Broadband services had a stellar year in 2023, generated over $410 billion in revenue over the course of the previous year. According to a report released by Coherent Market Insights, the market will continue to heat up and potentially reach $750.9 billion in total value by the end of the decade. This near doubling of the market points to a wider trend that is bolstering the broadband market due to rapid internet adoption and digitization around the world.
There are two main factors that are helping the market to reach new heights with all things having been considered and taken into account. Firstly, the arrival of 5G is transforming the broadband sector, since it offers faster speeds than might have been the case otherwise. What's more is that fiber optic networks are becoming a great deal more widespread than they used to be, with the enhanced data transmission speeds encouraging consumers to make the upgrade sooner rather than later.
With all of that having been said and now out of the way, it is important to note that the market’s annual growth rate is expected to be somewhere in the region of 9% through 2030. Some might have assumed that wireless satellite and digital subscriber options would drive growth, but in spite of the fact that this is the case, they are not going to have quite as much of an impact as expected based on the findings presented in this report.
The gradual shift to remote work is yet another factor that is impacting the market in unforeseen ways. It has created a whole new sector of residential consumers that require enterprise level speeds. Furthermore, households are increasing the number of devices that they contain on a more or less regular basis. As a result of the fact that this is the case, broadband connections are expected to rise unabated.
Data limits are increasing, as are speeds, and there is a high level of likelihood that major internet players will see record breaking revenues for many years to come. Verizon, Charter Communications and several other companies are therefore investing heavily in this sector.
Image: Coherent Market Insights
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