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The broadband services market facilitates high-speed internet connectivity through cable, wireless, fiber and digital subscriber line (DSL) technology. Broadband services enable faster data download and upload speeds, allowing users to stream high definition video, participate in video calls, play online games, work remotely and upload large files in seconds. With advantages such as broadband anywhere access, higher reliability and consistent speeds, the global broadband market allows new digital experiences and connected lifestyles.
The Global Broadband Services Market is estimated to be valued at US$ 488.10 billion in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period from 2024 to 2031.
Key Takeaways
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. Key players are focusing on strategic partnerships and mergers and acquisitions to expand their fiber and cable networks. For instance, in 2021 Singtel partnered with Optus to strengthen 5G leadership in Australia and Singapore.
Growing digitization and remote work culture have increased the demand for high-speed broadband. Faster internet speeds allow seamless video calls, online classrooms and digital collaboration. This has prompted investments in fiber to the home networks capable of gigabit speeds. Furthermore, rising popularity of over-the-top media services is driving the need for high bandwidth.
Major broadband service providers are expanding their global footprint to tap international opportunities. While North America and Europe dominate the broadband market currently, Asia-Pacific is expected to witness the fastest growth owing to infrastructure investments. Countries like China and India are focusing on nationwide broadband for all programs. 5G technologies will further accelerate the global expansion of the broadband market.
Market Key Trends
Fiber-to-the-home is a key trend in broadband market as service providers upgrade their legacy copper networks to fiber for higher speeds and connectivity. Fiber networks can support speeds over 1 gigabit per second and have lower maintenance costs. This is prompting investments of over US$ 80 billion annually until 2026 on fiber infrastructure globally. As consumers demand faster and more reliable internet, especially for applications like virtual reality and artificial intelligence, fiber networks will see further extensions.
Porter’s Analysis
Threat of new entrants: Low investment requirements for starting broadband services encourage new entrants.
Bargaining power of buyers: Buyers can easily switch to other providers if they are not satisfied with price or service quality.
Bargaining power of suppliers: Suppliers of networking equipment and technologies can influence costs of broadband service providers.
Threat of new substitutes: Wireless connections and technologies like 5G provide alternative options for broadband connectivity.
Competitive rivalry: Intense competition among existing providers based on speed, reliability and price of services.
Geographical Regions
North America currently holds the largest share of the global broadband services market in terms of value as countries like the US and Canada have widespread coverage of fixed and mobile broadband networks.
Asia Pacific is expected to be the fastest growing regional market during the forecast period due to rising urbanization, increasing number of internet users and large investments towards improving broadband infrastructure in developing economies of China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
