The global set-top box market is expected to reach a market valuation of US$ 33.4 Billion by the year 2022, accelerating with a moderate CAGR of 5.6% by 2022-2032. Set-top box market size is anticipated to be valued at about US$ 57.7 Billion by 2032 end.
The expansion of the set-top box market is anticipated to be aided by the increasing availability of high-definition channels and on-demand video content over the next few years. Technology advancements in the set-top box market, such as 4K and 8K support, and the incorporation of smart home services in STBs, are favourably impacting TV viewership trends. New UHD and OTT boxes from established companies will also help the market grow. Set-top box market growth will be substantial as a result of government attempts to hasten the digitalization of TV services, especially in Latin America and Asia and the Pacific.
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Competitive Landscape
Companies such as
- Sagemcom Broadband SAS,
- Samsung Electronics,
- Sercomm Corporation,
- Shenzhen SEI Robotics Co., Ltd.,
- Skyworth Digital Co., Ltd.,
- Sumitomo Electric Industries, Ltd.,
- Technicolor SA,
- TechniSat Digifocus, and
- HUMAX Co., Ltd. are among the set-top box market leaders.
The leading companies in the set-top box industry are set top box market WIe teaming up to advance the state of the art and boost sales of set-top boxes. Skyworth Digital Co., Ltd. and Amino Technologies plc are two examples of companies working to enhance their STB services.
The growing popularity of online video streaming on mobile devices such laptops, tablets, and smartphones have a negative impact on the demand for traditional television setup boxes. The number of Indian OTT users increased by 30% from March 2020 to July 2020, according to data from the India Brand Equity Foundation (IBEF). There is speculation that the set-top box market may be affected by the cheaper subscription pricing of OTT platforms in comparison to TV channels, as well as by their many capabilities, including remote accessibility.
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The COVID-19 pandemic of 2020 and 2021 was devastating to the economy. A considerable slowdown in new setup box installations occurred as a result of numerous difficulties faced by the business, such as the restriction of social movements and the product shortage brought on by the prohibition on transportation.
The pandemic had a devastating financial impact on set-top box market leaders like Broadband SAS, Mybox Technologies Pvt Ltd., Kaon Media Co., Ltd., and TechniSat Digital GmbH. But after the pandemic, the set-top box market should see stable demand as people transfer their attention to better TV viewing experiences.
Key Takeaways
· The demand for set-top boxes is predicted to expand globally as a result of the rapid development of the digital broadcasting sector and the widespread use of smart television.
· In order to stay competitive, major set-top box market players have introduced OTT set-top box devices to cater to the increasing demand for over-the-top (OTT) services, especially among millennials.
· The introduction of the brand new COVID-19 also had a constructive effect on the expansion of the STB industry. Between 2020 and 2021, the worldwide market for set-top boxes (STBs) expanded by 11% annually.
· The Chinese set-top box market is anticipated to hold a substantial share of 16.3% of the global market.
· Key businesses are feeling pressure to provide set-top boxes with higher definition as demand for high-definition television increases among the younger demographic.
· The need for HD setup box is predicted to increase with the release of 4K-high resolution android customised set-top boxes in major markets like the United States, India, and Australia.
· The need for set-top boxes will increase in the next years, especially in emerging economies like India, China, and Malaysia. As more people share their lives on social media, there has been a rise in the need for high-resolution video.
· The US set-top box market is expected to grow at rate of 5.4% throughout the forecast period.
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Recent Developments
Videocon D2H introduced its voice-enabled and internet-enabled android set top box with Alexa kit in March 2020. The device runs on the Android 9 operating system and provides access to over-the-top (OTT) content.
Tata Sky Binge+, an android enabled DTH set top box with features and 4K programming, was released in December 2019.
Set-Top Box Market By Segmentation
By Product:
- Cable Set-Top Boxes
- Satellite Set-Top Boxes
- IPTV Set-Top Boxes
- OTT (Over the Top) Devices
By Video Quality:
- Standard-Definition Set-Top Boxes
- High-Definition Set-Top Boxes
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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