The global Broadband Services Market size is estimated to reach USD 875.1 billion by 2030, according to the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2022 to 2030. 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 propeller of market growth of 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 market 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 the broadband services as digital consumption has witnessed a sharp rise
over the last few weeks. Work-from-home concepts in most business, 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 Service Market Report
Broadband Service Market Report
Highlights
- In Asia Pacific, the market accounted for the largest revenue share
in 2021, owing to the widescale usage of broadband services
- The fiber optics segment dominated the market 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 fueled the digital revolution in
business models
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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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