According to the latest market report published by Persistence Market Research titled “Global Market Study on Wearable Digital Walkie-Talkie: Asia-Pacific to Witness Highest Growth by 2021”, the global wearable digital walkie-talkie market is expected to account for US$ 8.0 Mn by the end of 2015, and is anticipated to expand at a CAGR of 32.6% between 2015 end and 2021 to account for US$ 43.5 Mn. In terms of volume, production of wearable digital walkie-talkie is expected to be 80.0 thousand units by the end of 2015 and is expected to reach 543.2 thousand units by 2021, exhibiting a CAGR of 37.6%.
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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. 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 dominate the market, accounting for over 67% market share by the end of 2015. Europe is estimated to rank second, accounting for over 15% market share by the end of 2015, followed by APAC with over 8% market share. Asia Pacific is anticipated to be the fastest growing region in the wearable digital walkie-talkie market over the forecast period.
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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. 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 over 90% share of the global wearable digital walkie-talkie market by the end of 2015 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 over 9% share of the global wearable digital walkie-talkie market by the end of 2015.