Global Push To Talk Market Is Expected To Surge To $39.5 Billion In 2027 With Rising Adoption Of IoT And Innovative Technologies - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 26, 2023 /PRNewswire/ -- As per The Business Research Company's Push To Talk Global Market Report 2023, the global push to talk market size is poised for impressive growth, with its size set to increase from $25.21 billion in 2022 to $27.57 billion in 2023, showcasing a remarkable compound annual growth rate (CAGR) of 9.3%. This upward trajectory is expected to continue, projecting a market size of $39.5 billion in 2027 at a CAGR of 9.4%. The driving force behind the push to talk market growth is the widespread adoption of the Internet of Things (IoT).
The rise of the Internet of Things (IoT) is significantly contributing to the expansion of the push to talk market. IoT involves interconnected physical objects equipped with sensors, software, and technology, enabling data exchange over the internet. This connectivity is harnessed to integrate push to talk solutions with IoT sensors, facilitating automatic alerts and notifications. In the manufacturing industry, this synergy empowers timely alerts to workers about potential equipment failures, allowing for proactive maintenance actions and the prevention of unplanned downtime. As an example, in September 2021, global IoT connections increased by 18%, reaching 14.3 billion active IoT endpoints. Projections for 2023 indicate another 16% growth, totaling 16.7 billion active endpoints. This sustained growth underscores the pivotal role of IoT in driving the push to talk market.
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The global push to talk market is characterized by a degree of fragmentation, with numerous players operating within the industry. In 2022, the top ten competitors collectively accounted for 23.5% of the total market. Leading this competitive landscape, AT&T Inc. held the largest market share at 7.7%, closely followed by Verizon Communications Inc., T-Mobile, Motorola Solutions, Inc., Bell Canada Enterprises Inc., L3Harris Technologies, Inc., Telefonaktiebolaget LM Ericsson, Zebra Technologies Corporation, Hytera Communications Corp Ltd, and Icom Inc.
Innovation and Technology
The push to talk market is experiencing a surge in innovative technologies, with advanced voice recognition and AI-driven features redefinin real-time communication and enhancing user experience. Companies in this market are actively focusing on innovative technologies to solidify their market positions. For instance, in February 2022, Thuraya, a UAE-based mobile-satellite service provider, introduced Thuraya PTT, an IP-based radio communications system that seamlessly integrates with Thuraya Broadband terminals, forming a private network. This system leverages multiple technologies, including 3G, LTE, and LMR, providing secure interoperability between various communication systems on land and at sea. It offers dependable and cost-effective access with seamless switching between satellite, cellular, and LAN.
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The global push to talk market is segmented as follows:
The hardware segment within the push to talk market is expected to exhibit the most promising growth potential, contributing $8.5 billion in global annual sales by 2027.
In 2022, North America emerged as the largest region in the push to talk market, accounting for 40.2% of the global push to talk market share. The fastest-growing regions in the forecast period are expected to be Asia Pacific and Western Europe.
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