Wilmington, Delaware, United States, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the global set-top box market was worth US$ 18.9 Bn and by the end of 2031, the market is projected to reach US$ 35.2 Bn, according to the set-top boxes market report by TMR.
Numerous factors contribute to the growth of the global set-top box market, including the increasing flexibility of subscription models and the rising desire for smart TVs with dynamic content. Smart TVs are anticipated to provide customers with more access to streaming services such as YouTube, and Netflix, which is estimated to drive the global set-top box market during the forecast period. These aspects are projected to drive set-top boxes market growth in the near future.
The adoption rate of high-end set-top boxes is increasing as a result of innovations such as smart TVs, and HD and Ultra HD channels. One of the main market drivers is digital video recording. Customers can use the feature to record a show for later watching. A key factor fueling the industry's progress is the rise of televisions with built-in set-top boxes. These televisions give users access to social networking and online video streaming services. They also provide improved storage options with up to 2TB of capacity.
With the development of technology, set-top boxes are being used more often to broadcast digital TV content over the Internet, enhancing a user's ability to browse the Web, stream movies, and access different applications, play games, and make use of related features including OTT services. High-quality videos may now be easily decoded with relatively less bandwidth thanks to sophisticated coding and compression techniques. Thus, technological advancements in set-top boxes are likely to increase set-top boxes market demand.
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Set-top Boxes Market: Growth Drivers
- The market is expected to rise as a result of the increased flexibility of the subscription model and rising demand for smart TVs with dynamic content. Expanding access to services including streaming services and smart TVs is anticipated to provide customers with even more options. Additionally, new subscription models are anticipated to offer more options as an increasing number of businesses switch to pay-per-channel models.
- Increasing adoption of smart TVs and the quick expansion of Over-the-Top (OTT) media services have enabled consumers to get their preferred content at no additional expense. Additionally, the emergence of dynamic sensors, Bluetooth connection, Internet of Things (IoT) integration, support for virtual reality, and artificial intelligence have contributed to increasing product demand. The adoption of government rules that permit the installation of set-top boxes in several countries and the rise in revenues also contribute to the expansion of the market for set-top boxes.
Key Findings of Set-top Boxes Market
- Set-top box companies have two major advantages over traditional cable services: the capacity to offer a wider selection of channels and to broadcast HD and ultra-HD channels. It is anticipated that digital set-top box services will be linked with highly interactive features. This is likely to be the key motivator for set-top box producers worldwide.
- The prevalence of HD services in all developed nations is a motivating element for set-top box suppliers to prioritize them. Besides, the launch of HEVC high-end devices is anticipated to mitigate service provider issues with 4K video data transport, namely data decoding. HEVC-enabled set-top boxes would likely reach the speed at which 4K video can be recorded, hence providing seamless performance for customers in a high-demand set-top boxes market.
- The hybrid set-top box, which is a mix of Internet-based TV services and satellite-based HD services, is another concept that has gained momentum. Hybrid set-top boxes are anticipated to assist TV channel providers in competing more effectively with Internet-based OTT providers, which is projected to ultimately boost the market growth.
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Set-top Boxes Market: Regional Dynamics
The quick pace of industrial development in several nations in Asia Pacific enable consumers to have excellent purchasing abilities, offering set-top box firms with a vast array of regional growth potential. Moreover, expansion of the IT sector is contributing to the development of an improved internet service infrastructure that enables customers to stream films at reasonable pricing. According to current trends, Asia Pacific may soon be a highly lucrative market for set-top boxes.
Australia, China, and India already have extensive Internet user networks. Asia Pacific is expected to witness significantly quicker growth rate in the next few years due to the increased usage of sophisticated Internet services and the spread of smart TVs and IPTVs in the region. With the availability of a vast range of HD TVs and HD channels, the expansion of HD services has been a major success for developed economies such as North America and Europe. This facilitates the entry of several set-top box providers to these locations. Demand for HD viewing services is accelerating in the developing economies of Asia Pacific, South America, and Middle East & Africa.
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Set-top Boxes Market: Competitive Scenario
The market for set-top boxes is highly fragmented, and few major international companies control a substantial portion of the share.
Leading companies operating in the worldwide set-top box market are:
ADB (Advanced Digital Broadcast) SA
ARRIS Group, Inc.
Humax Co., Ltd.
EchoStar Corporation
Huawei Technologies Co., Ltd.
Samsung Electronics Co. Ltd.
Technicolor SA, Apple Inc.
Sagemcom SAS
Kaon Media Co. Ltd. interactive
Set-top Boxes Market: Segmentation
Type
- Cable STB
- Satellite STB
- IPTV STB
- HBB STV
- Hybrid
Resolution
- Standard Definition STB
- High-Definition STB
- HD & Full HD
- UHD (Ultra-High Definition)
- 4K & Above
Technology
- Satellite / DTH
- IPTV
- Cable
- Other Types (DTT and OTT)
Distribution Channel
- Online
- Company Website
- E-commerce Website
- Offline
- Direct
- Indirect
Regions
- North America
- Europe
- Asia Pacific
- MEA
- South America
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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