New York, July 13, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Set-Top Box Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product (Cable, Satellite, IRTV, and Others) and Content Quality [Standard Definition (SD), High-Definition (HD), and 4K]” The global set-top box market growth is driven by technological transformations in set-top box and stringent government initiatives for mandating digitalization of cable TV.
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| Market Size Value in | US$ 19.54 billion in 2019 |
| Market Size Value by | US$ 24.53 billion by 2027 |
| Growth rate | CAGR of 3.0% from 2020 to 2027. |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 150 |
| No. Tables | 56 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Product and Content Quality |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The growth of the set top box market analysis is mainly attributed to the growing need for next-generation STBs, which are integrated with internet-based services, television broadcasting, and video on demand (VoD) which also allows sharing on other devices, such as multi-room television networks and portable media players. In the modern age, the media and entertainment sector are undergoing a paradigm change, largely due to the emergence of various technologies and convergence of digital technologies. With the incorporation of fresh features and content protection schemes, set top box architectures are becoming more sophisticated. From offering separate cable and satellite boxes to hybrid boxes integrated with IP-based OTT services, the set top box marketplace is undergoing a technological transition. The above-mentioned factors are expected to create lucrative business opportunities for the set top box market.
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Set Top Box Market: Competitive Landscape and Key Developments
Humax, Technicolor, Huawei, Sagemcom, and Coship are among the key set top box market players. In addition, several other important set top box market players were studied and analyzed to get a holistic view of the global set top box market size and its ecosystem.
In 2022, CommScope partnered with Telenor Sverige AB to provide customers in Sweden with the VIP5702W set-top box powered by Android TV.
In 2022, Zinwell and Forsway launched a new alliance. Forsway has chosen Zinwell as its hardware R&D and production partner for its next-generation platform of Forsway F-60 satellite terminals. Zinwell is a top supplier of digital cable, satellite, wireless equipment, 5G, and IoT solutions, among other things.
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Set Top Box Market: Impact of COVID-19
The COVID-19 pandemic led to the closure of all economic activities across South America, to combat the spread of the virus. This has led to an increase in unemployment in the region, thereby impacting the spending capacity of the country on television cable connections. Operators revealed they would provide free previews for premium networks in the early days of the coronavirus outbreak, as a way to persuade viewers to stay at home and minimize churn. Since free forecasts have ended, along with rising unemployment pressures and lower wages, cord-cutting is expected to intensify in the coming months as the pandemic and quarantine steps affect an economy that is still emerging from recession. Thus, the above-mentioned factors are expected to negatively impact the set top box market growth over the years owing to the outbreak of the pandemic. The aforesaid factors impacted the South American set top box market share to some extent.
The pandemic initially had a detrimental effect on the set top box market, but when new market players emerged in the area, advances accelerated and new initiatives were introduced, assisting the sector's progressive recovery. For instance, Claro Box TV expanded throughout Latin America by America Movil in June 2021. In 2020, Claro Box TV had its debut in Brazil before being introduced in Colombia. It is a brand-new STB that runs the Android TV operating system and can be linked to any TV to make it a smart TV via an HDMI connection. The set top box market is anticipated to gradually revive because of this.
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Furthermore, during the set top box market analysis, growing awareness regarding internet-based set-top boxes, such as Internet Protocol Television (IPTV) and OTT, has boosted product demand, more prominently in developing economies, wherein the number of tech-savvy people is increasing rapidly. As a result, conventional manufacturers of cable networks are focusing on the sales of specialized hybrid set-top boxes to their customers which is also predicted to positively impact the growth of set top box market.
Due to rising internet penetration and shifting regional content consumption habits, OTT and IPTV are gaining popularity. For instance, BH Telecom announced a collaboration with interactive TV platform developer Beenius in July 2021 for BH Telecom's IPTV and OTT services. Support for Android TV, targeted TV advertising, fingerprinting, and a contemporary TV platform to advance the present ecosystem over the following five years were among the features promised by Beenius. Thus, the integration of set-top box with OTT platforms to offer hybrid systems is emerging as a significant trend in the set top box market.
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Set Top Box Market: Content Quality Overview
Based on content quality, the set top box market size is segmented into standard definition, high-definition, and 4K. The standard definition segment dominated the market in 2021 with largest set top box market share, whereas the high-definition segment is expected to grow at the fastest CAGR during the forecast period.
Standard definition television is basically a television system that uses a resolution that is not considered to be either high or enhanced definition. SDTV and high-definition television are the two categories of display formats for digital television transmissions. Both the systems use a 4:3 aspect ratio.
High-definition video (HDTV Video or HD video) is of higher resolution and quality than standard definition. While there is no standardized meaning for the high-definition, primarily any video image that comes with considerably more than 480 vertical scan lines (in North America) or 576 vertical lines (in Europe) is considered high-definition. An SD set-top box can only access standard definition channels; however, an HD set-top box can show both standard definition and high-definition channels. Due to the advancement of Blu-ray technology, HD STBs were able to grow and establish themselves as a standard in the market. In accordance with this, Bharti Airtel's DTH unit, Airtel Digital TV, introduced Made-in-India High-Definition Set-Top Boxes in 2021. These set top boxes are manufactured in Noida, Uttar Pradesh, by Skyworth Electronics. Therefore, with inclination in the direction of high-definition is increasing, the demand HD STB will also pick up the pace and thus will contribute towards set top box market growth.
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