Digital Land Mobile Radio System Market Size to Expand to $11,099.99 Mn Valuation by 2023

Overview:
The global land mobile radio system market is anticipated to rise to a valuation of USD 11,099.99 million by 2023, at a 10.69% CAGR during the forecast period (2018-2023).
The need for land mobile radio systems (LMRs) in private security agencies is likely to bode well for the market. Unprecedented development of cities coupled with need for manned security services for the protection of citizens are expected to fuel the market growth.
Inflated defense expenditure of nations is predicted to boost the land mobile radio system market growth. Military spending had reached USD 1.7 trillion in 2017 according to the Stockholm International Peace Research Institute (SIPRI). Modernization of legacy equipment coupled with geopolitical tensions are likely to elicit the demand for LMRs till 2023. Commercial and industrial applications in oil & gas, logistics, transportation, utilities, and others offer new avenues for LMR vendors to expand.
Increasing use of unmanned aerial vehicles (UAVs) or drones for long-distance communication can be detrimental to the market. Emergence of automated security systems also pose a considerable threat to market growth.
Segmentation:
The land mobile radio system market is segmented by type, application, and technology. 
By type, portable LMRs can exhibit 11.08% CAGR over the forecast period to generate close to USD 7,081 million by 2023. The extensive use by militaries and governments is expected to spur the segment’s growth till the end of the forecast period. On the other hand, vehicle-mounted LMRs can exhibit 10.03% CAGR over the assessment period to generate USD 4,018.7 million for the land mobile radio system market.
By application, public safety held close to 75.61% share of the land mobile radio system market in 2017. It can exhibit a strong CAGR of 10.76% during the assessment period owing to need for LMRs by public safety agencies such as firefighters, police, and other emergency responder organizations. On the other hand, the commercial application can generate close to USD 2,675.4 million by 2023.
By technology, digital accounted for 56.75% share of the land mobile radio system market in 2017 and purported to dominate the market till 2023. The digital segment can exhibit 11.84% during the forecast period to generate close to USD 6,706.4 million by 2023. Factors driving the segment growth are the rugged nature and its operability on advanced communication networking technology. Its counterpart, on the other hand, accounted for 43.25% market share in 2017. Analog can accrue close to USD 4,393.5 million by 2023 owing to being a trusted source for radio communication.
Regional Analysis:
Region-wise, the land mobile radio system market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). North America accounted for 31.84% market share in 2017, followed by Europe (28.73%), APAC (27.46%), and RoW (11.97%).
The North America region is expected to enjoy 10.93% CAGR over the forecast period to touch a valuation of USD 3,580.5 million by 2023. Establishment of supportive standards is likely to provide the regional market a much-needed impetus. For instance, Project-25 comprises a set of standards which enable public safety agencies to communicate via text or video. In addition, presence of prominent manufacturers such as Motorola, Harris, and RELM which can cater to user needs can augur well for the land mobile radio system market till 2023.
The APAC region is predicted to grow at a robust pace owing to being home to rapidly developing economies such as India, China, and South Korea. New standards for digital radio communication to be used by federal and local public safety agencies is likely to bolster the LMR market demand considerably till 2023. It is expected to exhibit 17.50% CAGR during the forecast period to touch a valuation of USD 3,213.2 million by 2023.
Europe, on the other hand, can reach a size of USD 3,085.6 million by 2023, at a 10.08% CAGR over the forecast period. France and U.K. can contribute the maximum to the regional land mobile radio system market owing to need for digital LMRs by their respective public safety agencies. Launch of Long-term Evolution for Professional Mobile Radio (LTE4PMR) which allow first responders to communicate via broadband is expected to facilitate market growth.
Competitive Analysis:
Major names operational in the land mobile radio system market are Motorola Solutions, Inc. (U.S.), Thales Group (France), Simoco Wireless Solutions Limited (U.K.), Tait Ltd. (New Zealand), Hytera Communications Corporation Ltd. (China), ICOM Inc. (Japan), RELM Wireless Corporation (U.S.), Leonardo S.p.A. (Italy), JVCKenwood Corporation (Japan), Harris Corporation (U.S.), and others.
The global market comprises a mix of international and local players vying for the dominant position. Among them, Motorola and Kenwood together accounted for more than 50% of the LMR market in 2017. New product launches and launch of new ventures are strategies being adopted by these players. For instance, Harris Corporation launched dual-mode radios in its TP3000 series which ensures safety and security for communication. It even offers users to migrate from analog to digital.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/land-mobile-radio-market-5985