The global broadband services market size was valued at USD 385.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.6% from 2022 to 2030.
Digital transformation of several industry verticals requires broadband services, thereby promoting market growth. For instance, increasing online commerce for retail goods & services, digitalization of hospital records, e-government initiatives, and rapidly rising platforms for media and entertainment content are notably augmenting the market growth. Wireless technology holds immense potential in accelerating the global digital revolution across verticals through productivity enhancements and economic reductions.
According to the Organization for Economic Co-operation and Development (OECD), surge in the number of wireless subscribers has been a major growth driver for the market. Besides digital transformation in businesses, increased adoption of online learning has not only augmented the need for digital education, but also reflects a strong requirement for uninterrupted broadband connectivity. The market continues to expand at a steady pace, driven by increasing application of broadband in global communication. With the rising trend of global digitalization, governments, business, and individuals are increasingly depending on high-speed seamless internet connections for purposes of information, education, interaction, and entertainment.
Gather more insights about the market drivers, restrains and growth of the Global Broadband Services Market
Continuously evolving research and development of broadband service to make it more industry-compliant and application-oriented is anticipated to drive the market over the forecast period. The COVID-19 pandemic has affected businesses all over the world by disrupting supply chains, thereby straining the global economy. The current situation-wherein industries are temporarily shut down and people are confined to their homes-has reflected the need for digitalization to stay connected, run businesses, and retain a certain degree of normalcy. Education and fitness business models have rapidly shifted towards online coaching.
Similarly, most offices have adopted a work-from-home strategy. The aforementioned factors, coupled with a sharp surge in internet usage for entertainment factors, have fueled up the growth rate for broadband services over the last few months. Furthermore, most businesses are likely to transform their strategies towards digital channels, thereby augmenting the market.
Browse through Grand View Research's Communication Services Industry Related Reports
- Fiber Optics Market - The global fiber optics market size was valued at USD 6.5 billion in 2018 and is projected to exhibit a CAGR of 4.6% from 2019 to 2025. The technology is one of the modern-day innovations, which has evolved with time, owing to rigorous studies carried out by researchers and scientists across the globe through extensive research and development.
- Wireless Infrastructure Market - The global wireless infrastructure market size was valued at USD 69.44 billion in 2016 and is expected to register a CAGR of 5.7% over the forecast period due to rising traction of 4G, LTE, and 5G high-speed data connectivity network infrastructure capabilities. The projected growth of wireless networking technology and associated devices is also owing to ongoing trends of BYOD, WYOD, cloud computing, and Artificial Intelligence (AI) in telecom applications.
Broadband Services Market Segmentation
Grand View Research has segmented the global broadband services market based on broadband connection, end user, and region:
- Broadband Service Broadband Connection Outlook (Revenue, USD Billion, 2017 - 2030)
- Fiber Optic
- Wireless
- Satellite
- Cable
- Digital Subscriber Line (DSL)
- Broadband Service End-user Outlook (Revenue, USD Billion, 2017 - 2030)
- Business
- Household
- Others
- Broadband Services Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Market Share Insights
May 2020: Sky and NBCUniversal launched a business offering that enables customers to purchase Sky's global international news through NBCUniversal's One Platform. The Comcast-NBCUniversal-Sky deal allows marketers to leverage unrivaled content and scale.
March 2019: UK-based satellite communications company Inmarsat acquired by association of Apax Partners, Warburg Pincus and two private equity Canadian pension funds firms for $3.4 billion. The main significance of this acquisition is to stay Inmarsat’s Headquarters in the UK and functions it in research and development.
Key Companies profiled:
Some prominent players in the global Broadband Services market include
- Comcast
- Time Warner Cable, Inc.
- Cox Communications, Inc.
- Singtel
- AT&T
- Verizon Communications, Inc.
- Qwest Communications International, Inc.
- Embarq
- Bell Canada Enterprises, Inc.
- Sprint Nextel
Order a free sample PDF of the Broadband Services Market Intelligence Study, published by Grand View Research.
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