[Cable Network News] International Market Research Research And Markets recently released a North American submarine cable market research report that the North American submarine cable market is about $2.63 billion in 2018, and is expected to grow at a CAGR of 6.6% in 2019-2027. By 2027, the North American submarine cable market will reach $4.88 billion.

The growing bandwidth demands of content and cloud service providers are the main drivers driving the growth of the submarine cable system market. In addition, in the near term, a large number of ongoing submarine cable projects are expected to promote market growth. Over the past decade, there has been an increasing focus on the development of submarine cable systems.

From 2012 to 2016, international bandwidth grew by an average of nearly 40% per year. The traffic growth of the Internet and voice operators is impressive. In addition, various content and cloud service providers have had a significant impact on the growth of data traffic. In addition, with the increasing use of connected devices and the convenient access to the Internet, coupled with the decline in the cost of Internet services, the global demand for data storage is growing. This is due to the growing demand for big data analytics and cloud-based services such as online content such as movies, apps, videos and social media.

Due to the existence of multiple industries, the submarine cable system market is essentially fragmented and it is expected that the market's competitive landscape will change in the coming years. In addition, government agencies have taken various initiatives to further accelerate the submarine cable system market.

In addition, North America's economy is growing fast, and companies are willing to adopt new and emerging technologies, thus having a positive impact on the market. In addition, individuals have a high purchasing power, so the competition for providing them with the best products in the commodity market is fierce. This creates a lot of data that needs to be managed effectively. As a result, the storage and transmission of large amounts of data has brought potential growth to the submarine cable system market.

The submarine cable system market is dominated by the installation services division in 2018 and is expected to dominate the market during the forecast period. In addition, maintenance and upgrade services are expected to achieve the highest growth rates. Maintenance and upgrade services are provided through private agreements or consortia to meet specific requirements.

For example, the Pacific Ocean and Indian Ocean Cable Common Agreement (PIOCMA) consists of New Zealand, Yokohama and SEAIOCMA agreements. It provides mutual support in the event of a disaster and provides risk management solutions to members of the consortium. Submarine cable failures can be caused by adverse conditions, including rock landslides, earthquakes, anchors, or other such causes. As a result, concerns about line failures and natural disasters are leading the need for submarine cable system maintenance and upgrade services.

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