Global Two-Way Radio Market Size

Two-Way Radio Market Analysis

The Global Two-Way Radio Market size is estimated at USD 9.87 billion in 2024, and is expected to reach USD 13.58 billion by 2029, growing at a CAGR of 6.59% during the forecast period (2024-2029).

The demand for reliable and real-time communication is growing as business prospects expand. Additionally, expanded channel capacity, longer range coverage, improved voice quality, longer battery life, GPS tracking, and trucking are some of the primary advantages driving the adoption of two-way digital radio. A digital two-way radio system improves the radio communications system's performance and efficiency. It provides access to various integrated applications and solutions that can unify communications from beginning to end, revolutionizing how businesses operate.

• Military spending is increasing worldwide due to various factors, including more combat, increased government measures to enhance the military and defense sector, and increased terrorism. For the first time in 2021, global military spending reached two trillion dollars, reaching USD 2113 billion. According to Stockholm International Peace Research Institute figures, global spending in 2021 was 0.7 percent more than in 2020 and 12 percent higher than in 2012. (SIPRI). For instance, in June 2021, The US Army requested a bulk of the network modernization increase of USD 228 million for the handheld, manpack, and small form fit (HMS) radio program.
• The transportation and logistics sector is all based on tight deadlines and time scales, whether companies use trains or buses or goods being transported from A to B. Everything should be supplied when and where customers expect it. Meeting those expectations necessitates consistent, clear voice and data communication throughout the supply chain, from the warehouse to the delivery point. Drivers who can speak without being distracted safely.Instantaneous, dependable two-way radio communication assists delivery and logistics companies in streamlining operations and controlling costs.
• Hospital workers use radios to communicate with security to deescalate hostile situations and facilitate patient care across units and departments. Stadium and hospitality security officers rely on excellent communication to maintain crowd control and day-to-day operations and deliver successful events as venues return to full capacity. Administrators and security officials in schools use radios to manage the safe arrival and departure of kids through different entrances.
• For example, During the pandemic and civic unrest of 2020, the need for interoperable and fast communication during emergencies was heightened at Sinai Chicago, a network of four hospitals on Chicago's West and Southwest sides. The hospitals upgraded to a digital radio system, allowing them to increase their incident command and day-to-day operations chat groups.
• Before the COVID-19 epidemic, two-way radio equipment surged to improve staff communication on the floor and ensure safety. The advent of the COVID-19 pandemic, on the other hand, caused disruptions in several areas, including manufacturing, transportation and logistics, education, and retail. Several government initiatives to combat the virus's spread, such as travel restrictions and social isolation, resulted in the temporary closure of retail stores, manufacturing plants, and educational institutions, negatively impacting the two-way radio equipment market in the first two quarters of 2020.