Demand for push-to-talk hardware and services has gained fast-paced growth over the past years, owing to rise in adoption in the public safety sector.
With increase in requirement for PTT services with LMR networks, stakeholders in this field are expected to come across new opportunities over the coming years. Despite facing a temporary decline due to the onset of the COVID-19 pandemic, industry players are projected to gain higher revenues with the surge in demand from government and defence and commercial sectors as well.
The latest market intelligence report by an ESOMAR-certified market research and consulting firm predicts that the global push-to-talk (PTT) market will expand at a CAGR of over 8% from 2021 to 2031, surpassing a US$ 40 billion valuation by 2031.
The study finds that, in addition to the rise in demand from government and defence sector to fuel sales, the United States to hold a major share of the global PTT market, while Germany to exhibit hegemony for push-to-talk services and solution in Europe.
China and India to take the spotlight in the world’s fastest-growing push-to-talk industry – Asia Pacific, while the United Kingdom, Germany, Japan, and France to emerge highly lucrative markets for PTT. LMR push-to-talk solutions to be most sought-after across regions
“Increase in demand for push-to-talk hardware, solutions, and services across diverse end-use sectors is expected to spearhead industry growth, while rising adoption of Land Mobile Radio (LMR) type of networks will further fuel sales,” says an analyst.
Demand for Push-to-Talk services increasing from commercial sector
Push-to-talk services are highly sought-after in the commercial sector as a means of instantaneous communication through wireless cellular phone services. With demand from various commercial sectors such as transportation & logistics, travel & hospitality, retail, and others increasing, market players are expected to witness impressive increase in revenue over the coming years.
According to a report titled “Logistics & Transportation Industry”, published by SelectUSA, the US logistics and transportation industry is highly progressive, while business logistics costs reached US$ 1.6 trillion in 2018, representing 8% of the Gross Domestic Product (GDP) in that year. Also, as stated in a report titled “Retail Services”, published by the European Commission (EC), the retail & wholesale industry in the European Union (EU) is highly potential. Though retail sales dropped by 5.40% in 2020 due to the COVID-19 pandemic, it’s getting back on its feet and is set to create new opportunities for PTT market players through 2031.