The Global Wearable Digital Walkie-Talkie Market, By Application (General Consumer (Personal Activity, Store Activity, Tourism Activity, Commercial Activity and Training Activity) and Public Institution (Military Use and Law Enforcement)) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 23,471.83 Million by 2027, exhibiting a CAGR of 3.5% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
A digital walkie-talkie digitizes the voice of the user into a stream, which is converted back into an audio signal at the receiver’s end. Conventionally, walkie-talkies are commercialized has hand-held devices with advanced technologies to provide higher user comfort. With primary objective to establish all-round connectivity such as other electronics, the walkie-talkies are witnessing a massive transformation. It is used for various applications including personal activity, commercial activity, store activity, training activity, tourism activity, military, and law enforcement.
The global Wearable Digital Walkie-Talkie Market was accounted for US$ 11,44.6 Mn in terms of value and 8,805 Thousand units in terms of volume in 2019 and is expected to grow at CAGR of 31.9% for the period 2020-2027.
Rising evolution of organized retail sector is expected to boost the global wearable digital walkie-talkie market growth over the forecast period
The organized retail sector is constantly evolving due to changing retail formats. This is resulting in increasing demand for communication devices to maintain uninterrupted connectivity with all staff members or employees, thus fueling demand for low-priced, hands-free devices such as wearable digital walkie-talkies. Hence, these factors are expected to drive growth of the global wearable digital walkie-talkie market during the forecast period.
Growing shift towards no dependence on other devices such as smartphones can provide major opportunities
Dependence on internet or mobile phone network makes the walkie-talkie less reliable for places where these supports are unavailable ex: on mountain & underground stores. This makes self-sufficient wearable digital walkie-talkies the latest trend. Furthermore, no dependence on other devices/connections makes it cheaper for users as user does not need to buy a smartphone.
Lack of funding is expected to restrain growth of the global wearable digital walkie-talkie market during the forecast period
Traditional sources of funding are limited since the product is yet to achieve a fully commercialized status. However, the situation is expected to change in the near future as other funding options emerge. For instance, AWIRE Technology Corp. acquired funding through Kickstarter, Inc., a crowdfunding platform for raising funds for creative projects. Thus, these factors are expected to hinder the global wearable digital walkie-talkie market growth in the near future.
Increasing expansion of wearable technology market Demand for various wearable devices such as smartwatches, fitness trackers, smart glasses and wearable two-way radios, etc. has increased in recent years. The wearable electronics market is expected to grow rapidly during the forecast period.
Rising demand for application-specific products
In Western Europe, increased demand for wearable digital walkie-talkies is expected to come from countries such as Germany, France, Italy, and the U.K. In Western Europe, wearable digital walkie-talkie adoption is gradually increasing for stores, training arenas and tourism programs.
Increasing number of regional market players
Asia Pacific is dominated by a large number of domestic and Chinese wearable digital walkie-talkie market players. Manufactured in this region offer products at comparatively cheaper rates than other regions.
High demand for walkie-talkies
Demand for wearable digital walkie-talkies is increasing in this region. Applications in commercial and training segments are driving market growth in this region. The demand for wearable digital walkie-talkies is expected to be significant in South Korea, India, and China.
Major companies operating in the global wearable digital walkie-talkie market are AWIRE Technology Corp., STARNEX Co., Ltd., Theatro, and OrionLabs, Inc.
Rising adoption of advanced technology
Over the past few years, adoption of advanced technology (wearable electronics) has been increasing in the Middle Eastern region. This trend can be attributed to high GDP and per capita income prevalent in the region.
New entrants in the market
Several wearable electronics manufacturers (Samsung and Apple Inc.) have entered the market in Africa over the past few years, thereby creating a potential opportunity for other wearable electronic devices, including wearable digital walkie-talkies.