Northbrook, IL -- (SBWire) -- 01/13/2022 --According to a new market research report "Push to Talk Market by Component (Hardware, Solutions, and Services), Network type (LMR and Cellular), Organization Size (SMEs and Large Enterprises), Vertical (Public Safety, Government and Defense, Commercial), and Region - Global Forecast to 2024" published by MarketsandMarkets™, the push to talk market size to grow from USD 25.0 billion in 2019 to USD 38.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.0% during the forecast period.
Major factors expected to drive the growth of the push to talk market include the rising adoption of push to talk over Cellular (PoC) in commercial verticals, increasing adoption of the first mobile strategy by push to talk vendors, and growing need for workforce safety.
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Among organization size, the large enterprises segment to hold a higher market share during the forecast period
Organizations with more than 1,000 employees are considered under the large enterprises segment. These organizations have multiple offices and divisions across regions, and hence, push to talk solutions can solve the gaps in communications with real-time communication and other multimedia sharing features. The emergence of cloud-based push to talk also allows for instant real-time communication between workforce teams by using their own devices. The PoC solution is device-agnostic, and hence, large enterprises can leverage their employees' devices to install PoC applications in these devices for communication purposes.
Under verticals, the commercial vertical to grow at the fastest growth rate during the forecast period
The commercial vertical is an early adopter of the PoC technology. The commercial verticals include transportation and logistics, travel and hospitality, energy and utilities, construction, manufacturing, and others such as retail, mining, education, and healthcare. The need for constant and reliable communication between field workers, dispatchers, and other personnel is surging the demand for PoC solutions. Additionally, the Bring Your Own Device (BYOD) trend is fueling the market growth as PoC apps can be installed on devices, thereby reducing the extra cost of procuring push to talk devices.
North America to account for the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for push to talk, owing to the large-scale implementation of push to talk solutions by public safety organizations, government and defense companies, and enterprises in the country. The high pace of development of cellular infrastructure in the US, along with the high adoption of rugged and ultra-rugged smartphones, has attributed to the fast growth of the push to talk market in the US.
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Key and emerging market players in US include AINA Wireless (US), AT&T (US), ESChat (US), Iridium (US), Motorola Solutions (US), Orion (US), Qualcomm (US), Sprint (US), Verizon Wireless (US), VoiceLayer (US), Voxer (US), Zebra (US), Zello (US), and Zinc by ServiceMax (US). These players have adopted various strategies to grow in the push to talk market.
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Push to Talk Market Predicted to Grow $38.4 Billion by 2024
The research report categorizes the Push to Talk Market to forecast the revenues and analyze trends by Components (Hardware, Solutions, and Services), Network Types (Land Mobile Radio (LMR) and Cellular), Organization Size (SMEs and Large Enterprises), Verticals (Public Safety, Government and Defense, and Commercial), and Regions.