The critical communication global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Critical Communication Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The critical communication market size has grown rapidly in recent years. It will grow from $18.91 billion in 2023 to $21.38 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to the shift from analog to digital communication, the development of LTE and 5g, the Internet of Things, policies requiring interoperability and communication standards, and spectrum allocation.
The critical communication market size is expected to see rapid growth in the next few years. It will grow to $35.08 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to the need for reliable communication systems, demand for reliability and resilience, strategic partnerships and collaborations, increasing frequency of natural disasters due to climate change, and adoption of eco-friendly and energy-efficient communication technologies. Major trends in the forecast period include hybrid communication solutions, biometric authentication, augmented reality (AR) and virtual reality (VR), the rise of public-private partnerships, and cloud computing.
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Scope Of Critical Communication Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Critical Communication Market Overview
Market Drivers –
The rise in public safety concerns is expected to propel the growth of the critical communication market going forward. Public safety concerns encompass potential risks or threats to the well-being and security of the general populace within a community or society. Public safety concerns arise from various sources, including natural disasters, criminal activities, infrastructure failures, or public health crises. Public safety creates a need for emergency services, such as critical communication to ensure effective coordination among first responders, rapid response to emergencies, and timely dissemination of critical information to the public. For instance, in March 2022, according to a report published by the Institute for Economics and Peace, an Australia-based non-profit organization, global terrorist attacks reached 5,200 incidents in 2021. Myanmar saw the most significant uptick in terrorism, resulting in 521 deaths, marking a twentyfold increase and a 17% rise compared to 2020. Therefore, the rise in public safety concerns is driving the growth of the critical communication market.
Market Trends –
Major companies operating in the critical communication market are focusing on technological advancements, such as ultra-reliable low-latency communication (URLLC), to enhance real-time data transmission reliability and reduce latency for mission-critical applications. Ultra-Reliable Low Latency Communication (URLLC) refers to a communication standard that ensures exceptionally reliable and low-latency transmission of data, critical for applications such as autonomous vehicles and industrial automation. For instance, in October 2021, Ericsson, a Sweden-based multinational networking and telecommunications company, launched time-critical communication, a software toolbox designed to guarantee consistent low latency and high reliability for time-critical applications and services on 5G networks. This solution combines the 3GPP-specified ultra-reliable, low-latency communication (URLLC) standard with Ericsson innovations to mitigate major causes of latency. The solution is designed to benefit consumers, enterprises, and the public sector, where time-critical applications and services depend on reliable, low-latency connectivity.
The critical communication market covered in this report is segmented –
1) By Offering: Hardware, Services
2) By Technology: Land Mobile Radio (LMR), Long-Term Evolution (LTE)
3) By Enterprise Type: Small And Medium Enterprises, Large Enterprises
4) By Vertical: Public Safety, Transportation, Utilities, Mining, Police And Security Department, Emergency Healthcare Services, Government Agencies, Airports, Marine, Other Verticals
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Regional Insights –
North America was the largest region in the critical communication market in 2023. The regions covered in the critical communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the critical communication market are <b>Samsung Group, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., T-Mobile US Inc., Airbus SE, Ericsson Inc., Nokia Corporation, NEC Corporation, Thales Group, Leonardo S.p.A., Motorola Solutions, Bosch Security Systems, Harris Corporation, Hytera Communications, Iridium Communications Inc., Tait Communications, Sepura Ltd., Zetron Inc., Simoco Wireless Solutions, DAMM Cellular Systems A/S, PowerTrunk Inc., Kenwood Corporation</b>
Table of Contents
1. Executive Summary
2. Critical Communication Market Report Structure
3. Critical Communication Market Trends And Strategies
4. Critical Communication Market – Macro Economic Scenario
5. Global Critical Communication Market Size and Growth
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32. Global Critical Communication Market Competitive Benchmarking
33. Global Critical Communication Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Critical Communication Market
35. Critical Communication Market Future Outlook and Potential Analysis
36. Appendix
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