Two-Way Radio Global Market Analysis, Growth Drivers, Key Players, Future Trends, Segmentation And Forecast To 2033 | Johnson Controls, Thales Group, Ritron Inc., Thodukonics, Codan Limited

The two-way radio 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.

Two-Way Radio 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 two-way radio market size has grown strongly in recent years. It will grow from $9.06 billion in 2023 to $9.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%.  The growth in the historic period can be attributed to increasing digitalization across various sectors, increased demand for public safety and security, rising industrialization and infrastructure development, and demand for customizable and feature-rich solutions.

The two-way radio market size is expected to see strong growth in the next few years. It will grow to $13.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.  The growth in the forecast period can be attributed to increasing adoption in commercial and industrial sectors, increasing adoption of outdoor recreational activities, rising investment in public safety infrastructure, rising demand in emerging. Major trends in the forecast period include integration of advanced technologies, integration with IoT and AI technologies, adoption of cloud-based solutions, adoption of digital radios by law enforcement agencies, integration with smartphones.

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Scope Of Two-Way Radio 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.

Two-Way Radio Market Overview

Market Drivers –
The increasing adoption of outdoor recreational activities is expected to propel the growth of the two-way radio market going forward. Outdoor recreational activities encompass a wide range of leisure pursuits and pastimes that take place in natural environments and outdoor settings. The adoption of outdoor recreational activities is increasing due to their combined health benefits, social trends, and desire for nature connection. Two-way radios are essential for outdoor recreation, offering reliable communication where cell service is unavailable and ensuring safety and coordination during activities like hiking and camping. For instance, in November 2023, according to the Bureau of Economic Analysis, a US-based government agency, outdoor recreation contributed 19.8% of the economy’s value in 2022, up from 19.0% the previous year. Therefore, the increasing adoption of outdoor recreational activities is driving the growth of the two-way radio market.

Market Trends –
Major companies operating in the telecommunication relay service (TRS) are increasing their focus on developing advanced solutions, such as dedicated phone lines for video relay services, to gain a competitive edge in the market. Dedicated phone lines for video relay services refer to specific telephone lines exclusively allocated for facilitating video relay communication between individuals who use sign language and those who communicate through spoken language. For instance, in August 2023, Scotiabank, a Canada-based financial company, collaborated with The Canadian Administrator of Video Relay Service Inc., a Canada-based telecommunications services company, to launch a dedicated phone line for video relay services. This service specifically caters to customers with hearing and speech impairments who rely on VRS for their remote banking needs, allowing them to call a dedicated phone number using American Sign Language (ASL). The initiative aims to provide a more inclusive banking experience for individuals with these impairments.

The two-way radio market covered in this report is segmented –
1) By Type: Analog Walkie-Talkie, Digital Walkie-Talkie
2) By Technology: Terrestrial Trunked Radio (TETRA), Project 25 (P25), Digital Mobile Radio (DMR), Next Generation Digital Narrowband (NXDN)
3) By Application: Government And Public Safety, Utilities, Industry And Commerce, Other Applications

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Regional Insights –
North America was the largest region in the two-way radio market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the two-way radio market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Key Companies –
Major companies operating in the two-way radio market are Raytheon Technologies Corporation, Johnson Controls, Thales Group, Motorola Solutions Inc., Rohde & Schwarz GmbH & Co. KG, JVCKENWOOD Corporation, Kenwood Corporation, Maxon America Inc., TETRA, Codan Limited, Tait Communications, Sepura Limited, Icom Incorporated, Uniden America Corporation, BK Technologies Corporation, Shenzhen HQT Science & Technology Co. Ltd., Midland Radio Corporation, Simoco Wireless Solutions, Ritron Inc., Hytera Mobilfunk GmbH, SFL Mobile Radio, TPL Communications Inc., Thodukonics, Uniden America Corporation, Kirisun Communications Co. Ltd.

Table of Contents
1. Executive Summary
2. Two-Way Radio Market Report Structure
3. Two-Way Radio Market Trends And Strategies
4. Two-Way Radio Market – Macro Economic Scenario
5. Two-Way Radio Market Size And Growth
…..
27. Two-Way Radio Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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