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Set-Top Box Market worth over $20bn by 2028
- Published Date: January 19, 2022
Set-Top Box Market size is set to surpass USD 20 billion by 2028, according to a new research report by Global Market Insights Inc.
Rising demand for advance digital broadcasting to enhance the viewing experience and various countries supportive initiative for digital transition is creating positive market outlook for set-top boxes. Introduction of high-definition channels support in the STBs and provision of extensive value-added services by DTH operators is anticipated to create robust market growth opportunities during the forecast timeframe.
Improvement in set-top boxes such as in-built voice assistant, enriched sound quality, high-definition gaming support and remote recording facility is contributing towards the market expansion. Market participants are focusing on collaborations with DTH operators to enhance the service offerings of their STBs.
Key factor affecting the set-top box market is introduction of smart TVs with in-built applications of OTT platform and high-definition gaming. Increasing consumer focus towards OTT smartphone application due to their enriched flexibility as compared to STBs will pose challenge to industry statistics. Several Telco companies, such as China Mobile, Airtel, Jio, and T-Mobile, are providing TV services in smartphone with a plan rate cheaper than DTH operators.
Considerable spread of COVID-19 virus in 2020 and 2021 has adversely affected the set-top box market value of set-top boxes across the globe. Various governments enforced strict lockdowns across countries to contaminate the virus. These lockdowns resulted in temporary shutdowns of manufacturing facility, dealers & distributor offices and R&D centers. Furthermore, restrictions on international transportation affected the imports and exports of the components & products which impacted the net sales of set-top boxes in 2020. However, increasing consumer focus towards realistic TV viewing experience and new product innovations by OEMs is expected to drive the industry growth remarkably.
Growing demand for OTT platforms is fostering IPTV/OTT STB segment growth
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IPTV/OTT segment held 18% of the set-top box market share in 2022. Rising adoption of Android STBs owing to significant consumption of OTT content and personalized packaged designed by OTT players is improving the market progression worldwide. Industry participants are investing in their R&Ds to integrate advance features in their IPTV STBs to improve their market representation.
Browse key industry insights spread across 290 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 (Residential, Commercial), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
COVID-19 pandemic boosted the STB sales through online sales channels
Global online sale of set-top boxes is poised to witness 4.5% growth rate through 2028. COVID-19 pandemic shifted the consumer focus towards online sales channel attributed to temporary shutdowns of offline stores. Online channels include vendor websites and e-commerce channels such as Amazon, Alibaba, Hathway & Tomson Electronic. Market leaders are also shifting their distribution channel preference toward online sales channels owing to several benefits such as low overhead & operating costs, greater customer accessibility, and greater sales reach.
Proliferation of hotel chains and multi-specialty hospitals is creating demand for STBs in commercial sector
Commercial set-top box segment in the set-top box market captured 20% of revenue share in 2021. Significant expansion of hospitality industry and giant hospitals constructions across the globe is creating favorable environment for STBs in commercial sector. For instance, in May 2021, Hyatt Hotel Corporation opened its second hotel, The Walper Hotel in Canada. The hotel is based in Kitchener, Ontario possessing 92 rooms for wedding premiere and leisure activities.
Increasing number of DTH subscribers will create growth opportunities for Latin America region
Latin America set-top box market is estimated to attain a CAGR of 3.5% till 2028. The rising OTTs services have encouraged market players to introduce new IPTV and hybrid STBs. For instance, in April 2021, Claro Company launched the Hybrid Claro TV Box in all Latin American countries. This STB provides access to free-to-air channels, Facebook watch, YouTube, and diverse content from America Movils Brazilian through various OTT platforms. Moreover, in October 2020, izzitv partnered with Mirada, a Mexican company to launch an Android Hybrid STB equipped with Android OS features including the Google Play Store, to support international channels and VoD services.
Key companies operating in the market are Zinwell Corporation, Advance Digital Broadcast SA, TechniSat Digital GmbH, Amino Technologies plc, Technicolor SA, Commscope,Inc.(Arris), Sumitomo Electric Industries, Ltd., Guangdong Hybroad Vision Electronics Technology Company Ltd., Skyworth Digital Co., Ltd., HUMAX Co., Ltd., Shenzhen SEI Robotics Co., Ltd, Kaon Media Co., Ltd., Sercomm Corporation, Mybox Technologies Pvt. Ltd. (Hero Electronix Venture), Samsung Electronics and Sagemcom Broadband SAS. Market leaders are adopting various business and marketing strategies to improve their industry representation across the globe.