PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1349791
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1349791
The global broadband services market size was valued at US$ 410.82 billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 9% from 2023 to 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 410.82 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 9.00% | 2030 Value Projection: | US$ 750.9 Bn |
Unlike the old dial-up Internet, which required customers to call a specific phone number and wait for busy signals or slow connections, broadband offers an instant connection. It allows customers to surf the web at high speeds, download music and movies, connect with family, friends, and colleagues via videoconferencing or social media and more. While it's true that broadband infrastructure provides direct financial benefits, its greatest value is often in the ways it transforms community services and business operations. Broadband allows communities to take advantage of five broad economic benefits: Better online work, Enhanced business services, Rural and small-town economic development, Greater access to educational, health and social services, and Long-term community growth.
The adoption of advanced digital technologies such as AI, IoT, and data analytics requires high speed and uninterrupted internet connectivity. This is further expected to bolster the growth of the global broadband services market. Similarly, the surge in the trend of working from home and the increasing acceptance of telemedicine among consumers have also triggered the need for broadband internet connectivity, which is also driving the market growth.
However, high cost of deploying broadband services is expected to hamper growth of the global broadband services market over the forecast period.