Tokyo, Japan, May 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Set-Top Box Market Research Report: By Product Type, Content Quality, Service, End-User, and Region- Forecast Till 2032, the market is anticipated to acquire a valuation of approximately USD 26.5485 billion by the end of 2032. The reports further predict the market to flourish at a robust CAGR of over 7.20 % during the assessment timeframe.
Key Players
Players leading the set-top box market include
- Apple Inc.,
- Huawei Technologies Co. Ltd.,
- Google LLC,
- ARRIS International plc.,
- Samsung Group,
- EchoStar Corporation,
- Technicolor SA,
- Sagemcom SAS,
- Skyworth Digital Holdings Limited,
- Vishay Intertechnology Inc., and
- Kaonmedia Co Ltd., among others.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 26.5485 Billion |
| Growth Rate | CAGR of 7.20 % from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | The increasing spending power of consumers and the increasing awareness among consumers. |
| Key Market Drivers | Technological innovations Government regulations on the digitization of cable networks to boost the set-top box market growth. |
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A Set Top Box, or a Set Top Unit, is a device that allows users to view internet video content on a conventional television set by converting digital television signal to analog or enabling cable or satellite television to be viewed. Also, they allow users to choose the video content they wish to consume from any provider. In other words, a set-top box transmits numerous channels to an auxiliary channel on the television.
Originally, these boxes were designed for satellite and cable televisions, delivering more channels than most televisions are built-in. Many early set-top boxes also included a decoder for pay-per-view and premium channels. Set-top boxes offer many interactive features, including the addition of premium channels directly from the device by incorporating Internet access.
Industry Trends
Moreover, rising consumer preference for watching high-quality videos on their TVs escalates the set-top box industry value. The rising penetration of set-top boxes worldwide, alongside the rapidly increasing media and entertainment industry, accelerates market shares. The proliferation of connected or remote services and compatible apps boost the demand for set-top boxes.
Due to the augmenting demand for high-definition video content, the global set-top box industry is growing rapidly. Additionally, the rising popularity of OTT content and the rise in free-to-air pay TV services influence set-top box industry revenues. The growing consumer electronics industry witnessing increasing investments and research findings positively impact market growth.
Also, increasing consumer preference and the rising adoption of new technologies & products increase the set-top box market size. Moreover, technological innovations that changed the TV viewing perception and advances in connectivity technologies accelerate set-top box market shares. Furthermore, increasing video TV subscriptions would support set-top box market growth throughout the review period.
Segments
The set-top box industry report is segmented into product types, content quality, services, end-users, and regions. The product type segment is sub-segmented into internet protocol TV, digital terrestrial television, cables, over-the-top (OTT) content, satellite, and others. The content quality segment is sub-segmented into 4K, high definition (HD), standard definition, and others.
The service segment is bifurcated into managed services (testing, repairing, screening), interaction services (video conferencing, high-speed internet television, video on demand), and other services. The end-user segment is sub-segmented into commercial and residential. The region segment is sub-segmented into the Middle East & Africa, Asia-Pacific, Americas, Europe, and rest-of-the-world.
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Regional Analysis
The Asia Pacific region dominates the global set-top box market. The region is the largest hub for set-top boxes, holding a 39.52% share of the global market in 2017. A huge population of the Asian region depends on TV for entertainment and has set-top box subscriptions. Also, the growing preference for HD viewing and smart & digitally innovative TVs increases the region's set-top box industry share.
There are many set-top box providers in India, and in 2019, India registered 69.30 million subscribers. The use of smart television among the high population in the region fuels the market demand. Countries like India and China hold the largest share of the APAC set-top box market, witnessing a huge adoption of set-top boxes for entertainment among people. The APAC set-top box industry is projected to grow at an 8.8% CAGR from 2017-2023.
North America is another prominent market for set-top boxes. Growing investments in the set-top box industry and reliance on these devices for TV viewing boost the market size. Besides, high technological advances, the availability of interesting content, and the early adoption of advanced broadcasting technologies drive the set-top box market growth.
Moreover, growing investments in the set-top box industry and technological advances push the market growth. The emergence of new technological solutions and rising demand for sharper picture quality increase set-top box sales in this region. The North American set-top box industry is projected to create a sizable revenue pocket throughout the review period.
Europe accounts for a considerable share of the global set-top box industry. Notable technological advancements and several key market players in this region are major driving forces. Furthermore, the resurging economy in this region plays a causal role in the set-top box industry development, increasing consumer purchasing power. The European set-top box market is estimated to witness the highest revenue growth during the assessment period.
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Competitive Analysis
Characterized by the presence of several giant players, the global set-top box market appears highly competitive. Well-established players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product launches to gain a larger competitive share.
Providers strive to offer standard and custom-designed products, superior performance, and long-term service for demanding buyers. They emphasize quality and use the latest techniques and standards, ensuring top quality and maximum performance.
For instance, on Feb 19, 2023, Dish TV, a leading satellite television provider in India, introduced a Dish Smart Stick that can provide access to OTT apps and content worldwide through a USB Wi-Fi dongle connected to a set-top box. Dish Smart Stick enables OTT streaming on Old TVs, bypassing the need for Smart TVs. The new Dish TV device allows users to watch programs usually accessible on internet-enabled devices such as Smart TVs.
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