According to report published by Grand View Research, The rapidly escalating demand for broadband services due to their ability to offer access to the high-speed internet using a wide spectrum of technologies is a major factor driving the broadband services market.
According to a report, “Broadband Services Market Size, Share & Trends Analysis Report By Broadband Connection (Fiber Optic, Wireless, Satellite, Cable, DSL), By End User (Business, Household), By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global broadband services market is expected to witness a CAGR of 9.0%, according to the new report by Grand View Research, Inc. Expansion of e-commerce for services and retail goods, e-government initiatives, digitalization of hospital records, and rapidly rising use of OTT platforms for entertainment and media content are driving the overall market growth.
The market has witnessed enormous applications in communication technology. The increasing market adoption across industry verticals has accelerated the digital revolution, thus, driving economic and productivity improvements. Furthermore, online education is another booming industry vertical and reflects a huge demand for uninterrupted internet connectivity.
Key trends such as strategic pre-registration indices to collect market data regarding engineering decisions, price, and user preferences are being adopted. Service providers are focusing on online registration of high-speed broadband subscription that makes the process user-friendly and transparent. The registration of user documents such as identity proofs with electronic signature limits malpractice and automatic contract status. System integration is being increasingly adopted to offer a one-stop-solution to businesses for all marketing, management, installation, mails, and customer support needs. As per the Organization for Economic Co-operation and Development (OECD), the exponentially growing number of internet subscribers has been attributed as a major growth driver for the market.
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- The COVID-19 crisis has propelled unprecedented demand for high-speed and uninterrupted internet access owing to the sharp increase in digital consumption over the past four months. Work-from-home, online shopping of essential items, online classes, and increasing usage of video call applications for business conferences and personal uses have offered enormous opportunities for the key players to improve their service capabilities.
- Countries like China, Singapore, Hong Kong, and South Korea have widespread use of contact-tracing apps and other technologies to increase social distancing and safety. For instance, robots in South Korea have been used to distribute hand sanitizers and measure temperatures. Also, UVD (ultraviolet-light-disinfection)-robots are being used to clean hospitals in China and Europe, and the demand is soaring for the further adoption of these machines. Similar high-end applications have driven the market demand.
- In July 2020, Hughes collaborated with the Indian Space Research Organization (ISRO) and have launched GSAT-20 satellite, which has an approximate capacity of 60 to 70 gigabits. The satellite’s capacity is 10 times more than any former satellite launched by ISRO and will create huge opportunities for broadband companies in India.
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Further findings from the report suggest:
- Fiber optics segment accounted for a major revenue share in 2019 and is attributed to its ability to carry superior quality network signals from the service operator directly to the destined business, enterprise, or household.
- Business in the end-user segment dominated the global market due to new-age business models that includes marketing, sales, and client engagement. Furthermore, the lockdown situation due to the COVID-19 pandemic has mandated work-from-home, therefore, surging market demand.
In terms of revenue, the business segment captured the largest market share of 44.7% in 2019. Most businesses require a fast and consistent internet connection to communicate internally with employees and externally with business partners and customers. Nearly all aspects of new-age business models-including marketing and sales, client engagement, and profits analysis-resonates with the demand for broadband services. Furthermore, digital channelization of most business models in tandem with the global digital revolution has further enhanced the application of broadband services across all industry verticals.
The trend of online learning is speedily gaining momentum as schools, colleges, and universities promptly adopt digital education, thereby requiring a reliable internet connection. Furthermore, the increasing trend of work-from-home practices-that registered a steep incline due to the lockdowns forced by COVID-19 curbing activities and surge in entertainment and other media content online has enabled large-scale installation of internet services in the household sector. We anticipate household sub-segment to register a double-digit growth through the forecast period.
Broadband Services Market Segmentation
Grand View Research has segmented the global broadband services market based on broadband connection, end user, and region:
Broadband Services Broadband Connection Outlook (Revenue, USD Billion, 2016 – 2027)
Broadband Services End-User Outlook (Revenue, USD Billion, 2016 – 2027)
Broadband Services Regional Outlook (Revenue, USD Billion, 2016 – 2027)
Middle East & Africa
List of Key Players of Broadband Services Market
Verizon Communications, Inc.
Cox Communications, Inc.
Charter Communications, Inc.
Time Warner Cable, Inc.
Rogers Communications, Inc.
Qwest Communications International, Inc.
Cablevision Systems Corp.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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