The global Broadband Services Market size is estimated to reach USD 706.94 billion by 2028, according to the new report by Grand View Research, Inc. The market is expected to register a CAGR of 9.1% from 2021 to 2028. The rapidly escalating demand for broadband services due to their ability to offer higher date access to the internet using a wide spectrum of technologies is a major growth propeller for the market.
The market is positioned to register strong growth
over the forecast period, driven primarily by the steep demand in the market.
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.
Some of the key market trends in the global market for
broadband services include the following: strategic usage of broadband
pre-registration indices to collect market data regarding price, engineering
decisions, and user preferences; online registration of broadband services
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 COVID-19 pandemic has rendered a positive impact
on broadband services as digital consumption has witnessed a sharp rise over
the last few weeks. Work-from-home concepts 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 broadband
services. 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.
Related Press Release@ Broadband Services Market Report
Broadband Services Market Report
Highlights
- The Asia Pacific regional market accounted for the largest market
share in 2020, owing to the wide-scale usage of broadband services
- Fiber optics dominated the broadband connection segment due to
its speedy connection, large-scale adoption, and continuously evolving
technology
- Wireless broadband services are positioned to demonstrate
double-digit growth momentum over the forecast period
- Increased adoption of broadband services during COVID-19 has
prominently augmented market growth and fuelled the digital revolution in
business models
- The prominent industry players operating in the market are Comcast;
AT&T Intellectual Property; Verizon Communications, Inc.; and Cox
Communications, Inc.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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