The Mission Critical Communication Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mission Critical Communication Global Market Report 2024, The mission critical communication market size has grown strongly in recent years. It will grow from $18.02 billion in 2023 to $19.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to focus on interoperability, cross-industry collaboration, business continuity planning, smart city initiatives, data security emphasis..
The mission critical communication market size is expected to see strong growth in the next few years. It will grow to $28.55 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to natural calamities and disasters, integration of voice and data, increasing demand for interoperability, urbanization and smart cities, adoption of cloud-based solutions.. Major trends in the forecast period include cross-sector integration, integration of wearable devices, focus on resilience and redundancy, migration to software-defined networks (sdn)..
The rise in security threats with the increasing cyberattack cases is expected to propel the growth of the mission-critical communication market going forward. Cyber-attacks are attempts to gain unauthorized access to computers, computing systems, and computer networks. The mission-critical communications solutions provide real-time cybersecurity features with cybersecurity compliance against cyber-attack. These systems also have high data security. For instance, according to the cybersecurity threat landscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 2021 as compared to Q1 2020, and it increased by 1.2% as compared to Q4 2020. Additionally, according to ID Agent, a US-based company engaged in digital risk protection and cybersecurity solutions, the total cyberattacks recorded in 2021 have already surpassed the total number of events recorded in Full-Year (FY) 2020 by 17%, with 1.2K cyberattacks recorded in 2021 compared to 1.1K breaches in 2020. Thus, the rise in security threats with the increasing cyberattack cases is driving the growth of the mission-critical communication market.
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The mission critical communication market covered in this report is segmented –
1) By Product Type: Hardware, Services, Software
2) By Technology: Long-term evolution (LTE) , Land mobile radio
3) By End Users: Energy and Utilities, Public Safety and Government Agencies, Mining, Transportation, Other End Users
The advancement of technology is a key trend gaining popularity in the mission-critical communication market. Major companies operating in the market are advancing toward the use of artificial intelligence (AI) and machine learning (ML) technology to automate communication and strengthen their positions. For instance, in October 2021, Commtel Network, an India-based engineering and technology company, launched CN-SHIELD, an analytics platform that leverages big data. It uses advanced machine learning and artificial intelligence technology for the timely delivery and action of threat intelligence, enabling CNI to optimize and secure its mission-critical assets and communications networks despite the complexity of rapidly digitalizing operating environments. CN-SHIELD is an artificially intelligent software solution integrated with all assets, monitoring and assessing data, and implementing 360-degree protection in real time. The purpose of this technology is to bridge the gap in security in the era of cyber-physical systems.
The mission critical communication market report table of contents includes:
- Executive Summary
- Mission Critical Communication Market Characteristics
- Mission Critical Communication Market Trends And Strategies
- Mission Critical Communication Market – Macro Economic Scenario
- Global Mission Critical Communication Market Size and Growth
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- Global Mission Critical Communication Market Competitive Benchmarking
- Global Mission Critical Communication Market Competitive Dashboard
- Key Mergers And Acquisitions In The Mission Critical Communication Market
- Mission Critical Communication Market Future Outlook and Potential Analysis
- Appendix
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