The global Broadband Services Market is estimated to be valued at US$ 410.82 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Broadband services provide high-speed internet access to both homes and businesses through cable, DSL, fiber or wireless technologies. Broadband plans offer download speeds starting from 25 Mbps to 1 Gbps or more. With increasing data usage and growing preference for online content, broadband services have become a necessity.
Market Overview:
The broadband services market consists of wired as well as wireless technologies leveraged for providing high-speed internet access. Among wired technologies, fiber-to-the-home (FttH) has emerged as the fastest growing segment owing to its enormous speeds and reliable connectivity.
Market key trends:
One of the key trends in the broadband services market is the rising deployment of 5G infrastructure. 5G is expected to provide broadband speeds of up to 10 Gbps with low latency. Governments across countries are working towards making 5G services available nationwide in the coming years. 5G network is also seen as critical for powering technologies like IoT, AI and cloud computing, which is slated to drive its adoption over the forecast period.
Segment Analysis
The broadbannd services market is segmented based on product type and end use industry. Based on product type, the fixed broadband segment dominated the market in 2022 and accounted for around 65% share of the total market. The growth of fixed broadband segment can be attributed to wide availability of fiber and copper based fixed broadband connections offering high speed and reliable internet services to consumers and enterprises.
Key Takeaways
The global broadband services market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing digitization and growing internet penetration across the world. North America dominated the broadband services market in 2022 and is expected to continue its dominance over the forecast period. This can be attributed to high fiber and broadband penetration and growing adoption of high speed broadband among consumers in the US and Canada.
The global broadband services market size was valued at US$ 410.82 Bn in 2023. Asia Pacific is expected to witness fastest growth during the forecast period owing to rising middle class population, growing internet and smartphone adoption in major countries like India and China.
Key players operating in the broadband services market are BEC Inc., Comcast, Sprint, AT&T Inc., Charter Communication, Inc., Verizon, CenturyLink, Singtel, Embarq Limited, and Cox Communications, Inc. among others. Major players are focusing on expanding their fiber and broadband networks to offer high speed broadband services. They are also investing in 5G networks and technologies to gain competitive advantage in the market.
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https://www.marketwebjournal.com/broadband-services-market-trends-size-and-share-analysis/
