A new Research and Markets report forecasts the software defined radio market to hit $29.12 billion by 2021 from $16.24 billion in 2016, or a compound annual growth rate of 12.39 percent.
The report notes that the market will be driven by demand for advanced communication systems as organizations seek to retire old equipment, network systems, devices and universal connectivity, Research and Markets said Monday.
Research and Markets added that high development cost and integration issues present limitations to the market growth.
The report notes that the defense segment dominates the software defined radio market as the global defense forces seek to update their forces with modern technology.
Companies profiled in the report are:
- BAE Systems
- Elbit Systems
- Harris Corp.
- L-3 Communications Holdings
- Northrop Grumman
- Rohde & Schwarz
- Thales Group