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Submarine Cable Systems Market worth $29.7 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, May 31, 2024 /PRNewswire/ — The submarine cable system market to grow from USD 18.2 billion in 2024 and is expected to reach USD 29.7 billion by 2029, growing at a CAGR of 10.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the submarine cable system market include the growing demand for bandwidth due to emergence of 5G, and increasing network of submarine power cable systems. The growing demand for data-fueled by bandwidth intensive applications – there is an ever-increasing need for fiber optic interconnectivity. To fulfil this demand, suppliers are investing in technologies.

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Browse in-depth TOC on “Submarine Cable Systems Market” 
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Submarine Cable Systems Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 18.2 billion

Estimated Value by 2029

$ 29.7 billion

Growth Rate

Poised to grow at a CAGR of 10.3%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Application, Component, Offering, Voltage, Type, Insulation, End User and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Emergence of alternative modes of internet service provisioning

Key Market Opportunities

Increasing investments by content delivery and streaming partners to create opportunities

Key Market Drivers

Expanding Offshore Wind Power Capacity

Installation & commissioning segment to hold largest share of submarine cable system market from 2024 to 2029.

The growing use of the Internet is driving increased internet traffic in the Asia Pacific region, leading to a higher demand for bandwidth. Consequently, this region is expected to see a rise in the installation and commissioning of new submarine communication systems during the forecast period. Additionally, the increasing Internet penetration in the Middle East and Africa is anticipated to further boost the installation and commissioning of submarine communication cables in the coming years.

Offshore wind power generation segment to grow at highest CAGR from 2024 to 2029.

The offshore wind power generation segment of the submarine power cable market is expected to experience the highest CAGR from 2024 to 2029. This growth is driven by the increasing deployment of offshore wind farms, fueled by advancements in offshore wind power technologies and decreasing costs of offshore wind power generation.

High voltage segment to grow at highest CAGR from 2024 to 2029.

The high voltage segment of the submarine power cable market is expected to grow at a higher CAGR than the medium voltage segment from 2024 to 2029. These cables enable efficient power transmission owing to their low transmission losses.  The increasing requirement of interconnecting lands and the growing demand for power generation from offshore plants using renewable sources have led to the growth of the high-voltage submarine power cable market globally.

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Europe held the largest share of the submarine cable system market in 2023.

Europe is anticipated to dominate a significant portion of the submarine cables system industry throughout the forecast period. As per the Global Wind Energy Council, the region accounted for over 45% of the global installed offshore wind capacity in FY2023, reaching a total of 34,032 MW. With the European Union (EU) targeting a minimum of 40% renewable energy in the overall energy mix by 2030, the region is transitioning from fossil fuels to renewable sources like hydropower, solar energy, wind power, and biofuels, thereby driving substantial demand for submarine cable systems.

Key  Players

Alcatel Submarine Networks (France), SubCom, LLC (US), NEC Corporation (Japan), NEXANS (France), Prysmian Group (Italy), HENGTONG GROUP CO.,LTD. (China), ZTT (China), NKT A/S (Denmark), Corning Incorporated (US), Hellenic Cables (Greece), Sumitomo Electric Industries, Ltd. (Japan), Apar Industries (India). AFL (US), TFKable (Poland), Hexatronic Group (Sweden), SSGCABLE (China), OCC Corporation (Japan), 1X Technologies LLC (US), Tratos (UK), Taihan Cable & Solution Co., Ltd. (South Korea), FURUKAWA ELECTRIC CO., LTD. (Japan), Ningbo Orient Wires &Cables Co.,Ltd. (China), Qingdao Han Cable Co., Ltd. (China), LS Cable & System Ltd (South Korea), and Ocean Specialists, Inc. (US).  are the major players in submarine cable system companies. These players have implemented various strategies to extend their global reach and enhance their market share.

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Boast Named 2025 R&D Tax Credit Software Advisory Firm of the Year in the U.S. by Global Advisory Experts

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VANCOUVER, BC, May 14, 2025 /CNW/ – Boast, North America’s leading provider of R&D tax credit software and innovation funding intelligence, has been awarded the title of 2025 R&D Tax Credit Software Advisory Firm of the Year – United States by Global Advisory Experts (GAE) as part of their Annual Awards program.

This recognition highlights Boast’s leadership in helping mid-market and enterprise companies across the U.S. unlock and optimize R&D tax credits through a combination of intelligent automation and deep technical expertise.

“Being recognized by Global Advisory Experts is both a privilege and a signal that our platform and team are making a measurable difference. “We’re proud to be recognized for helping businesses make smarter financial decisions and get more value out of the innovation they’re already doing,” said Imad Jebara – Boast CEO. “We’ve built Boast to make the R&D tax credit process seamless, accurate, and accessible for the companies driving innovation forward.”

The GAE Annual Awards celebrate firms that have demonstrated outstanding performance and client value across advisory sectors. Boast’s selection underscores its commitment to simplifying a historically complex process and accelerating access to non-dilutive capital.

Boast’s AI-powered platform automates the preparation, documentation, and filing of R&D tax credit claims. With built-in audit protection (AuditShield™) and simple data Integrations for top HR, payroll, project management and accounting platforms, Boast enables innovative technology companies to reclaim time, reduce risk, and reinvest in growth.

More than 1,500 organizations across North America trust Boast, resulting in over $600 million in secured innovation funding. The company’s 2025 award feature is now live in the GAE Awards Digital Edition, with official badges and marketing assets available to view and share.

About Boast

Boast helps organizations across the U.S. and Canada claim and access every eligible R&D tax credit, minimizing audit risk and time-consuming processes. The platform blends AI-driven automation with in-house technical and tax expertise to deliver faster, more accurate claims. Since its founding, Boast has helped more than 1,500 businesses secure over $600 million in non-dilutive capital to fuel product innovation, extend their runway, and scale smarter.

To connect with Boast’s expert team or book a demo, visit https://boast.ai/talk-to-an-expert/.

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SOURCE Boast.AI

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Info-Tech Research Group Wins Business of the Year – Large at 2025 London Chamber of Commerce Business Achievement Awards

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Info-Tech Research Group has been named Business of the Year – Large for 2025 by the London Chamber of Commerce’s annual Business Achievement Awards. The leading research and advisory firm has been recognized for its continued global expansion, industry-leading innovations, and people-first culture, backed by nearly 30 years of sustained growth.

TORONTO, May 14, 2025 /CNW/ – Global research and advisory firm Info-Tech Research Group has announced that it has been named Business of the Year – Large at the 2025 London Chamber of Commerce Business Achievement Awards. This prestigious recognition celebrates organizations that exemplify sustained business success, innovation, community impact, and leadership excellence.

Founded in London, Ontario in 1997, Info-Tech has grown from a one-person startup into one of the world’s fastest-growing research and advisory firms. Today, the company employs more than 1,400 professionals across offices in Canada, the U.S., the UK, and Australia and serves thousands of members worldwide. Despite its global footprint, the company maintains its ties to its founding city of London, Ontario, Canada, employing over 400 people locally.

Presented annually by the London Chamber of Commerce, the Business of the Year – Large award is one of the region’s highest honors for large-sized organizations. The award recognizes companies that demonstrate exceptional performance in growth, innovation, customer service, community contribution, and leadership. Finalists undergo a competitive evaluation process, and winners are celebrated for their impressive growth and positive impact on the city’s economy and business landscape. 

“Being named Business of the Year for 2025 is a proud moment for Info-Tech Research Group and a powerful reflection of the organization we’ve become. While our story began in London, Ontario nearly thirty years ago, our vision has always been bigger – to build the world’s leading research and advisory firm,” says Tom Zehren, CEO at Info-Tech. “Today, our team spans three continents and supports thousands of organizations around the world. This award celebrates the innovation and purpose that continue to fuel our growth.”

The award reflects Info-Tech’s global footprint while staying grounded in a strong people-first philosophy. Over the past year, the company has reached several notable milestones: The award reflects Info-Tech’s global footprint while staying grounded in a strong people-first philosophy. Over the past year, the company has reached several notable milestones:

The expansion of the firm’s premier IT conference, Info-Tech LIVE in Las Vegas, to international locations in Brisbane, and Barcelona for 2025.The development of two new AI-focused platforms: the AI Marketplace Research Center and the Info-Tech’s IT Assistant chatbot for members.The launch of the CIO Playbook, a guided roadmap helping IT executives transform their departments across 12 critical areas.The internal automation of over 2,200 HR processes, allowing Info-Tech to scale operations for a global, remote workforce without compromising employee experience.

From helping build careers to philanthropy, the firm also supports local organizations through donation-matching, toy drives, and volunteering efforts. Habitat for Humanity and the Ronald McDonald House Charities include some of the recent causes supported.

Earlier in 2025, Info-Tech’s Human Resources department was also named one of HRD Canada’s Innovative HR Teams, highlighting the company’s commitment to strategic talent development, employee engagement, and workforce transformation.

“From launching new resources like our AI-powered IT Assistant and the AI Marketplace Research Center, to expanding our flagship Info-Tech LIVE conference globally, we continue to innovate to provide the highest-level of service of our members,” says Zehren. “Info-Tech’s people-first culture also remains at the core of our continued growth and success, with industry-leading development programs and a commitment to supporting our high-performing teams across all regions.”

To learn more about Info-Tech Research Group, visit the global research and advisory firm’s website.

About Info-Tech Research Group

Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

SOURCE Info-Tech Research Group

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ClassWallet Adds Talent, Experience to Leadership Team To Expand Operations, Drive Growth

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MIAMI, May 14, 2025 /PRNewswire/ — ClassWallet, the nation’s leading digital wallet company for public funds, announced today that it has expanded its leadership team to scale its operations for additional growth, and accelerate the impact and efficiency of distributing billions of dollars in public funds to American communities.

Effective May 1, ClassWallet Founder Jamie Rosenberg assumed the role as the company’s Executive Chairman, where he will continue to spearhead company strategy and vision, industry partnerships and new business ventures. Stephen Lindeman, who has served as ClassWallet’s Chief Operating Officer since 2023, has been promoted to Chief Executive Officer.

“Steve is the right executive at the right time for our growing organization,” Rosenberg said. “He knows our customers and their needs, and is an exceptional leader to support our incredible employees and their success. I’m excited to continue working hand in hand with him on the next phase of our growth, particularly at a time when the demand for digital wallet technology in the public sector has never been greater.”

In addition to Lindeman being named CEO, ClassWallet’s leadership expansion includes the following promotions and additions to the executive leadership team:

Brian Levin (former CFO, Onbe) has joined the executive leadership team as Chief Financial Officer.

Eric Knobloch (former VP of SLED East, Splunk) was promoted from Senior Vice President of Sales and Government Relations to Chief Revenue Officer.

Kristie Matheson (former VP of PMO Corporate Programs, Billtrust) was promoted from Head of Client Success to Senior Vice President of Operations and has joined the executive leadership team.

Kathryn Martin (former Legal Counsel, CyberArk; Corporate Counsel, insightsoftware) has joined the executive leadership team as Chief Legal Counsel.

Christy Green (former EVP of Global Services, Billtrust) joined as Vice President of Product and Engineering.

“I am thrilled for what’s ahead at ClassWallet, and looking forward to collaborating with our world-class leadership team to impact the lives of students and citizens across the country,” Lindeman said. “With Jamie’s continued direction and the expanded capacity of the ClassWallet leadership team, I’m confident 2025 will continue to be a remarkable year for our company. This is a very exciting time for ClassWallet.”

For more information about ClassWallet and its executive leadership team visit https://classwallet.com/about-us/.

About ClassWallet

ClassWallet is the leading digital wallet for public funds. A pioneer in financial and government technology, ClassWallet’s technology is used by public agencies across 35 states to maximize the positive impact of public funding on people’s lives. Since 2014, the ClassWallet platform has been used to deliver more than $4.5 billion in public funds to millions of citizens and has helped clients achieve the highest standards of program integrity and efficiency. With customer loyalty and satisfaction exceeding some of the world’s largest brands, ClassWallet was recognized by J.D. Power in 2024 for providing “An Outstanding Customer Service Experience” for Phone Support. ClassWallet is headquartered in Hollywood, Florida, and ranks as the 88th fastest-growing software company on the prestigious Inc. 5000 list.

Media contact:

Jason Hart
Vice President, Communications
jhart@classwallet.com

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SOURCE ClassWallet

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