Set-Top Box Market worth over $21bn by 2027

Set-top Box Market size is set to surpass USD 21 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Growing digitization of television networks and technological advancements in digital broadcasting are some of the prominent factors positively influencing the market growth for set-top boxes. Increasing demand for High-Definition (HD) channels along with value-added services offered by DTH providers is expected to create the substantial market opportunities in the coming years.
 


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Demand for set-top boxes has increased considerably in the past three years due to the improved television experience offered by these devices. Features including storage options, digital video recording, and enhanced picture & sound quality are also contributing to the market value. Cable providers, telecommunication companies, and digital satellite providers are actively encouraging the installation of set-top boxes, driving the market revenue during the forecast timeline.
 

The introduction of smart TVs with in-built applications of VOD service providers, such as YouTube, Netflix, Amazon, and Hulu, is one of the key factors hindering the set-top box market expansion. High consumer inclination toward consuming a wide range of OTT content available on these platforms has eliminated the requirement for local channels offered by satellite and cable TV providers. The increasing penetration of OTT set-top boxes, such as Apple TV, Roku 3, Amazon Fire TV, and Chromecast, will also pose challenges to the market demand.
 

The sales and new installations of set-top boxes have witnessed a steady decline in the first quarter of 2020 owing to the rapid spread of COVID-19 in various countries across the globe. Stringent lockdowns imposed by government authorities have hindered the installation of new boxes in residential and commercial areas, affecting the market size in 2020. However, increasing screen time and a high inclination toward consuming entertainment content are stabilizing the market for set-top boxes in 2021.
 

Increasing demand for Android set-top boxes (STBs) will fuel the IPTV/OTT segment growth

North America Set-Top Box Market By Type

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The Asia Pacific IPTV/OTT segment in the set-top box market will showcase 6% growth rate till 2027. The growing adoption of Android TV STBs led by the rising consumption of OTT content. IPTV/OTT boxes are gaining high popularity across the Pay TV broadcasting field in developing markets where ample free video content is available. Service providers are focusing on live streaming video content with their broadband networks. In addition, regional content offered by various OTT platforms is also rising the market representation of IPTVV/OTT STBs.
 

Browse key industry insights spread across 240 pages with 403 market data tables & 22 figures & charts from the report, “Set-Top Box Market Size, By Type (Cable, Satellite, IPTV/OTT, Hybrid), By Recording (DVR, Non-DVR), By Sales Channel (Online, Offline), By End-Use (Commercial, Residential), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/set-top-box-market

 

Proliferation of online service providers will boost the industry expansion

In North America, online sales channel segment is estimated to attain a CAGR of 4% through 2027 impelled by the increasing e-commerce suppliers of set-top boxes such as Amazon, IndiaMART, eBay, and Alibaba. Online portals allow end-users to compare various products along with specially discounted prices. The proliferation of online services offered by various market participants will proliferate the online segment, augmenting the industry value over the coming years.
 

Growing number of hotel chains will foster the demand for STBs in the commercial segment

The Europe commercial end-use segment held a set-top box market share of around 20% in 2020, with the unit sales of over 13 million units. Increasing infrastructural developments in the hospitality industry in European countries are responsible for the commercial acceptance of set-top boxes. In December 2019, a major hospitality industry player in Europe, Wyndham Resorts & Hotels announced an initiative to expand its presence with 15 new hotels in Russia and its neighboring countries by 2021.
 

High growth in the number of DTH subscribers will propel the revenue for Latin America region

The Latin America set-top box market is poised to expand at 3% CAGR during 2021 to 2027 on account of increasing number of DTH subscribers in the region. DTH subscribers in Brazil accounted for 51.3% of the total TV services market share in 2019, growing significantly over the last three years. Service providers in Brazil are focusing on enhancing their IPTV offerings.
 

Key market players operating in the set-top box market include ADB Global, TechniSat Digital GmbH, Kaon Media Co., Ltd., Sagemcom Broadband SAS, Mybox Technologies Pvt. Ltd., Shenzhen SEI Robotics Co., Ltd., Zinwell Corporation, Sercomm Corporation, and Technicolor SA. Industry leaders are focusing on new product launches to maximize their share in the global market.
 

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