New York, NY -- (SBWire) -- 02/13/2019 --Persistence Market Research (PMR) recently published a report titled "Push-to-Talk Over Cellular Market – Global Industry Analysis 2013-2017 and Market Forecast 2018-2026." Push-to-talk over cellular is a way of communicating via a cellular phone within or between one or several groups of users. Some of the key advantages of push-to-talk over cellular as compared to traditional technologies is the quick call setup and a wide network range.
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The global push-to-talk over cellular market is expected to grow at a CAGR of 8.5% during the forecast period. The push-to-talk over cellular market was valued at US$ 2,741.4 Mn in 2017, and is projected to grow significantly to reach US$ 5,658.0 Mn by 2026 due to an increase in the demand for next-generation LTE networks across the globe.
In this report, PMR has segmented the global push-to-talk over cellular market on the basis of component, industry, and region. By component, the market is subsegmented into equipment, software, and services. The equipment segment is further subsegmented into mobile devices, network devices, and accessories. The services segment is also further subsegmented into network services, integration & deployment services, and maintenance & support services.
The increasing penetration of IoT devices in various industry verticals is encouraging mobile device manufacturers to integrate push-to-talk over cellular software in these devices. Owing to this factor, the software subsegment is projected to register more than 30% of the market share at the end of 2018 in the global push-to-talk over cellular market. Moreover, the software segment is expected to grow at a relatively higher CAGR as the demand for push-to-talk over cellular software is growing rapidly in various countries, such as India, U.K., and China, due to a continuous increase in the number of mobile workforce. Apart from this, the services segment is also expected to witness a high growth rate during the forecast period as the demand for integration & deployment services and maintenance & support services for push-to-talk over cellular solutions is growing rapidly in various developing countries around the world.
Based on industry, the push-to-talk over cellular market is subsegmented into public safety & security, construction, energy & utility, transportation & logistics, manufacturing, defense, travel & hospitality, and others. Rising demand for push-to-talk over cellular for public safety & security applications and advancements in mobile communication technologies are some of the major factors boosting the growth of the public safety & security subsegment. In addition, the presence of next-generation wireless networks and the deployment of 5G networks across the globe are also some of the factors driving the push-to-talk over cellular market.
Furthermore, on the basis of geography, the North America push-to-talk over cellular market is expected to dominate the global push-to-talk over cellular market due to advancements in next-generation communication technologies in the country. The region has witnessed the widespread deployment of IoT and ultrareliable low-latency communications technologies in the past couple of years. These factors are fuelling the growth of the push-to-talk over cellular market in North America. The push-to-talk over cellular market has high potential in Europe owing to major technological advancements in the telecommunication industry and increasing mobile workforce in various countries of the region.
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According to PMR analysis, long-term contracts with business partners are likely to increase revenue and new innovation strategies are estimated to enable push-to-talk over cellular vendors to reach new growth markets. Some of the market participants in the global push-to-talk over cellular market report include AT&T, Inc.; Qualcomm Technologies, Inc.; Verizon; MOTOROLA SOLUTIONS; Kyocera Corporation; Mobile Tornado; Sprint Corporation; Bell Canada; Simoco Wireless Solutions; Sonim Technologies Inc.; and Telo Systems.
Push to Talk over Cellular Market Is Projected to Grow Significantly to Reach US$ 5,658.0 Mn by 2026