Key words Bessel functions of matrix argument, matrix cones, Bessel functions associated with root systems, asymptotics, radial random walks, laws of large numbers, large deviations, Bessel hypergroups MSC (2010) 60B10, 33C67, 33C10, 43A05, 60F15, 60F10, 60F05, 44A10, 43A62For a fixed probability measure ν ∈ M 1 ([0, ∞[) and any dimension p ∈ N there is a unique radial probability measure νp ∈ M 1 (R p ) with ν as its radial part. In this paper we study the limit behavior of S p n 2 for the associated radial random walks (Sn ) n ≥0 on R p whenever n, p tend to ∞ in some coupled way. In particular, weak and strong laws of large numbers as well as a large deviation principle are presented.In fact, we shall derive these results in a higher rank setting, where R p is replaced by the space of p × q matrices and [0, ∞[ by the cone Πq of positive semidefinite matrices. All proofs are based on the fact that in this general setting the (S p k ) k ≥0 form Markov chains on Πq whose transition probabilities are given in terms Bessel functions Jμ of matrix argument with an index μ depending on p. The limit theorems then follow from new asymptotic results for the Jμ as μ → ∞.