Critical communication market to grow at CAGR of 7.4% from 2019 to 2024
NEW YORK, Sept. 17, 2019 /PRNewswire/ --
Critical communication market to grow at CAGR of 7.4% from 2019 to 2024.
The critical communication market is expected to grow from USD 13.9 billion in 2019 to USD 19.8 billion by 2024, at a CAGR of 7.4%. Advanced features of critical communication network, high demand for critical communication solutions from diverse industries such as public safety, transportation, and medical, and increasing need to modernize old equipment are the major driving factors for the market growth during the forecast period. However, budget constraints toward procurement and interoperability issues are likely to hinder the growth of the critical communication market in the future.
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LMR technology to hold the largest market share during the forecast period.
Land mobile radios (LMRs) is a wireless communication system intended for use by terrestrial users in vehicles or on foot.These systems are used widely by first responders such as police, ambulance, and fire services.
Analog systems make good use of bandwidth and are user-friendly. These devices can be operated easily, even by firefighters wearing gloves.
Earlier, analog LMR systems used amplitude modulation (AM) signals, which worked like AM radio stations.For several decades, analog LMRs have used standard frequency modulation (FM) as they are less susceptible to noise interference.
These are some of the factors fueling the growth of the critical communication market for LMR technology during the forecast period.
Transportation to grow at the highest CAGR during the forecast period.
The transportation vertical comprises buses, trams, metros, railways, and airplanes, among others.Communication plays a vital role in a transportation system, especially in air transport, where information about the arrival and departure of flights is conveyed and interoperated by the security personnel.
Modern transport facilities, such as highway, public transportation, and port & airport facilities, have provided increased travel opportunities and greater choices to travelers.Similarly, critical communication is used in road transport for maintaining coordination and safety.
In the transportation sector, TETRA-based critical communication network is deployed widely because of its proven reliability.
Hardware offering to hold the largest market share during the forecast period.
Hardware offerings are the backbone of any critical communications network system.A few of the vital components forming a critical communications system are command & control systems, infrastructure equipment, and end-user devices.
Infrastructure equipment is the most important constituent of a critical communications network. Thus, the hardware segment is expected to hold a larger share of the critical communication market because of the rising demand from the ongoing as well as new deployment of critical communication networks primarily in North America, APAC, and Europe.
APAC to record the highest growth rate during the forecast period.
APAC is a potential market for critical communication systems because of the strong government focus on establishing robust communication infrastructure. Governments are implementing critical communication solutions such as networks, surveillance & biometric authentication systems, and other screening & scanning systems for emergency and disaster management.
India is among the fastest-growing nations in the world in terms of technology; therefore, installing critical communication networks in the country is a necessity to serve its ever-growing population.Moreover, to combat the ever-growing incidents of terrorism and natural disasters, countries in APAC are increasing their spending on the adoption of security solutions.
In recent years, APAC has witnessed tremendous economic growth, political transformation, and social change; this is expected to increase the demand for critical communication in this region. Countries such as China, India, Australia, Singapore, and Malaysia are expected to witness tremendous growth in the critical communication market.
In the process of determining and verifying the market sizes for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions.
The breakup of the profiles of primary participants has been given below:
• By Company Type: Tier 1 = 30%, Tier 2 = 25%, and Tier 3 = 45%
• By Designation: C-Level Executives = 35%, Directors = 45%, and Others = 20%
• By Region: North America = 45%, Europe = 15%, APAC = 35%, and RoW = 5%
Key players in the market include Motorola Solutions (US), Ericsson (Sweden), Nokia (Finland), Huawei (China), AT&T (US), Hariss (US), ZTE (China), Cobham Wireless (UK), Inmarsat (UK), Hytera (China), JVCKENWOOD Corporation (Japan), Mentura Group (Finland), Tait Communications (New Zealand), Telestra (Australia), Ascom (Switzerland), Zenitel (Belgium), Leonardo (Italy), Secure Land Communications (France), and Simoco Wireless Solutions (UK).
Research Coverage:
The report defines, describes, and forecasts the critical communication market based on offering, technology, end-use vertical, and geography.It provides detailed information regarding the major factors influencing the growth of the critical communication market (drivers, restraints, opportunities, and challenges).
It also analyzes the competitive developments—such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, and product launches—carried out by key players to grow in the market.
Reasons to Buy the Report:
• Illustrative segmentation, analysis, and forecast pertaining to the critical communication market based on offering, technology, end-use vertical, and geography have been conducted to provide an overall view of the critical communication market.
• Major drivers, restraints, opportunities, and challenges for the critical communication market have been detailed in this report.
• The report includes a detailed competitive landscape of the key players in the market and their ranking.
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