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Global Insurtech Market Gaining Momentum—Projected to Reach worth USD 10.7 billion in 2027 | BlueWeave

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Delhi, Jan. 27, 2022 (GLOBE NEWSWIRE) — The global Insurtech market is driven by the rapid digitization and growing adoption of advanced technologies, such as machine learning, the Internet of Things (IoT), cloud computing, etc. These technologies generate large volumes of data that help insurance companies to track and analyze consumer behavior and remodel the insurance industry model to fill the scantiness of the market…

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global Insurtech market was worth USD 5.3 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.6% (2021-2027), earning revenue of around USD 10.7 billion by the end of 2027. The global Insurtech market is driven by the rapid digitization and growing adoption of advanced technologies, such as machine learning, the Internet of Things (IoT), cloud computing, etc. These technologies generate large volumes of data that help insurance companies to track and analyze consumer behavior and remodel the insurance industry model to fill the scantiness of the market. Additionally, developing economies such as India, China, Singapore, China, etc., are emerging with growth potential due to the rising number of Insurtech start-ups. However, data privacy and cyberattacks may be a major constraint on the global Insurtech market.

Rapid Digitalization of Business Models Is Assisting the Global Insurtech Market’s Growth.

Every strand of commerce and government agency, including the global insurance industry, is fiercely seeking the advantages of a digital environment. According to Accenture, a consulting and professional services firm, roughly 86% of insurers plan to innovate and enhance existing business models in order to meet rising insurance demand and maintain a competitive edge by 2022. Furthermore, as business models change, insurance companies worldwide are turning to innovative digital solutions to scale their operations and provide a more customized consumer experience. As a result, the fast digitalization of existing insurance business models is moving the worldwide Insurtech industry forward and contributing to the market growth.

Growing Adoption of Cloud Computing Driving the Global Insurtech Market

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Cloud computing has revolutionized many industries with its ease of deployment, resiliency, and versatility, and the insurance industry is no exception. The rising adoption of cloud computing in various industry verticals, especially after the COVID-19 outbreak, is significantly driving the growth of the Insurtech market. Insurance companies across the globe are deploying cloud computing to improve their business model. Cloud computing offers better internal and external data management with a higher level of security. It also provides rapid deployment and easy integration that does not hinder the workflow. Furthermore, the application of cloud computing also helps in risk management by integrating risk data and indicators and various assessment reports. Such benefits of cloud computing are driving the overall market growth of global Insurtech during the forecast period.

 

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Rising Demand for Managed Services Propelling the Growth of Global Insurtech Market

Based on services, the Insurtech market is segmented into consulting, support & maintenance, and managed services. The managed services segment accounts for the largest share in the Insurtech market. Managed service providers offer insurance companies with their expertise and knowledge of advanced technologies to improve business efficiency and bring out the best in their business models. On the other hand, the support & maintenance services are also projected to gain substantial growth during the forecast period due to insurance companies’ rising deployment of advanced technologies such as IoT, blockchain, etc.

BFSI has Dominated the Global Insurtech Market Due to The Expanding Banking Sector

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Based on end-users, the Insurtech market is segmented into automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. BFSI segment has dominated the market due to the expanding banking sector and the growing volume of data which can now be tapped into by Insurtech companies for better services, enabling businesses to improve efficiency and optimize overall costs. The health sector is projected to grow at the fastest rate in the forecast period, as Insurtech adoption is significantly higher than in other insurance sectors. Health insurance companies also use insurance solutions to expedite claim processing. Various technological developments and the adoption of digital core legacy systems for the automation of back-office operations are also contributing to the market’s growth. Other reasons, such as widespread use of the platform and peer-to-peer business models and lower insurance premium rates leading to a rise in the number of policymakers, are expected to propel the industry even further.

The healthcare industry catered to a significant share amidst the end-user sector due to rapid digitization and the increasing use of data-generating devices such as wearable devices. Increasing use of data generation is further driving the demand for better management of data in the healthcare sector and propelling Insurtech’s overall market growth.

In a stretched national health system, finding a doctor is difficult. As a result, Insurtech is now being used in the fast-expanding telemedicine market. Many states in the United States are modifying their legislation to allow for the development of telemedicine. In Europe, remote consultations with doctors are common in France and are becoming more common in the United Kingdom. Despite the fact that Insurtech is now prohibited in Germany, it is just a matter of time until it is adopted there as well, the advantages of Insurtech in healthcare are apparent. The information gathered enables carriers to minimize and decrease risk while promoting mutually beneficial consumer behavior.

North America Region Dominates the Global Insurtech Market

Geographically, the Insurtech market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. The North America region captured a significant market share in the global Insurtech market in 2020. The high-cost spending of insurance premiums and the use of digital technology to track and manage insurance claims have attracted US investors. Due to insurers’ online presence and digital technologies to track their insurance claims, the United States has seen considerable investments from Insurtech providers, and it represents a significant potential market. Various start-ups have emerged in the United States, identifying the potential for better customer-focused insurance services.

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However, due to their young and expanding populations as well as a high rate of mobile technology adoption, the APAC countries are expected to grow at the highest rate. Economies such as Singapore, India, Hong Kong are emerging as Insurtech hubs in the global market with an increasing number of potential Insurtech start-ups.

Please visit press release of the global Insurtech market: https://www.blueweaveconsulting.com/press-release/global-insurtech-market-witnessing-a-positive-shift-forecast-to-grow-at-a-cagr-of-10-6-by-2027

Impact of COVID-19 on Insurtech Market

The COVID-19 pandemic offered lucrative growth opportunities to the global Insurtech market. According to Willis Re (one of the world’s most prominent reinsurance advisors), global investment in insurance technology (Insurtech) start-ups reached a record high of $10.5 billion in the first nine months of 2021, a new peak for the period. The third quarter of 2020 witnessed $3.1 billion in investment, up 23% from the pandemic-hit- third quarter of 2020. The coalition, which raised $205 million, and At-Bay, which raised $185 million, were two of the most significant deals in the quarter.

In the global Insurtech market, customers can choose from a variety of insurance policies, including health insurance, home insurance, personal insurance, and more. As a result of the increasing demand for insurance policies, insurance carriers’ use of advanced technology solutions has expanded fast in the market, allowing them to provide advanced tech-based services to their customers. As a result, demand for Insurtech solutions has surged during the global health crisis.

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The Insurtech companies registered significant growth through capital investment to meet the changing scenario of the industry. The pandemic has also boosted the adoption of technologies, such as cloud computing, to boost customer engagement and virtual interaction. The pandemic also pushed insurers to invest in and implement Insurtech, focusing on numerous areas, including client centricity, intelligent procedures, accelerating virtual interactions in sales and claims, and cutting costs to stay competitive. Furthermore, the insurance technologies provided a platform for the insurers to demonstrate their services among policy seekers, which helped them to boost their sales and keep their business floating during such unprecedented times.

Global Insurtech Market – Competitive Landscape

The leading players in the Insurtech market are Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Clover Health Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcery, Sureify, Insurance Technology Services, and other prominent players.

The global Insurtech market is fragmented in nature, owing to the presence of a high number of small businesses catering to the demands of life and non-life insurance sectors. With the rising preference for technical improvements in the insurance sector, such as artificial intelligence, machine learning, and blockchain technology, the number of deals made has been steadily increasing over the last few years. Insurtech firm’s ability to promote insurance industry innovation by generating new products will aid insurance companies in meeting the changing needs of their customers. As a result, various Insurtech companies are gaining traction by providing a new and diverse set of services. They’re also attracting a significant investment, which will help them expand. Insurtech firms, for instance, are employing deep learning-capable artificial intelligence (AI) to assist agents in managing their responsibilities more swiftly and determining the best combination of policies to complete a user’s coverage. Hyperautomation, a combination of ML (machine learning), AI (artificial intelligence), and RPA (robotic process automation), is already proving popular among rapidly scaling Insurtech start-ups looking to differentiate themselves in the market by offering quick services, mobile technology, and low operating costs. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity of the global Insurtech market. Consult our analysts to gain crucial insights and facilitate your business growth.

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The report’s in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global Insurtech market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global Insurtech market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market’s growth drivers, challenges, and competitive dynamics.

Scope of the Report:

Attributes Details
Years Considered Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Type, By Service, By Technology, By End-User, By Region
Key Players Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Clover Health Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcero, Sureify, Insurance Technology Services, and other prominent players.

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Artificial Intelligence

AMI Partners with Samsung to Bring Firmware Security to PCs

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ATLANTA, Oct. 8, 2024 /PRNewswire/ — AMI®, the global leader in Dynamic Firmware for worldwide computing, has partnered with Samsung Electronics, the global leader in consumer technology, to create an enhanced joint security solution available in Samsung’s Galaxy Book PCs. Alongside Samsung’s multi-layer security platform Samsung Knox, AMI’s Tektagon™ – the industry-leading Platform Root of Trust firmware security solution – is now integrated into Samsung PCs including the Galaxy Book5 Pro 360, Galaxy Book4 Pro, Galaxy Book4 Pro 360, and Galaxy Book4 Ultra. 

Through this collaborative partnership, AMI’s Tektagon seamlessly integrates with Samsung Knox to ensure that confidential and sensitive data stays safe at every layer of the device through real-time threat detection and collaborative protection, while providing the highest level of security against firmware-injected malware to help prevent ransomware and denial of service attacks.
“As a leading supplier of endpoint technology to global government and commercial industries, Samsung is committed to securing its platforms at all levels,” said Dr. Hark-Sang Kim, EVP & Head of New Computing R&D Team, Mobile eXperience Business at Samsung Electronics. “Integrating AMI’s Tektagon solution into our latest Galaxy Books provides powerful and comprehensive protection at the platform’s foundation.”
The Samsung Knox platform leverages the motherboard’s existing embedded processor to provide a hardware-backed secure platform, which includes AMI’s Tektagon security technology. Thanks to AMI’s leading capabilities as a firmware provider, the need for additional components is reduced while hardware-rooted security is still seamlessly delivered.
“AMI is extremely proud of our work integrating our Tektagon Platform Root of Trust solution into Samsung Galaxy Book series notebooks,” said Stefano Righi, Senior Vice President of the AMI Global Software and Security Group. “Together Samsung and AMI are helping to reduce the cyber threat landscape, securing business endpoints around the world from malicious attacks.”
The Samsung Galaxy Book5 Pro 360, Galaxy Book4 Pro, Galaxy Book4 Pro 360 and Galaxy Book4 Ultra with AMI Tektagon Platform Root of Trust are available today and can be ordered directly from Samsung.
Follow AMI on LinkedIn and Twitter/X to receive the latest news and announcements.
AMI® and Tektagon™ are registered trademarks/trademarks of AMI in the US and/or elsewhere. Galaxy Book and Knox are trademarks of Samsung Electronics Co. Ltd. in the United States and other countries. All other trademarks and registered trademarks are the property of their respective owners.
About AMI
AMI is Firmware Reimagined for modern computing. As a global leader in Dynamic Firmware for security, orchestration, and manageability solutions, AMI enables the world’s compute platforms from on-premises to the cloud to the edge. AMI’s industry-leading foundational technology and unwavering customer support have generated lasting partnerships and spurred innovation for some of the most prominent brands in the high-tech industry.
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Globally Renowned MarTech Platform, Netcore Cloud Announces Strategic Partnership with Tall Bob Collaboration to enhance Customer Engagement capabilities for customers in Australia and New Zealand

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SYDNEY, Oct. 8, 2024 /PRNewswire/ — Netcore Cloud, a leading customer experience and engagement platform, is pleased to announce a strategic partnership with Tall Bob, a premier SMS service provider headquartered in Australia with direct connections to the Mobile Network Operators. This collaboration introduces a newly developed SMS plugin specifically designed to empower Australian businesses with advanced SMS marketing capabilities integrated seamlessly into Netcore Cloud’s omnichannel marketing platform.

The partnership with Tall Bob aligns with Netcore Cloud’s strategy to strengthen its presence in the Australian and New Zealand MarTech ecosystem. By integrating local SMS services through Tall Bob, Netcore Cloud enhances its commitment to providing region-specific solutions that enable personalized, real-time communication. This partnership reflects Netcore’s dedication to driving customer engagement by offering tailored marketing solutions that meet the unique needs of Australian and New Zealand businesses.
The newly developed SMS plugin simplifies SMS integration into customer engagement strategies, enabling businesses to connect with their customers through personalized, scalable SMS campaigns. Key features of the plugin include:
Easy integration: A user-friendly setup process allows businesses to quickly incorporate SMS into their existing marketing strategies.Real-time analytics: The plugin provides robust tracking and analytics to measure the performance of SMS campaigns in real time, helping businesses optimize their marketing efforts.Compliance with local regulations: Ensuring adherence to Australian SMS marketing regulations, the plugin provides businesses a secure and compliant solution.Scalability: Designed to support campaigns of all sizes, from small businesses to large enterprises, enabling broad market reach.Accessibility: Tall Bob’s service layer provides customers with a deep understanding of best practice marketing campaigns, automation, segmentations and message design, resulting in better customer experiences and revenue growth for Netcore and Tall Bob’s clients.Ari Berman – Co-Founder and Commercial Director, Tall Bob said, “This partnership brings together Tall Bob’s local SMS expertise and Netcore Cloud’s global MarTech innovations, providing Australian businesses with a powerful, integrated solution to boost customer engagement and improve marketing performance. I am excited to witness how our collaboration not only simplifies SMS integration but also opens the door to a more holistic approach to communication, enabling brands in Australia and New Zealand to build stronger relationships with their customers.” 
Adding to this, Abithab Bhaskar, CEO – International Business, Netcore Cloud said, “Our shared vision is to enable Australian businesses to harness the full potential of real-time, personalized communication, elevating their marketing strategies to new heights. By combining forces, Netcore Cloud and Tall Bob are positioned to lead the way in delivering innovative, data-driven marketing solutions that empower businesses to connect with their customers like never before.”
About Netcore Cloud
Netcore Cloud, a global leader in marketing technology, empowers marketers with its comprehensive Customer Engagement and Experience Suite to create personalized, omnichannel experiences. Leveraging AI to integrate customer data, Netcore enables targeted segments and meaningful digital interactions. Trusted by over 6,500 brands across sectors like Ecommerce, Retail, Banking and Financial Services, Media and Entertainment, and Travel, its marquee clients include Walmart, Unilever, Tommy Hilfiger, Domino’s, McDonald’s, Pizza Hut, and Crocs.
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Dark Fiber Market Size to Grow USD 7594 Million by 2030 at a CAGR of 9.09% | Valuates Reports

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BANGALORE, India, Oct. 7, 2024 /PRNewswire/ — Dark Fiber Market is Segmented by Type (Single-Mode, Multi-Mode), by Application (Telecom, Oil & Gas, BFSI, Military & Defense, Medical, Railway, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Dark Fiber Market was valued at USD 4475 million in 2023 and is anticipated to reach USD 7594 million by 2030, witnessing a CAGR of 9.09% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Insect Dark Fiber Market:
The dark fiber market is experiencing robust growth due to the increasing demand for high-speed internet, data transfer, and secure communication infrastructure across various industries. Dark fiber refers to unused fiber-optic cables that are available for lease or purchase, allowing enterprises and service providers to establish private networks with dedicated bandwidth. The surge in data consumption, driven by cloud computing, 5G deployment, data centers, and IoT, has intensified the need for scalable and high-capacity networks, which dark fiber can provide. Additionally, sectors like telecom, IT, and healthcare are adopting dark fiber solutions to ensure better connectivity, network control, and security.
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TRENDS INFLUENCING THE GROWTH OF THE DARK FIBER MARKET
Single-mode fiber plays a crucial role in driving the growth of the dark fiber market due to its ability to support long-distance communication with minimal signal degradation. This fiber type offers high bandwidth and superior performance, making it ideal for telecommunication companies and data centers that require efficient transmission over extensive networks. The rapid increase in data consumption, driven by emerging technologies like 5G, cloud computing, and IoT, has intensified the demand for single-mode fiber. Its cost-effectiveness for long-haul applications further enhances its adoption, as it allows for higher transmission speeds and capacities over longer distances, making it a preferred choice for large-scale network expansion projects.
Multi-mode fiber is a key driver in the dark fiber market due to its efficiency in short-distance data transmission. Multi-mode fibers are particularly effective for data centers and intra-building communication networks where the focus is on high-speed connections over shorter distances. The demand for electric dark fiber, especially in urban infrastructure and renewable energy projects, has surged as these sectors require reliable, high-capacity data transfer solutions. Multi-mode fiber’s cost-effective installation and maintenance, along with its ability to handle high bandwidth over shorter distances, contribute significantly to the market’s growth, providing a reliable infrastructure for electric utilities and smart grid projects.
Telecom is one of the most significant sectors driving the growth of the dark fiber market due to the increasing demand for high-speed internet, large-scale network deployments, and seamless communication infrastructure. The rapid expansion of 5G networks, the need for backhaul connections, and the proliferation of data-intensive applications have all contributed to the growing adoption of dark fiber in the telecom industry. Telecom providers are leveraging dark fiber to reduce latency, enhance scalability, and increase network efficiency, which are critical for delivering enhanced customer experiences and supporting emerging digital services. As telecom networks continue to expand globally, the demand for dark fiber infrastructure is expected to rise.
One of the primary factors driving the growth of the dark fiber market is the exponential surge in global data consumption. With the widespread use of smartphones, connected devices, and the internet, data traffic has increased significantly. Streaming services, online gaming, video conferencing, and cloud computing are all fueling this growth. Dark fiber infrastructure is essential to accommodate this massive data flow, offering the bandwidth and capacity required to support such intensive usage. As businesses and consumers continue to generate more data, service providers rely on dark fiber networks to ensure faster, more reliable connections and to meet the growing demands for data transmission.
The growing adoption of cloud services by enterprises is another critical factor contributing to the growth of the dark fiber market. As businesses migrate their operations and data storage to the cloud, there is an increased need for high-speed, low-latency networks that can handle large volumes of data transmission. Dark fiber provides the necessary infrastructure for private, scalable, and secure network connectivity to the cloud. Enterprises across various industries, including healthcare, finance, and retail, are leveraging dark fiber to ensure seamless access to cloud applications, thus driving market growth. The continued shift toward cloud computing will likely increase demand for dark fiber solutions.
The rapid expansion of data centers worldwide is significantly boosting the dark fiber market. Data centers serve as critical hubs for storing and managing vast amounts of information. To ensure smooth operation, data centers require high-capacity, reliable, and secure fiber-optic networks. Dark fiber networks provide data centers with dedicated, high-performance connectivity, allowing them to scale their operations efficiently. The growth of edge computing and the need for real-time data processing have further intensified the demand for dark fiber connections in data centers. As the number of data centers grows, particularly in emerging markets, the need for dark fiber infrastructure will continue to rise.
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DARK FIBER MARKET SHARE ANALYSISThe dark fiber market shows varying growth trends across different regions, driven by factors like technological advancements and infrastructure investments. North America leads the market due to the rapid expansion of 5G networks, cloud computing adoption, and increasing data center construction. Europe follows closely, with countries investing in high-speed connectivity for smart cities and telecommunications. The Asia-Pacific region is witnessing significant growth, particularly in China, Japan, and India, driven by increased demand for internet services, telecom expansion, and government initiatives supporting digital infrastructure. Meanwhile, Latin America and the Middle East are also emerging as potential markets, propelled by growing data consumption and the need for improved connectivity in underdeveloped areas.
Key Players:
GTT CommunicationsUFINETVikram GroupDEPLUnite Private NetworksSterlite PowerColt Technology ServicesConsolidated CommunicationsCrown CastleNexGen NetworksSorrento NetworksFirstLightMicroscanWindstream Intellectual Property ServicesPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-8O16959/global-dark-fiber/1
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