The compound annual growth rate of the global fiber optic cable will reach 12.26% from 2019 to 2024. The explosive growth of information traffic caused by the Internet, e-commerce, computer network, multimedia, voice, data and video and the rise of 5G are stimulating the demand for fiber optic cables increase.

In addition, technological advancements in the telecommunications sector have increased the deployment of broadband network architectures. Broadband network architectures such as Fiber to the Home (FTTH), Fiber to the Building (FTTB) require large-scale deployment of fiber optic networks, driving the demand for fiber optic cables. However, high cost and complicated installation are the major restraining factors for the fiber optic cable market.

With the advent of 5G, IoT and big data will rely heavily on the collection and transmission of real-time data. Since fiber has unlimited bandwidth potential, fiber optic cables were chosen to support these bandwidth levels.

The rollout of 5G will bring enhanced capacity and lower latency to the network. Fiber optic cable is the preferred choice for 5G because of its scalability, security and ability to handle large volumes of backhaul traffic. This, in turn, will create huge market opportunities for the fiber optic cable market in the IT and telecom sectors.

Looking at the market regions, Asia Pacific will grow at the highest CAGR during the forecast period. The Asia-Pacific region is dominated by the world's two major economies, India and China. These regions have driven revenue growth due to technological advancements and mass adoption of the technology in the IT, telecommunications and administrative sectors.