Critical Communication Global Market
“The Business Research Company recently released a comprehensive report on the Global Critical Communication Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The critical communication market size has grown rapidly in recent years. It will grow from $18.91 billion in 2023 to $21.38 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to the shift from analog to digital communication, the development of LTE and 5g, the Internet of Things, policies requiring interoperability and communication standards, and spectrum allocation.
The critical communication market size is expected to see rapid growth in the next few years. It will grow to $35.08 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to the need for reliable communication systems, demand for reliability and resilience, strategic partnerships and collaborations, increasing frequency of natural disasters due to climate change, and adoption of eco-friendly and energy-efficient communication technologies. Major trends in the forecast period include hybrid communication solutions, biometric authentication, augmented reality (AR) and virtual reality (VR), the rise of public-private partnerships, and cloud computing.
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Market Drivers and Trends:
The rise in public safety concerns is expected to propel the growth of the critical communication market going forward. Public safety concerns encompass potential risks or threats to the well-being and security of the general populace within a community or society. Public safety concerns arise from various sources, including natural disasters, criminal activities, infrastructure failures, or public health crises. Public safety creates a need for emergency services, such as critical communication to ensure effective coordination among first responders, rapid response to emergencies, and timely dissemination of critical information to the public. For instance, in March 2022, according to a report published by the Institute for Economics and Peace, an Australia-based non-profit organization, global terrorist attacks reached 5,200 incidents in 2021. Myanmar saw the most significant uptick in terrorism, resulting in 521 deaths, marking a twentyfold increase and a 17% rise compared to 2020. Therefore, the rise in public safety concerns is driving the growth of the critical communication market.
Major companies operating in the critical communication market are focusing on technological advancements, such as ultra-reliable low-latency communication (URLLC), to enhance real-time data transmission reliability and reduce latency for mission-critical applications. Ultra-Reliable Low Latency Communication (URLLC) refers to a communication standard that ensures exceptionally reliable and low-latency transmission of data, critical for applications such as autonomous vehicles and industrial automation. For instance, in October 2021, Ericsson, a Sweden-based multinational networking and telecommunications company, launched time-critical communication, a software toolbox designed to guarantee consistent low latency and high reliability for time-critical applications and services on 5G networks. This solution combines the 3GPP-specified ultra-reliable, low-latency communication (URLLC) standard with Ericsson innovations to mitigate major causes of latency. The solution is designed to benefit consumers, enterprises, and the public sector, where time-critical applications and services depend on reliable, low-latency connectivity.
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Major Key Players of the Market:
Samsung Group, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., T-Mobile US Inc., Airbus SE, Ericsson Inc., Nokia Corporation, NEC Corporation, Thales Group, Leonardo S.p.A., Motorola Solutions, Bosch Security Systems, Harris Corporation, Hytera Communications, Iridium Communications Inc., Tait Communications, Sepura Ltd., Zetron Inc., Simoco Wireless Solutions, DAMM Cellular Systems A/S, PowerTrunk Inc., Kenwood Corporation
Critical Communication Market 2024 Key Insights:
• The critical communication market size is expected to see rapid growth in the next few years. It will grow to $35.08 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%.
• Rise In Public Safety Concerns Propel Critical Communication Market
• Advancements In Ultra-Reliable Low Latency Communication (URLLC) In Critical Applications
• North America was the largest region in the critical communication market in 2023
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This release was published on openPR.
