The software-defined radio (SDR) market experienced a noteworthy global impact due to the unprecedented COVID-19 pandemic. Despite the challenges, the market size reached USD 12.45 billion in 2020, showcasing resilience in the face of adversity. Looking ahead, the market is expected to grow steadily from USD 11.60 billion in 2021 to USD 16.20 billion by 2028, with a compound annual growth rate (CAGR) of 5.3% during the period of 2021-2028. Although demand for SDR witnessed a medium impact across regions during the pandemic, the market still demonstrated a growth of 1.28% in 2020, surpassing the average year-on-year growth from 2017 to 2019. This indicates the robust nature and potential of the SDR market to adapt and thrive in changing circumstances. The global Software Defined Radios market size was USD 12.45 billion in 2020. The market is projected to grow from USD 11.60 billion in 2021 to USD 16.20 billion in 2028 at a CAGR of 5.3% in the 2021-2028 period. Browse In-depth Summary of This Research Insight: https://www.fortunebusinessinsights.com/software-defined-radios-market-102524 List of Companies Profiled in the Report: BAE Systems (The U.K.) Aselsan (Turkey) Elbit Systems (Israel) General Dynamics (the U.S.) Northrop Grumman (The U.S.) Harris Corporation (The U.S.) Rockwell Collins (The U.S.) Thales Group (France) Leonardo (Italy) Rohde and Schwarz (Germany) Others Drivers & Restraints- Rising Adoption by Residential and Industrial Sectors to Bolster Growth The global software-defined radio (SDR) market is experiencing significant growth primarily due to the increasing adoption of SDR in the telecommunication sector and continuous technological advancements. The integration of cognitive radio (CR) and smart processing capabilities into SDRs has further fueled market expansion. Moreover, governments' increased expenditure on the military and defense sector has created a favorable environment for the growth of the SDR market. The versatility of SDRs has also led to their adoption across various sectors, including industrial, residential, and commercial, contributing to market growth. Furthermore, the growing demand for mission-critical communication systems has become a driving force in the market, highlighting the importance of SDRs in fulfilling such requirements. Overall, these factors collectively contribute to the promising future of the global software-defined radio market. Segmentation- Detailed Segmentation of the Software Defined Radios Market include: The market for software defined radios is segmented into application, component, platform, frequency band, type, and geography. Based on application, the market is bifurcated into commercial, and defense. With respect to component, the market is grouped into auxillary system, software, receiver, and transmitter. On the basis of platform, the market is segmented into space, naval, airborne, mobile, fixed, and land. The frequency segment is further categorized into UHF, VHF, HF, and other bands. In terms of type, the market is classified into terrestrial trunked radio (TETRA), cognitive or intelligent radio, and joint tactical radio system (JTRS). Regional Analysis- Asia Pacific to Emerge Dominant Owing to Rising Demand for Advanced Military Equipment On the basis of geographical segmentation, the largest software defined radio market share is generated by Asia Pacific owing to the increasing demand for advanced technologies and new product development. This, coupled with the rising demand for advanced military equipment, will help this region continue its dominance the market in the forecast period. On the other hand, the market in North America is expected to generate notable revenue on account of the expansion of the telecom industry and the increasing adoption of advanced technological products. Furthermore, the European market will also gain momentum in the coming years attributing to the presence of major players such as Thales Group, BAE Systems, Leonardo, and others in Italy, France, and the United Kingdom. Competitive Landscape- Collaborative Strategies are an Increasing trend Among Major Companies Players functioning in the market for software defined radios are engaging in collaborative strategies such as mergers and acquisitions, contracts and agreements and others to gain competitive edge in the market. Other players are focusing on gaining contracts with the government of various nations for providing services to the military and defense sector. This will also help players earn notable revenue and make their mark in the competition. Industry Developments: April 2016 – A $12.7 billion contract was awarded to Rockwell Collins by the U.S. Army for supplying software-defined radios for military communication under the Handheld, Manpack, and Small Form Factor (HMS) program. October 2017 – A $131.9 million contract was awarded to Thales by the Royal Navy (UK) for supporting the communication systems installed on the HMS Queen Elizabeth Class for a period of 7 years.