The Software Defined Radio (SDR) industry has been revitalized and creating a lot of buzz. The main reason for its recent growth and popularity is the result of communications devices needing to be more flexible, configurable, cost-effective, and interoperable. The increase in demand is directly linked to industries such as defence, public safety, and commercial research and development, finding more requirements for interoperability. As SDR technology is compatible with various networking standards, this technology will continue to be a hot commodity for years to come. At present, there are several applications for SDR and these are being quickly adopted by mainstream RF designers. These days, one system can be designed and manufactured for an array of applications in order to gain economies of scale. RF designers are now challenged to develop wide band and high bandwidth RF front ends while digital engineers need platforms for developing unique DSP for unique applications. Software defined radio brings together both RF and DSP to appeal to both markets. When compared to dedicated hardware solutions, this technology provides several benefits. There is little need for changes in hardware when using SDRs as you are able to reprogram the device for different functionalities. Not only does this keep pace with the advancement of technology, it also keeps the systems cost-effective. SDR users are typically divided into four groups: Academic Commercial Defense Public Safety Because of reduced number of hardware parts and software reuseability, the academic SDR users will be able to continue to further their research efforts even with constraining or limited research budgets. Further, the commercial market is expected to continue to grow as companies innovate and build SDR technology into existing wireless products and solutions. In the defense market, all wireless solutions will be combined into one SDR device for communications, electronic warfare, and signal intelligence. For the defense applications, there has been significant development in signals intelligence applications for spread spectrum monitoring, emanation reconstruction, (counter) electronic warfare, and signal jamming. SDR in the public safety market will focus on interoperability among first responders. As it is currently limited by incompatible radio systems that operate on different frequency bands and/or use different protocols, requiring ad-hoc bridges between networks. As the demand grows for increased mobility with the need for information, it is expected to drive market growth as well. Further, as SDR technology provides a platform for next generation systems and terminals, the forecast for the industry is extremely positive.