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General Communication Equipment Market Future Scope, Analysis, Size, Share, Trends, Growth Rate, Report 2024-2033
General Communication Equipment Market
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According to The Business Research Company's, The general communication equipment market size has grown strongly in recent years. It will grow from $49.09 billion in 2023 to $52.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growth in telecommunication revolution, digitalization and internet expansion, wireless communication advancements, satellite communication evolution, fiber optic networks development.
The general communication equipment market size is expected to see strong growth in the next few years. It will grow to $71.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to growing interoperability and standardization, sustainability and green technology adoption, remote work and collaboration tools, enhanced cybersecurity solutions, cloud-based communication services expansion. Major trends in the forecast period include open source and interoperability, green and energy-efficient solutions, remote work solutions, cybersecurity and privacy, cloud-based communication services, wireless connectivity evolution.
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Market Drivers and Trends:
Stringent government regulations and mandates contribute to the general communication equipment market's growth. General communication equipment are used for safety and security purposes. Globally, different government agencies have implemented various laws regarding the installation of communication equipment such as fire safety equipment in organizations to ensure employees' safety. For instance, the U.S government in accordance with the 15 U.S. Code 2227 mandates the installation of fire safety systems with appropriate warning signals in federally assisted buildings. The increased need to ensure safety by the government agencies has increased the demand for the growth of the general communication equipment market.
Implementation of long-term evolution (LTE) technology-based intercoms, have been gaining acceptance from companies across all industries. LTE is a modern IP communicator, which provides high data for clear voice communication, full HD video streaming and a faster installation of the intercom. For instance, in March 2021, NVT Phybridge entered into a strategic partnership with 2N to help reduce deploying costs and complexities of 2N IP intercoms (including the first LTE/4G intercom) and other communication and security solutions. 2N, an European company launched 2N LTE verso intercom for usage in residences, office buildings, apartment buildings and family homes to provide e-mail shot of the visitor captured by HD camera, when intercom detects movement near the door. Thereby, LTE based intercoms is expected to be a major trend in the general communication equipment market.
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Major Key Players of the Market:
Apple Inc., Google LLC, Microsoft Corporation, ZTE Corporation, AT&T Inc., Huawei Technologies Co. Ltd., Sonim Technologies Inc., Panasonic Corporation, LG Electronics Inc., Lenovo Group Limited, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Incorporated, Xiaomi Corporation, Hewlett Packard Enterprise Company, Ericsson AB, Nokia Corporation, Harris Corporation, L3Harris Technologies Inc., Motorola Solutions Inc., Juniper Networks Inc., Siemens Enterprise Communications GmbH & Co. KG, Nortel Networks Corporation, Alcatel-Lucent SA, Vonage Holdings Corp., Adtran Inc., Comtech Telecommunications Corp., Speedflow Communications Limited, ECI Telecom Ltd., MDS Gateways International Inc., Roc Tel International LLC, Viasat Inc., Ubiquiti Inc., CalAmp Corp.
General Communication Equipment Market 2024 Key Insights:
• The general communication equipment market size is expected to see strong growth in the next few years. It will grow to $71.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Government Regulations Drive Growth In The General Communication Equipment Market
• Lte-Enabled Intercoms Transforming The Communication Equipment Market
• Asia-Pacific was the largest region in the general communication equipment market in 2023
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