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Broadband Services Market Is In Trends By Increased Connected Devices
The broadband services market includes high-speed internet services provided to residential, commercial and government organizations. These broadband connections allow users to access the internet at fast speeds through technologies such as cable, DSL, fiber and wireless. Demand for broadband services is driven by the increasing number of internet users, digitalization of enterprises, rising adoption of smart devices and growing usage of bandwidth-intensive applications like video streaming and online gaming.
The Global Broadband Services Market is estimated to be valued at US$ 488.1 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Broadband Services are BEC Inc., Comcast, Sprint, ATandT Inc., Charter Communication, Inc., Verizon, CenturyLink, Singtel, Embarq Limited, and Cox Communications, Inc. These companies are focusing on expanding their fiber networks and upgrading existing infrastructure to withstand the rising demand. BEC Inc. recently announced plans to invest US$ 5 billion over the next five years to boost connectivity through its fiber-optic network.
The growing number of internet users and devices is driving significant demand for high-speed broadband. According to reports, the number of internet users worldwide is expected to reach 5 billion by 2023. This rising internet penetration along with the proliferation of IoT devices will require reliable broadband access.
Major providers are expanding their operations globally to capitalize on the growing need for connectivity. For instance, Verizon recently closed its acquisition of TracFone to strengthen its position in the US prepaid wireless market. Meanwhile, Singtel launched multi-year initiatives to deploy 5G standalone and FTTP networks across Asia Pacific as digitalization gathers pace.
Market Key Trends
Increased connected devices is a key trend in the Broadband Services Market Size. The proliferation of IoT devices and rising need for connectivity among enterprises are major factors boosting the demand for broadband. There were approximately 31 billion connected devices globally in 2021 and this number is forecast to double by 2025. The growth in smart home appliances, electric vehicles, surveillance systems and asset tracking solutions will further increase dependency on fast and reliable broadband networks. This rising interconnection of people, processes, data and things is driving service providers to offer connectivity capable of handling higher speeds, lower latencies and greater capacities. They are beefing up infrastructure to realize the full potential of 5G and pave the way for the era of 6G.
Porter's Analysis
Threat of new entrants: High cost of infrastructure installation and economies of scale advantages enjoyed by existing players makes entry difficult.
Bargaining power of buyers: Buyers have bargaining power due to presence of many providers offering substitutable services.
Bargaining power of suppliers: Suppliers of networking equipment and other hardware exert influence over broadband providers due to differentiated products and supplier concentration.
Threat of new substitutes: Emergence of 5G and satellite internet pose threat of substitution for fixed broadband services in future.
Competitive rivalry: Intense competition exists among providers on basis of pricing, speed and reliability of connection due to market being fairly mature.
Geographical Regions
North America accounts for the largest share of broadband market in terms of value currently due to high penetration of fixed as well as mobile broadband in countries like US and Canada.
Asia Pacific region is expected to grow at the fastest pace during forecast period led by increasing urbanization, growing middle class and government initiatives to improve digital infrastructure in developing nations like India and Indonesia.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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