Market Overview:
Digital health solutions are used in the healthcare sector to provide better services to patients. These solutions include remote monitoring devices, EHR software, clinical decision support systems and others. These help improve clinical outcomes by providing easy access to patient health data digitally without any geographical boundaries.
Market key trends:
One of the major trends in the digital health solutions market is the adoption of remote patient monitoring. Remote patient monitoring involves using digital technologies to monitor patients outside of conventional clinical settings. This allows continuous collection of vital health statistics from patients in their homes or workplaces. For instance, devices like smart watches and wearable patches can monitor heart rate, blood pressure, blood oxygen levels and other metrics. This provides early detection of deteriorations in health and prevents costly ER visits and hospital readmissions. This trend is expected to significantly drive the growth of digital health solutions market during the forecast period.
The global Submarine Cables Market is estimated to be valued at US$ 2751.81 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Porter’s Analysis
Threat of new entrants: The submarine cables market requires huge capital investments which act as a barrier for new companies to enter the market. Long term contracts and regulatory approvals further increase the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate in this market. However, the availability of alternative communication technologies like cellular networks and satellites limits the buyer power to some extent.
Bargaining power of suppliers: A few multinational companies dominate the supply of submarine cable systems. This gives them higher bargaining power over telecom operators and internet service providers.
Threat of new substitutes: Advances in satellite and wireless technology pose a potential threat, but submarine cables continue to have an edge in terms of massive data carrying capacity and latency.
Competitive rivalry: Intense competition exists among existing players to expand their global network coverage.
SWOT Analysis
Strengths: High data capacity and lower latency of submarine cables make it preferable for telecom operators. Established global network of leading players.
Weaknesses: Huge capital requirement and long rollout times of new cables. Vulnerable to damage from natural disasters and human errors.
Opportunities: Rising global internet traffic is driving the need for additional international bandwidth. The adoption of 5G will further boost the demand.
Threats: Advances in space technology may increase the reliance on satellite communication. Security threats from cable tapping can disrupt telecom services.
Key Takeaways
The global Submarine Cables Market Growth is expected to witness high growth at a CAGR of 6.3% over the forecast period, due to increasing mobile data traffic and rapid digitalization worldwide. Asia Pacific currently dominates the market with more than 40% share in 2023 due to widespread 3G/4G adoption and faster uptake of 5G in countries like China and India.
Regional analysis - North America submarine cables market is expected to grow at a significant CAGR during 2023-2030 owing to heavy investments by telecom operators to enhance connectivity between the US and Canada. In Europe as well, several new projects are being rolled out to meet the rising bandwidth demand.
Key players operating in the submarine cables market are Alcatel Submarine Networks, SubCom, LLC, ABB, Huawei Marine Networks Co., Ltd., NEC Corporation, NEXANS NORWAY AS, FUJITSU, Prysmian Group, Saudi Ericsson, HENGTONG GROUP CO., LTD., ZTT, Corning Incorporated, NKT A/S, Hellenic Cables Group, The Okonite Company, Apar Industries Ltd., JDR Cable Systems Ltd., AFL, Hexatronic Cables & Interconnect Systems, and LEONI Special Cables GmbH.
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