Two-way transceivers come in all shapes, sizes, features and capabilities. There are numerous handhelds, mobile and base transceivers available from various manufacturers at all price points high and low.

A word about "modes" - A mode has a couple of meanings but primarily means the type of modulation of the radio wave and also the kind of service being used such as Morse code, packet and more recently digital voice modes. It sounds confusing but consider that a digital voice mode can "ride" on the FM modulation mode.

Examples of modulation modes include FM (Frequency Modulation), AM (Amplitude Modulation) and SSB (single-sideband.) Each of these can transmit analog voice. Consider the AM/FM radio in your vehicle. It receives two modes of radio modulation in two very narrow bands of frequencies.
Examples of digital modes include DMR, System Fusion, D-Star and P25. DMR is currently growing in use, outpacing the other digital modes in Amateur rings for a variety of reasons. P25 is primarily used by government agencies as P25 transceivers are some of the most expensive radios money can buy. If you find yourself considering digital voice modes, you probably want lean toward the favored digital mode common to your area. Different digital modes are incompatible with the others and you don't want to be the only one in town with a different mode capability from everyone else.

Encryption: While you may hear digital modes with a FM analog voice transceiver, you will not be able to decode the digital signal with it alone. Keep in mind that digital modes do not mean encryption though DMR and P25 are capable of encryption. However as a Amateur radio operator, you are prohibited from using any encryption inside any Amateur frequency band no matter your license level. That being said, digital modes put your communication capabilities far above those that won't bother learning the radio hobby. I'm talking about the blister pack FRS and most GMRS folks. Should TEOTWAWKI happen, encryption capability will be invaluable in that situation.

Most transceivers on the market today fall in to three main categories: HF multiband, VHF/UHF dual-band and VHF or UHF mono-band
Many mono-band and dual-band radios support one and only one digital voice mode in addition to analog FM voice.
The more expensive HF transceivers that support digital modes are less common, but HF transceivers typically include AM and SSB modulation modes not commonly available on the dual and mono-band radios.