The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Broadband Services Market Growth & Trends
The global broadband services market size is estimated to reach USD 647.2 billion by 2027, expanding at a CAGR of 9.0%, according to the new report by Grand View Research, Inc. 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 market.
The market is positioned to register strong growth over the forecast period owing to rising demand for high speed internet. 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 high-speed internet connection. High internet speed and widespread availability of broadband services are notable growth-contributors.
Some of the key market trends include, strategic usage of broadband pre-registration indices to collect market data regarding price, engineering decisions, and user preferences; online registration of high-speed internet access makes the process transparent and user-friendly; electronic signature in registration documents and validation of identity proofs aids in maintaining an automatic contract status and limits malpractice; system integration is increasingly emphasized to offer a one-stop-shop service for all marketing, mails, management, installation, and customer support needs; and finally, B2C models are increasingly focused on impacting crowd mentality to attract a larger customer base.
The wireless segment is anticipated to witness fastest growth rate over the forecast period. The growth is attributed to user convenience and technological advancements offered by the segment. The high-speed wireless internet connection uses radio waves or Wireless Fidelity (Wi-Fi) instead of cables. In addition, the evolution of mobile wireless technologies from 3G to 5G is anticipated to drive the segment over the forecast period.
The COVID-19 pandemic has rendered a positive impact on the high-speed internet access as digital consumption has witnessed a sharp rise over the last few weeks. Work-from-home concept in most businesses, online classes in education formats, higher usage of video calls for conferences and personal uses, online shopping of essential items, and higher viewership of entertainment content have notably increased the requirement for high-speed internet access. Investment in companies to adopt digital channels for product promotion and sales is also likely to surge in the near future. Besides speed, add-on services are a key attraction for customers, thereby leveling up the competitive rivalry in the market.
Broadband Services Market Report Highlights
- Asia Pacific accounted for the largest market share in 2019, owing to the wide scale usage of high-speed internet services
- The fiber optics segment dominated the market in 2019 due to its speedy connection, large-scale adoption, and continuously evolving technology
- Wireless high-speed internet services are positioned to demonstrate double-digit growth momentum over the forecast period
- Increased adoption of high-speed internet access during COVID-19 has prominently augmented market growth and fueled the digital revolution in business models.