Market Challenges And Opportunities

Global Broadband Services Market Drivers:

Increasing internet penetration and need for higher bandwidth to boost the market growth

There has been a major growth in number of internet service subscribers around the world in recent years. These service include Wi-Fi, fixed broadband, and mobile networking. Factors such as development of infrastructure, reduced cost of internet services, and smartphone penetration are driving the number of internet users all over the world. As per the Cisco Systems, by 2023, nearly two-third of the population around the world will get internet access. The number of internet users is likely to grow to 5.3 billion by 2023, from 3.9 billion in 2018.

Increasing adoption of IoT devices to propel the market growth

Internet of Things (IoT) is a network that connects devices integrated with network connectivity, sensors, requisite electronics, and software using which they can exchange and gather information. These interconnected devices can remotely control and manage various tasks and functions due to which implementation of automated business processes in different industry verticals is crucial. With growing automation and technological advancements, the adoption of these IoT devices is increasing rapidly all over the world, as a result, the demand for broadband services is increasing. This factor is further anticipated to augment growth of the global broadband services market over the forecast period.

Global Broadband Services Market Opportunities:

New business avenues in 5G technology are expected to offer growth opportunities in the global broadband services market over the forecast period. With the emergence of 5G technology, businesses around several industries are provided with growth avenues. The use of advanced technologies such as AI and IoT in different business processes are gaining momentum with growing use of 5G services. As a result, all stakeholders across the ecosystem are provided with growth opportunities in the global broadband services market.

Technological advancements in wireless broadband services along with enhanced speed on next generation network is likely to bring lucrative opportunities in the global broadband services market over the forecast period. The demand for wireless broadband services is increasing all over the world, due to which vendors are seeking advanced wireless solutions in broadband services to cater the increasing demand. As a result, the market is likely to show growth opportunities in the coming future.

Global Broadband Services Market Restraints:

High cost of deploying network services to limit the market growth

The broadband services market is growing significantly due to high demand for high-speed, bandwidth-intensive, and high-data rate applications all over the world. However, deploying the broadband connection can be of high cost, along with its timely maintenance. The infrastructure required for offering these services are expensive. Moreover, for better quality of internet connectivity, the subscription costs are also higher than normal connectivity. This factor thus impacts adoption of these services, which is further expected to hamper growth of the global broadband services market over the forecast period.

Stringent government regulations to hinder growth of the market

Broadband services and solution providers have to adhere to regulations imposed by regional authorities. Different regions have different regulations, and services providers have to follow these regulations in order to expand their business. This factor is acting as a major challenge, which is expected to hamper growth of the global broadband services market over the forecast period. However, market players are trying to create solutions that adhere to international standards, which is likely to support the market growth in the coming future.

Restraints & Challenges: