According to the latest revised market report published by Persistence Market Research, the global wearable digital walkie-talkie market is expected to account for US$ 4.8 Bn by the end of 2021, and is anticipated to expand at a CAGR of 12% from 2021 to 2031, to account for US$ 15 Bn by the end of the forecast period.
The global wearable digital walkie-talkie market is expected to witness significant growth during the forecast period. Augmented disposable income, growing wearable electronics market and expanding organized retail sector are some of the major factors expected to drive market growth.
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Growing demand for hands-free wearable digital walkie-talkies, increasing independence from other devices, smartphone networks or Wi-Fi connections, growing emphasis on the usage of low radio frequency walkie-talkie devices in order to avoid regulatory restrictions and increasing shift in preference for small-sized wearable digital walkie-talkies are some of the major trends observed in the global wearable walkie-talkie market.
The global wearable digital walkie-talkie market has been segmented into five major regions, namely, North America, Latin America, Europe, Asia-Pacific and the Middle East & Africa; of these, North America is estimated to account for over 32% global market share by the end of 2021. The U.K. held the largest market share in Europe in 2020.
On the basis of application, the market is segmented into general consumer applications and public institution applications. The general consumer segment is further sub-segmented into personal, in-store, tourism, commercial and training applications.
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On the other hand, public institution segment is further sub-segmented into military and law enforcement (police force & prison) applications. The general consumer segment is estimated to account for majority share of the global wearable digital walkie-talkie market by the end of 2021 and is expected to remain dominant throughout the forecast period.
Various applications of wearable digital walkie-talkie devices, such as store activity, commercial activity, training activity and personal activity, are expected to drive their demand over the next five years. The public institution segment is estimated to account for a good share of the global wearable digital walkie-talkie market by the end of 2031.
Key manufacturers of wearable digital walkie-talkies that have been covered in the report are STARNEX Co., Ltd., OrionLabs, Inc., Theatro, and AWIRE Technology Corp.
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