Rockville, June 19, 2023 (GLOBE NEWSWIRE) -- As per this latest study by Fact.MR, a provider of market research and competitive intelligence, the global walkie talkie market is expected to reach a size of US$ 32 billion by 2033, expanding at a CAGR of 8.1% from 2023 to 2033.
A walkie-talkie is a type of communication device. Since these gadgets are network-independent, users can easily communicate in areas where a cellphone network is not available. Demand from consumers for digital radios that offer more designs and use cases is growing. The interoperability of some digital radios with traditional radios is a big advantage. As a result, this makes the switch from analog to digital radios easier and clearer.
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Digital two-way radio technologies such as Digital Audio Broadcasting (DAB) and Digital Mobile Radio (DMR) have several important advantages over analog systems. These systems now have more channels, higher audio quality, more functionality, and longer battery life due to their larger size.
Walkie talkies with new, advanced technologies installed are attracting the attention of end users. Walkie talkie makers are introducing cutting-edge models that incorporate IoT (Internet of Things), such as wearable digital walkie talkies, and they are also adding new capabilities to existing models to stay competitive in the market.
- One of the top market participants, Vodafone Quarter, introduced its push-to-talk plus gadget in 2021. Because it is made for scattered workers, it is ideal for usage in security-related settings such as construction, ports, airports, stadiums, and shopping malls. The device delivers countrywide coverage and is very extendable and adaptable in terms of interoperability with android smartphones.
Key Takeaways from Market Study
- In 2023, the market for walkie talkies is valued at US$ 14.7 billion.
- From 2023 to 2033, global demand for walkie talkies is anticipated to surge at a CAGR of 8.1%.
- By the end of 2033, the global market is anticipated to reach US$ 32 billion.
- Revenue from the sales of analog walkie talkies is expected to increase at a CAGR of 6.9%.
- The market in China is predicted to grow at 7.7% CAGR through 2033.
“Key reasons driving the growth of the walkie talkie market are technological advancements and product integration such as Wi-Fi, robust touchscreens, and long-term evolution technologies,” says a Fact.MR analyst.
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Winning Strategy
In recent years, touchscreen displays and cutting-edge technologies have been included in walkie talkies. These structures are made to resist the hostile environment.
- Motorola, one of the top players on the market, has unveiled the MOTOTRBO Ion, a smartphone with full multimedia capabilities and broadband data capabilities that is ideal for corporate use. Market-leading audio, a longer battery life, antennae that have been modified for reliability, Wi-Fi, Bluetooth, device, application, and data security standards, and certification for usage in hazardous environments are some of the highlights.
Competitive Landscape
The market is only somewhat competitive because there are so many little and big rivals. Major companies adopt strategies like product innovation to stay one step ahead of their competitors since the market is viable.
- In 2021, Kickstarter, one of the key players in the sector, unveiled the noise-canceling walkie-talkie radio. The noise is copied by the device using DSP chips, and it is digitally erased before it reaches the receiver. So, it is believed that the device will provide clearer communication even in the noise-sensitive setting.
- A Swedish telecom corporation named Ericsson purchased Genaker in October 2020 for an undisclosed sum. By joining Ericsson, Genaker strengthened Ericsson's MC-PTT portfolio and helped it adapt to the changing needs of the private network and mission-critical communications markets. Genaker is a mission-critical Push-to-talk (MC-PTT) service provider with offices in Spain.
Walkie Talkie Industry Research Segmentation
- By Type:
- Analog
- Digital
- By Application:
- Government and Public Safety
- Industries and Commerce
- Other Applications
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global walkie talkie market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (analog walkie talkies, digital walkie talkies) and application (government & public safety, industries & commerce, other applications), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Key Questions Covered in the Walkie Talkie Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Walkie Talkie sales grow until 2033?
- Which are the factors hampering the Walkie Talkie demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Walkie Talkie Market during the forecast period?
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