The global broadband internet services market is expected to grow from $248.66 billion in 2020 to $271.71 billion in 2021 at a compound annual growth rate (CAGR) of 9.3%. The market is expected to reach $355.42 billion in 2025 at a CAGR of 7%.
Major players in the broadband internet services market are SES Astra, Inmarsat, Iridium Communications, ViaSat, EchoStar, EarthLink Holding Corp., Intelsat General, Eutelsat, IDirect and Singtel.
The broadband internet services market consists sales of broadband internet services and the products related to it. The broad band internet services are used for Voiceover Internet Protocol (VoIP), Internet TV, Smart home applications, Remote online education, Virtual private LAN service, Interactive gaming, etc. Broadband internet services can be accessed through wireless, fiber cable, satellite etc.
Increasing demand for consumer broadband is driving the broadband internet services market. The rising application of internet in communication, sharing information, education and entertainment sector is supporting the growth of consumer broadband.
Also, government is playing a major role in stimulating demand for broadband internet services by providing better public online services in every sector, encouraging rural and remote areas to use the broadband internet services, establishing privacy and quality standards, etc. The usage of voice search, voice commands, smart home devices, gaming-related activities, online content activities, streaming TV, etc. are more responsible for an increase in the demand for consumer broadband services.
Players in the broadband internet service industry are focusing on advancing digital infrastructure and services to serve its customers. Digital infrastructure is more focused on digital economic activities and technological applications. The digital infrastructure helps for the digital development of a country. Demand in broadband internet services is driving the market to double the broadband speed and expand the internet connectivity where the companies and government are trying to increase the advancements in digital infrastructure and services.
The Broadband internet services market covered in this report is segmented by type into C band; Ku band; Ka band. It is also segmented by application into VoIP (voice over internet protocol); internet TV; smart home application; remote education; virtual private LAN service; interactive gaming; VPN on broadband.
The high costs of fiber optic cable restrains the broadband internet services market. The fiber optic is the latest technology that gives reliability and symmetrical speed options, unlike other internet services for the consumers. The cable or copper installation contributes to the high cost of fiber optic broadband services compared with other internet services.
The fiber optic line installation is more complicated and the cost estimation is difficult for every building. The fiber optic connection provides fast and symmetrical speeds, the cost of installation and its maintenance has become a major challenge for broadband internet service providers. Business Wire