The global broadband services market generated $410.82 billion in 2023 and is expected to generate $750.9 billion by 2030, Coherent Market Insights reports.
A major driver for the market is the increased adoption of internet services worldwide, alongside increasing digitization, the vast number of connected devices, and the demand for high-speed internet connectivity, the report shows.
Video-on-demand and streaming services are other factors boosting the need for high-speed internet.
Key market trends
The advent of 5G technology and the widespread use of fiber optic networks demonstrate a key trend in the market, the report shows.
5G steers the growth of the broadband services market as it has “revolutionized the broadband sector” with its “faster data transfer rates and reduced latency,” which enhances the browsing experience for businesses and consumers.
Fiber optic network trends are expected to continue, as fiber optic cables offer higher bandwidth and faster data transmission capabilities compared to other cables.
Although other areas within the broadband connection market, such as Wireless Satellite Cable and Digital Subscriber Lines, have their strengths and weaknesses, we can anticipate that these will have a lesser impact on the market than Fiber Optic, the report claims.
We can anticipate the broadband connection market to grow, and the demand for broadband services is expected to soar with increasing internet use.
“The market is expected to witness a compound annual growth rate (CAGR) of 9% between 2023-2030,” the report states.
Various businesses introduced solutions in 2020 in response to the COVID-19 pandemic and increased remote work.
In June 2020, Cox Business introduced work-at-home solutions such as a separate internet connection and an enterprise-grade, the report writes.
In March 2020, Verizon eradicated late fees and overage charges in support of customers impacted by the effects of COVID-19.
Verizon will add 15GB of high-speed data for its wireless customers and small businesses. This will be added without direct involvement of the consumer, the report writes.
The North American region dominates the broadband connection market, where we will observe a CAGR of 9% between 2023-2030.
During this period, the business sector is set to influence the market. Yet, the household market also offers opportunities for market growth due to the increasing amount of devices in each household.
However, other sectors that require internet connections daily include educational institutions, healthcare facilities, and government organizations.
BEC, Comcast, Sprint, AT&T Charter Communication, Verizon, CenturyLink, Singtel, Embarq Limited, and Cox Communications are the companies that are most actively investing in research and development to enhance their broadband services.
The broadband connection market is set to boom throughout 2023-2030 due to the desire for dependable and rapid internet connections.
Technological advancements, business reliance on fast and reliable internet connection, and many connected devices in each household are set to drive the market forward, the report concludes.
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