, and is projected to garner $6.95 billion by 2027, growing at a CAGR of 9.4% from 2020 to 2027.
Drivers, restraints, and opportunities
Deployment of LTE network, rise in number of internet users around the world, and proliferation of mobile devices drive the growth of the global push-to-talk over cellular market. However, presence of latency and gaps in communication hamper the market. On the contrary, deployment of next-generation 5G networks is expected to offer lucrative opportunities for the market players.
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The services segment to manifest highest CAGR through 2027
By component, the services segment expected to register the highest CAGR of 11.6% from 2020 to 2027, owing to rise in development of network infrastructure especially in developing economies. However, the equipment segment held the largest share in 2019, accounting for more than three-fifths of the global push-to-talk over cellular market. The ability of push-to-talk over cellular devices that provides collaborate and integrated solutions such as group communications, is a major factor expected to drive the growth of the segment. In addition, as push-to-talk equipment enable interconnected Digital Mobile Radio (DMR) and cellular networks with advantages such as two-way radio boost the segment growth.
The automotive segment held the largest share
By application, the public safety and security segment held the largest share in 2019, contributing to more than one-fourth of the global push-to-talk over cellular market. Replacement of land mobile radio (LMR) with push to talk over cellular services as it offers improved public safety communications operability during emergency and coordination situations drive the segment growth. However, the transportation & logistics segment is expected to register the highest CAGR of 12.0% during the forecast period. Most of the logistics companies are replacing traditional walkie talkie communication solutions with modern communications solutions, based on digital models such as the push-to-talk over cellular phones. This factor drives the segment growth.
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North America to dominate the market throughout 2027
By region, the global push-to-talk over cellular market across North America held the largest share in 2019, accounting for more than one-third of the market. North America industries are utilizing push-to-talk over LTE networks that help businesses to benefit from expansive commercial coverage that is much larger than that provided by private or shared LMR networks. This factor drives the market growth in this region. However, the Asia-Pacific region is projected to register the highest CAGR of 10.6% during the forecast period. Rapidly growing penetration of smartphones and expanding internet connectivity in Asia-Pacific region is expected to drive the market growth in this province.
Major market players
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