Broadband Services Market to Surpass US$ 750.9 Billion by 2030, Says Coherent Market Insights

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Jan 09, 2024, 17:15 ET

BURLINGAME, Calif., Jan. 9, 2024 /PRNewswire/ -- According to Coherent Market Insights, global broadband services market is generated $410.82 billion in 2023, and is anticipated to generate $750.9 billion by 2030, witnessing a CAGR of 9% from 2023 to 2030. The Broadband Services Market is driven by various factors that are contributing to its growth. Firstly, the growing adoption of internet services across the globe is a major driver for the market. With the increasing digitization and rise in the number of connected devices, the demand for high-speed internet connectivity has surged significantly. Broadband services provide fast and reliable internet access, which has become essential for various activities such as online shopping, video streaming, and online gaming.

Another significant driver is the increasing demand for video-on-demand and streaming services. With the popularity of platforms like Netflix, Amazon Prime Video, and Hulu, the need for high-speed internet to support seamless streaming has become crucial. Broadband services offer the bandwidth required to stream high-quality videos without buffering, which has fueled the market growth.

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Market Trends:

Two key trends noticed in the Broadband Services Market are the advent of 5G technology and the increasing focus on fiber optic networks.

The deployment of 5G technology has revolutionized the broadband sector by providing faster data transfer rates and reduced latency. It enables high-speed internet access for businesses and consumers, enhancing the overall browsing experience. The demand for 5G-enabled devices and services is on the rise, thereby driving the growth of the broadband services market.

Moreover, the market is witnessing increased investment in fiber optic networks. Fiber optic cables offer higher bandwidth and faster data transmission capabilities compared to traditional copper cables. The demand for fiber optic broadband services is increasing as it provides faster download and upload speeds, enabling users to access the internet without any interruptions. This trend is expected to continue as more companies and individuals require reliable and high-speed internet connections.

Market Opportunities:

The broadband connection market presents a significant opportunity for growth in the forecast period of 2023-2030. With increasing internet usage and the need for fast and reliable connections, the demand for broadband services is expected to soar. The market is expected to witness a compound annual growth rate (CAGR) of 9% during this period.

Fiber Optic is the dominating subsegment within the broadband connection market. This is due to its superior speed and reliability compared to other connection types. Fiber optic cables, which use light to transmit data, are capable of delivering high-speed internet access over long distances. As a result, the fiber optic segment is expected to hold a dominant position within the broadband connection market.

Other segments within the broadband connection market include Wireless, Satellite, Cable, and Digital Subscriber Line (DSL). While each of these segments has its own advantages and disadvantages, they are expected to have a smaller market share compared to Fiber Optic.

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Key Developments:

In June 2020, Cox Business, introduced novel work-at-home solutions that comprises a separate internet connection and an enterprise grade. With this novel solution, companies will be able to offer employees with services that includes broadband, McAfee endpoint security, MalBlock, and Wi-Fi.

In March 2020, Verizon announced that it is eliminating late fees and overage charges in order to support consumers impacted by the COVID-19 pandemic. The company will be adding 15GB of high-speed data for wireless consumers and small businesses, which will be used automatically without requiring involvement of consumer.

Key Market Takeaways:

The broadband connection market, known for its dominance in the North American region, is anticipated to witness a CAGR of 9% during the forecast period of 2023-2030. This growth is primarily driven by the increasing demand for high-speed and reliable internet connections.

On the basis of the broadband connection segment, Fiber Optic is expected to hold a dominant position due to its superior speed and reliability. Wireless, Satellite, Cable, and DSL, while present in the market, are expected to have a smaller market share.

In terms of the end user segment, the Business sector is expected to dominate the market. This is due to the growing reliance on the internet for business operations. However, the household market also presents significant opportunities for growth as the number of connected devices in households continues to increase.

The key players operating in the broadband connection market include BEC Inc., Comcast, Sprint, AT&T Inc., Charter Communication, Inc., Verizon, CenturyLink, Singtel, Embarq Limited, and Cox Communications, Inc. These players are constantly investing in research and development to enhance their broadband services and gain a competitive edge in the market.

The end user market segment is another lucrative opportunity for market growth. Within this segment, the Business sector is expected to dominate. As businesses increasingly rely on the internet for their operations, the demand for high-speed and reliable internet connections has risen. This has led to a greater adoption of broadband services by businesses.

Households are another significant market within the end user segment. With the increasing number of connected devices in households, such as smartphones, smart TVs, and home automation systems, the need for a reliable internet connection has become crucial. However, the household market is expected to have a smaller market share compared to the business sector.

Other potential end users within the market include educational institutions, healthcare facilities, government organizations, and other establishments that require a robust internet connection for their operations.

Overall, the broadband connection market is poised for significant growth in the forecast period. The increasing demand for high-speed and reliable internet connections, coupled with advancements in technology, will continue to drive the market forward.

Read complete market research report," Broadband Services Market, By Broadband Connection, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.

Detailed Segmentation:

Global Broadband Services Market, By Broadband Connection:
- Fiber Optic
- Wireless
- Satellite
- Cable
- Digital Subscriber Line (DSL)
Global Broadband Services Market, By End User:
- Business
- Household
- Others
Global Broadband Services Market, By Region:
- North America
  - U.S.
  - Canada
- Latin America
  - Brazil
  - Mexico
  - Rest of Latin America
- Europe
  - Germany
  - U.K.
  - Spain
  - France
  - Italy
  - Russia
  - Rest of Europe
- Asia Pacific
  - China
  - India
  - Japan
  - Australia
  - South Korea
  - Rest of Asia Pacific
- Middle East & Africa
  - South Africa
  - GCC Countries
  - Rest of Middle East & Africa

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