In the past few decades, walkie-talkies have been redefining communication in several personal and commercial spaces. In a smartphone generation, where communication is getting quicker and quicker, walkie-talkies are surely serving this purpose and much more. They are speedily replacing phone calls and messages in areas where time is of the essence. In the light of this trend, the global wearable digital walkie-talkie market is predicted to reach a valuation of US$43.5 mn by 2021, growing at a whopping CAGR of 32.6% from 2015 to 2021.
Preference for Small-sized Devices to Augment Global Wearable Digital Walkie-Talkie Market
A research report published by Persistence Market Research indicates that the global wearable digital walkie-talkie market is expected to expand in the coming six years. Rising disposable income and the expanding retail sector across the globe are some of the important market drivers for the global wearable digital walkie-talkie market. Other factors likely to contribute to the market are the expanding smartphone network and Wi-Fi accessibility, flexibility and independence from other devices, the growing need for hands-free operations, increasing demand for low-frequency walkie-talkie devices, and a growing preference for small-sized wearable digital walkie-talkies are expected to shape the global digital wearable walkie-talkie market in a positive manner.
The global wearable digital walkie-talkie market has been segmented on the basis of applications into public institution applications and general consumer applications. The public institution segment is further divided into law enforcement, including police forces and prisons and military applications. On the other hand, the general consumer segment is divided into tourism, in-store, commercial, personal, and training applications.
General Consumer Segment to Hold 90% of Global Wearable Digital Walkie-Talkie Market
According to research analysts, the general consumer segment holds 90% of the total global wearable digital walkie-talkie market. Research suggests that this dominance is expected to continue in the coming five years due to rising application of these devices for commercial activities, store activities, training activities, and personal activities.
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On the other hand, statistics show that the public institution segment covers only 9% of the global wearable digital walkie-talkie market. At the present rate, the global wearable digital walkie-talkie market will reach a valuation of US$43.5 mn by the end of 2021. This expansion has been calculated to be at a CAGR of 32.60% between 2015 and 2021.
Asia Pacific to Lead Global Wearable Digital Walkie-Talkie Market
Geographically, the global wearable digital walkie-talkie market is segmented on the basis of regions into the Middle East and Africa, Asia Pacific, Europe, Latin America, and North America. Out of these regions, North America is expected to dominate the market, with Europe tailing it quite closely. However, the winner out of these will be Asia Pacific, as this region will grow at an incredible CAGR of 60.8% in the forecast period.
Some of the key players in the global wearable digital walkie-talkie market are Theatro, STARNEX Co., Ltd., AWIRE Technology Corp, and OrionLabs, Inc. The sizable investment made by companies such as OrionLabs, Inc. and Theatro is likely to pay off in terms of innovative products in the coming years.