Mobility growth and increase in mobile connectivity driving the growth of the market and enhancement in public safety and availability of real-time information to magnify growth in the global Broadband Services Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global broadband services market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global broadband services market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global Broadband Services market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global broadband services market.
Broadband Services for Fiber Optics Services to Sustain the Highest Revenues
In terms of revenue, fiber optics dominated the market with a share of 35.42% in 2020. This high share is attributable to the capacity of fiber optics to carry superior quality network signals from the operator's equipment directly to an enterprise, business, or household. Fiber networks have been called "future proof" due to their continuously improving technologies to increase bandwidth according to business needs without the deployment of novel networks.
Business Segment to Generate More Revenue
In terms of revenue, the business segment captured the largest share of 44.37% in 2020. Most businesses require a fast and consistent internet connection to communicate internally with employees and externally with business partners & customers. Nearly all aspects of new-age business models-including marketing & sales, client engagement, and profits analysis-resonates with the demand for broadband services. Furthermore, the 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.
APAC to Sweep the Largest Revenue Streams Followed by North America
The Asia Pacific dominated the market with a share of 26.32% in 2020, driven by broad accessibility, technological advancements, and proactive government initiatives. Asia Pacific countries-forerun by China and Japan-spontaneously embrace ultra-fast broadband, thereby propelling the usage rates and enlarging the consumer pool over the next few years. Furthermore, internet services providers continue to offer add-on services at economic rates to attract the middle- and low-income sections of consumers. In addition, the large consumer base in this region and the rise in disposable income are some of the notable market growth contributors.
Europe held a market share of 24.77% in 2020. According to the European Commission (EC), nearly 96.7% of households in Europe have access to fixed broadband services. The EC intends to transform the region into a Gigabit Society by 2025.
Enhancing next-generation technologies and availability of wireless broadband in rural areas to offer new opportunities in the global broadband services market
The broadband internet services market consists sales of broadband internet services and the products related to it. The broad band internet services are used for Voiceover Internet Protocol (VoIP), Internet TV, Smart home applications, Remote online education, Virtual private LAN service, Interactive gaming, etc. Broadband internet services can be accessed through wireless, fiber cable, satellite etc.
Despite a minor growth dip owing to Covid-19 implications, the global Broadband Services market is expected to recoup growth and register over USD 706.94 billion by 2028 ticking at a CAGR of 9.1%.
Further, Increasing demand for consumer broadband and The rising application of internet in communication, sharing information, education and entertainment sector are expected to ravel new growth opportunities in the global broadband services market during the forecast period.
The high demand is supported by proactive government initiatives, technological advancements for improved user convenience, consumer awareness, and increased usage of devices such as mobile phones, tablets, MIDs, and eBooks-requiring a broadband connection. The internet speed and widespread availability of broadband services are notable growth contributors.
Forward-looking players in the global broadband services market are furthering investments towards developing advanced broadband services. The higher usage of video calls for conferences and personal uses is significantly pushing the enterprises to deploy comprehensive solutions.
The increasing demand of high speed wireless broadband plans, rising usages of high speed internet for playing games along with availing several streaming services, rising demand for consumer broadband, prevalence of advanced digital infrastructure and services, digital transformation of several industry verticals are some of the major as well as important factors which will likely to augment the growth of the broadband internet access services market in the projected timeframe of 2020-2027.
On the other hand, digitalization of hospital records along with growing number of platform for media and entertainment content which will further contribute by generating various opportunities that will led to the growth of the broadband internet access services market in the above projected timeframe.
The security breaches and interception and enhancing next-generation technologies and availability of wireless broadband in rural areas is hindering the market growth.
The major players of the global broadband services market are Comcast, AT&T Intellectual Property, Verizon Communications, Inc., Cox Communications, Inc, Charter Communications, Inc., Time Warner Cable, Inc., Rogers Communications, Inc., Qwest Communications International, Inc., China Telecom Global Limited and Cablevision Systems Corp.
The broadband services market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global Broadband Services Market: a Snapshot
- In December 2020, Aruba Networks launched a new product called Aruba CX8360.
- In October 2020, Comcast Business partnered with Aruba on a new VPN service for remote workers. Companies said the Comcast Business Teleworker VPN is meant to help enterprises adapt to an expanding remote workforce during the COVID-19 pandemic.
Broadband Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 706.94 billion|
|Growth Rate||CAGR of 9.1% during 2021-2028|
|Segment Covered||Broadband Connection, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Comcast, AT&T Intellectual Property, Verizon Communications, Inc., Cox Communications, Inc, Charter Communications, Inc., Time Warner Cable, Inc., Rogers Communications, Inc., Qwest Communications International, Inc.,|
Key Segments of the Global Broadband Services Market
Broadband Connection Overview, 2018-2028 (USD Billion)
- Fiber Optics
End User Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- South Korea
Middle East and South Africa