Iceland Telecom Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Iceland Telecom Market Report is Segmented by Services (Voice Services (Wired, Wireless), Data and Messaging Services, OTT and PayTV Services). The Market Sizes and Forecasts are Provided in Terms of Value in (USD) for all the Above Segments.

Iceland Telecom Market Size

Compare market size and growth of Iceland Telecom Market with other markets in Technology, Media and Telecom Industry

Iceland Telecom Market Analysis

The Iceland Telecom Market size is estimated at USD 582.55 million in 2025, and is expected to reach USD 667.18 million by 2030, at a CAGR of 2.75% during the forecast period (2025-2030).

  • Iceland has one of the mini yet most progressive telecom opportunity in Europe. There is an effective competition in mobile and broadband markets, with several players having emerged to challenge dominance of the two leading operators Síminn and Sýn, which have interests across the telecom sectors.
  • Mobile cellular subscriptions are expected to increase telecom services in Iceland. According to World Bank collection of development indicators, mobile cellular subscriptions in Iceland were reported at 456864 in 2022 and increased to 479707 in 2023. 
  • Further, Galway was seen as an ideal operation point because it had a suitable seabed for the submarine cable itself, and the near-shore city made it a great home for the submarine landing. Recently, the IRIS submarine cable was completed with services, and the submarine cable was developed by SubCom, a reliable fiber optic cable manufacturer, and operated by Farice, Iceland’s main telecommunications service provider, it is a high-speed system connecting Thorlakshofn, Iceland, to Galway Bay.
  • As Iceland’s leading telecommunications provider, Mila built an extensive access network connecting nearly every company and household in the country. Currently, more than 90% of homes have access to 1Gb/sec internet services. However, the growth of remote work, enterprise applications, gaming, and digital economy is pushing the need for new multi-gigabit services.
  • In the post-COVID scenario, the pandemic continued to significantly impact the telecoms market. On consumer side, spending on telecom services and devices is under pressure from financial effect of large-scale job losses and consequent restriction on the disposable incomes. 

Iceland Telecom Industry Overview

The Iceland Telecom Market is moderately consolidated with major players catering to significant share due to ongoing partnerships and recent advancements. Some major market players studied were Síminn HF, Vodafone Iceland, Sýn HF, and others. Some of the recent developments in the market are -

  • June 2023 - Siminn announced that they have been rapidly deploying its 5G network with over 100 transmitters already connected. The company is focused on expanding coverage, densifying the system, and upgrading 4G transmitters to provide customers with enhanced speed and RAN.
  • March 2023 - Icelandic operator Nova has announced a cooperation agreement with Syn valid to develop and share 200 5G transmission points. Nova, Syn agreed to build 100 5G sites each by 2024.

Iceland Telecom Market Leaders

  1. Síminn hf

  2. Vodafone Iceland

  3. Sýn hf

  4. Nova Iceland

  5. Hringdu ehf

  6. *Disclaimer: Major Players sorted in no particular order
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Iceland Telecom Market News

  • March 2024: Nokia and Ljosleidarinn (Reykjavik Fibre Network) announced to to introduce next generation broadband to Iceland. Ljosleidarinn deploys Nokia’s Lightspan fiber solution and Altiplano access controller as part of a fiber network upgrade to Software Defined Networking (SDN).
  • October 2023: Nokia announced it has been selected as the sole supplier by Mila for upgrading its fiber network for supporting new multi-gigabit services. It plans to offer more than 60,000 customers across Iceland. Nokia’s multi-PON solution will initially be deployed in the capital city of Reykjavik before being expanded to any other cities and regions.

Iceland Telecom Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definitions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Ecosystem Analysis
  • 4.3 Industry Attractiveness- Porter's Five Force Analysis
    • 4.3.1 Bargaining Power of Buyers/Consumers
    • 4.3.2 Bargaining Power of Suppliers
    • 4.3.3 Threat of New Entrants
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry
  • 4.4 Assessment of the Macro Economic Factors on the Market
  • 4.5 Regulatory Landscape in Iceland

5. MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Rising demand for 5G
    • 5.1.2 Growth of IoT usage in Telecom
  • 5.2 Market Restraints
    • 5.2.1 The emergence of stiff competition is a concern for the industry
  • 5.3 Analysis of the Market based on Connectivity (Coverage to include In-depth Trend Analysis)
    • 5.3.1 Fixed Network
    • 5.3.1.1 Broadband (Cable modem, wireline-fiber, wireline DSL, fixed Wi-Fi ), Trends regarding ADSL/VDSL, FTTP/B, cable modem, FWA, and 5G FWA )
    • 5.3.1.2 Narrowband
    • 5.3.2 Mobile Network
    • 5.3.2.1 Smartphone and mobile penetration
    • 5.3.2.2 Mobile Broadband
    • 5.3.2.3 2G, 3G, 4G and 5G connections
    • 5.3.2.4 Smart Home IoT and M2M connections
  • 5.4 Analysis of Telecom Towers (Coverage to include in-depth trend analysis of various types of towers, like, lattice, guyed, monopole, and stealth towers)

6. MARKET SEGMENTATION

  • 6.1 By Services
    • 6.1.1 Voice Services
    • 6.1.1.1 Wired
    • 6.1.1.2 Wireless
    • 6.1.2 Data and Messaging Services
    • 6.1.3 OTT and PayTV Services

7. COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles*
    • 7.1.1 Síminn hf
    • 7.1.2 Vodafone Iceland
    • 7.1.3 Sýn hf
    • 7.1.4 Nova Iceland
    • 7.1.5 Hringdu ehf
    • 7.1.6 Globalcall ehf
    • 7.1.7 101 Sambandid
    • 7.1.8 Nokia Corporation
    • 7.1.9 Telefonaktiebolaget LM Ericsson
    • 7.1.10 IT-Decision Telecom OU

8. INVESTMENTS ANALYSIS

9. FUTURE OUTLOOK OF THE MARKET

**Subject to Availability
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Iceland Telecom Industry Segmentation

Telecom or telecommunication is the long-range transmission of information by electromagnetic means.The Telecom Market includes in-depth trend analysis based on connectivity like Fixed Networks, Mobile Networks, and Telecom Towers. Several factors, including an increasing demand for 5G, are likely to drive the adoption of telecom services. 

The Iceland telecom market is segmented by services (voice services (wired, wireless), data and messaging services, OTT and PayTV services). The market sizes and forecasts are provided in terms of value in (USD) for all the above segments.

By Services Voice Services Wired
Wireless
Data and Messaging Services
OTT and PayTV Services
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Iceland Telecom Market Research Faqs

How big is the Iceland Telecom Market?

The Iceland Telecom Market size is expected to reach USD 582.55 million in 2025 and grow at a CAGR of 2.75% to reach USD 667.18 million by 2030.

What is the current Iceland Telecom Market size?

In 2025, the Iceland Telecom Market size is expected to reach USD 582.55 million.

Who are the key players in Iceland Telecom Market?

Síminn hf, Vodafone Iceland, Sýn hf, Nova Iceland and Hringdu ehf are the major companies operating in the Iceland Telecom Market.

What years does this Iceland Telecom Market cover, and what was the market size in 2024?

In 2024, the Iceland Telecom Market size was estimated at USD 566.53 million. The report covers the Iceland Telecom Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Iceland Telecom Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Iceland Telecom Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)