Broadband services provide high-speed internet access to households and businesses through technologies like cable, DSL, fiber optic, wireless and satellite. They offer enhanced connectivity and bandwidth for streaming videos, gaming, video conferencing and more. The constant demand for reliable internet connectivity from a variety of devices has propelled the broadband services industry. The global broadband services market is estimated to be valued at US$ 488.10 billion in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Ubiquitous connectivity through technologies like 5G is one of the key factors driving the growth of the broadband services market. 5G delivers ultra-low latency and very high speeds which enhances user experience of applications like augmented and virtual reality. It allows broadband providers to offer bandwidth-intensive applications to a greater number of simultaneous users. This is increasing the adoption of high-speed broadband plans among both residential and business customers. Moreover, the proliferation of smart homes and smart cities will further generate demand for broadband as a dependable internet connection is critical for functions of smart devices. The growing digitalization and remote working trends are also propelling the need for robust and reliable broadband infrastructure globally.
The global broadband services market is dominated by the fiber to the home segment which accounted for over 35% revenue share in 2024. Fiber optic broadband offers faster speeds along with high reliability and latency compared to DSL or cable broadband. Growing preference for seamless connectivity and data intensive applications such as video streaming have been driving demand for fiber broadband connections globally.
The global broadband services market is expected to witness high growth over the forecast period, expanding at a CAGR of 9%.
North America currently dominates the market, accounting for over 30% share in 2024. High penetration of fixed broadband along with growing fiber deployment have supported market growth in the region.
Key players operating in the broadband services market include BEC Inc., Comcast, Sprint, AT&T Inc., Charter Communication, Inc., Verizon, CenturyLink, Singtel, Embarq Limited, and Cox Communications, Inc. Major players are focusing on strategic partnerships and mergers to expand network coverage and infrastructure. For instance, in 2024 Verizon acquired TracFone to gain a foothold in the prepaid wireless segment.
- Source: Coherent Market Insights, Public sources, Desk research
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