Pune, India -- (SBWIRE) -- 06/10/2019 -- Increasing penetration of the internet is expected to enable growth in the global push-to-talk market. Recently Fortune Business Insights, published a report, titled "Push-To-Talk (PTT) Market Size, Share and Global Trend by Network (PoC, LMR), Component (Hardware, Software, Services), Application and (Public Safety & Security, Transportation & Logistics, Manufacturing & Construction, Travel & Hospitality Defense) Geography Forecast till 2025." As per the report in 2017, the global push-to-talk market was worth US$ 26.8 Bn. The global market is foreseen to expand at a CAGR of 7% and value US$ 45.54 Bn by the end of 2025.
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The report also classifies the global push-to-talk market in various segments. According to the report, North America is the leading region in the global push-to-talk market. The region is expected to lead the global market through the forecast period. The growth foreseen is attributable to a widening the network of quality services in the region. The push-to-talk market in the Asia Pacific was worth US$ 2.91 Bn in 2017. Moreover, Asia Pacific is expected to expand at a relatively higher CAGR owing to the rapid technological advancements the region witnessed in push to talk devices.
Nations such as India and China are witnessing a massive shift towards online platforms due to seamless internet services. The number of cellular network provider has also increased in the region. Spurred by these factors, the demand for push to talk devices will rise, subsequently enabling growth in the Asia Pacific push-to-talk market. Moreover, the Middle East and Africa are anticipated to witness impressive growth during the forecast period. Growth witnessed in the region is propelled by initiatives taken by key market players to tap untapped opportunities in the region where there is zero presence of the network. This is likely to enable growth in the global push-to-talk market.
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Demand in Hardware Segment to Scale Higher
In terms of component, the hardware segment emerged dominant in the global push-to-talk market in 2017. The segment accounted for 62.6% of the global market in 2017. Additionally, the market is anticipated to witness impressive growth during the forecast period. This segment is driven by the increasing adoption of quality push to talk devices integrated with advent technology.
In addition to the aforementioned factor, the improving network infrastructure and adoption of smart devices such as smartphones, smart TV, and others, will enable the segment grow at an accelerated pace. Additionally, rapid technological advancements in the push to talk devices and network is likely to increase the growth rate in the global market.
"Launch of awareness programs by governments, educating people about the benefits of internet and network availability, especially in undeveloped nations is anticipated to boost the global push-to-talk market," said a lead analyst at Fortune Business Insights. Contrary to this, lack of knowledge about push-to-talk device and lack of proper network infrastructure are major hindrances to growth of the market.
IoT Integration in Push to talk devices Identified as Crucial to Growth
The global push-to-talk market is greatly benefiting from the rising Internet penetration, which is also the key reason behind the influx of new players. With this, competition prevailing in the push to talk market is likely to get fiercer. Against this backdrop, the existing market players are conducting research and development to improve the quality of and integrate new services in push to talk devices. The advent of internet of things (IoT) in push-to-talk services is also will boost the global push-to-talk market. Some of the organizations operating in the global push-to-talk market are Sonim Technologies Inc., AT&T, Kyocera Corporation, Telo Systems, Kyocera Corporation, Mobile Tornado, Motorola, Qualcomm Technologies Inc., Bell Canada, Verizon, and Simoco Wireless Solutions.
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