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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Further findings from the report suggest:
End-User Insights
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)
Fiber Optic
Wireless
Satellite
Cable
Digital Subscriber Line (DSL)
Broadband Services End-User Outlook (Revenue, USD Billion, 2016 – 2027)
Business
Household
Others
Broadband Services Regional Outlook (Revenue, USD Billion, 2016 – 2027)
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Asia Pacific
China
Japan
India
South America
Brazil
Middle East & Africa
List of Key Players of Broadband Services Market
Comcast
AT&T
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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