Set-Top Box Market Size Anticipated to Grow at a CAGR of 8% During the Forecast Period 2021-2026

(IT-NEWSWIRE.COM, January 17, 2022 ) The Global Set-Top Box market size accounted for $20 billion in 2020 and is anticipated to witness significant market growth with CAGR of 8% during forecast period 2021 to 2026. The market is anticipated to increase due to rising internet and broadband adoption, as well as a growing desire for HD channels and on-demand video services. Over the projected period, a considerable increase in viewership across OTT platforms such as Amazon Prime Video, Hulu, Disney+ Hotstar, and Netflix are attributable to high-income generation. With rising disposable income and a growing middle-class population, consumer demand for media-rich home entertainment services is on the rise. As a result, the rising demand for next-generation Set-Top Boxes (STBs) capable of supporting internet-based services, Video on Demand (VoD), and television transmission is driving the development for market incumbents. Consumer demand for high-definition televisions is also driving up demand for satellite set-top boxes, which provide a diverse selection of entertainment with crisp images and rich surround sound. Furthermore, satellite service providers are employing new compression technologies such as MPEG-4, which enable vendors to offer more HD channels by effectively streaming them. All such factors thus contribute to market growth.

Set-Top Box market Segment Analysis - by Type

Over-The-Top (OTT) STB segment is anticipated to witness significant market growth with CAGR 6% during the forecast period 2021-2026. The restricted genre selection, packaging flexibility, broader device availability, internet penetration, and overall cheaper costs are all factors that have contributed to increased acceptance. Furthermore, the growing desire for customized experiences has resulted in high OTT device adoption rates. According to Deltatre's 2019 edition of The Future of Sports Entertainment, sports content distributors throughout the world are investing around 15% of their entire operating budget to create the OTT technology stack, which is expected to be valued over USD 6.8 billion by 2021 in the United States. With more than two-thirds of consumers willing to pay up to USD 39 per month for sports content, a growing number of operators are eager to invest in sports-related innovation. Data-capable smartphones and high-bandwidth applications such as live video streaming are driving an exponential increase in mobile data traffic. Ericsson's Mobility Report for November 2019 includes data on mobile data traffic, which increased by 68 percent year over year in Q3 2019. According to research issued by the World Advertising Research Center (WARC) based on statistics from the mobile trade group GSMA, by 2025, over 1.3 billion individuals would have access to the internet through smartphones and PC. The growing adoption of 5G networks by operators is also attributable to the increased consumption of content and related services, leading 4G LTE resources to be consumed. As a result, the market is growing due to an increase in the use of smart gadgets and increased access to faster internet connections.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=15365

Report Price: $ 4500 (Single User License)

Set-Top Box market Segment Analysis - By End-user Type

4K&above segment is anticipated to witness significant market growth with a CAGR of 7% during the forecast period 2021-2026.The lower pricing of high-resolution televisions is attracting buyers and generating demand in emerging markets. The rise is due to new features like high resolution and picture clarity, as well as Dolby Digital sound, which enables theatrical experiences on larger screens. Sales of these televisions have surpassed those of HDTVs, according to the Consumer Technology Association (CTA). The use of quantum dot technology and nanotechnology by key manufacturers like as Samsung Electronics Co., Ltd., Sony Corporation, and LG Electronics, Inc. to improve the image quality of their products in this category has resulted in increasing demand. The introduction of breakthrough technologies throughout the Ultra-high-definition (UHD) in 4K TVs, such as Quantum dot LEDs (QLEDs), are projected to boost the sector demand. When compared to the others, televisions in this range have a high penetration rate. High dynamic range (HDR) and wide color gamut (WCG) are also included in 4K TVs (WCG). In March 2020, Samsung Electronics Co. Ltd announced that its latest and expanded line of 2020 QLED 4K and 8K TVs are available on Samsung.com and at select retailers nationwide. The 2020 lineup includes an extended 8K Series, bigger screen sizes for 4K and 8K models, and increased AI capabilities geared to deliver the finest picture quality and dynamic sound experience possible. LG Electronics (LG) announced the sale of its 2020 TV range in March 2020, headed by 14 OLED models, including the GX Gallery series, true 8K ZX models, and 4K Ultra HD TVs. Such developments further are anticipated to boosts the market growth.

Set-Top Box market Segment Analysis - Geography

APAC region is anticipated to witness significant market growth with a CAGR of 35% during the forecast period 2021-2026. Rapid urbanization, rising disposable incomes, and increased use of Over the Top (OTT) media services are among the major drivers driving the market growth. Furthermore, rising demand for value-added services such as channel pack subscriptions, high definition (HD) channels, and interactive videos is propelling the market forward. Growing public awareness of technically advanced solutions and the benefits they provide in terms of features, quality, and cheap price when compared to traditional set-top boxes is projected to boost product demand over the projection period. For instance, in 2019, Sagemcom announced the launch of the Orange IWU 200, a new compact yet powerful 4K UHD set-top box that delivers very high-quality picture and sound, based on the BCM72604, one of the latest 4K SOC from Broadcom, allowing the design of low consumption products. In July 2020, Samsung launched the QLED 8K TV line in India. It has an Active Voice Amplifier technology that recognizes exterior noises and increases the volume of voices in content accordingly if surrounding conditions become too loud. In June 2020, TCL launched its latest QLED TV series in the Indian market. It features a pop-up camera, Dolby Vision, and Dolby Atmos support. It can upscale non-8K content to 8K. Many prominent manufacturers in the Asia Pacific, such as Kaonmedia Co. Ltd. and Huawei, are focusing aggressively on the integration of cutting-edge technology into their products, such as motion sensors, Bluetooth, and Virtual Reality (VR), as part of their attempts to consolidate their market position.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=15365

Set-Top Box market Drivers

Technological Transformations in Set-Top Box

Television companies have increasingly adopted artificial intelligence owing to the latter’s popularity and usefulness. DISH Network, a leading supplier of satellite television in the United States, has included artificial intelligence (AI) in its most recent set-top boxes. The Set-Top boxes provided by them, Hopper, Jolly, and Wally, all have the possibility of being linked to the Internet and come with a voice remote that has Google Assistant as its major function. In 2019, DISH released Alexa as an upgrade to its set-top boxes, which can be accessed just by speaking to it, which is a much-needed automation improvement. This is a game-changing development that will shape the set-top box business in the years ahead.

Stringent Government Initiatives for Mandating Digitalization of Cable TV

The most important disadvantage of existing analog transmissions is the government's inability to track the actual number of customers who watch cable TV at home. Digitization allows them to determine the exact quantity of cable used in this scenario. Emerging nations including China and India have enforced the use of set-top boxes for cable connections in order to overcome this constraint. The Government of India, for instance, has made STBs mandatory since 2012 through an amendment to the Cable Television Networks (Regulation) Act. Set-Top boxes provide a better viewing experience and assist to prohibit the transmission of unauthorized channels in India owing to the usage of digital signals. As a result, rigorous government rules for the digitization of cable TVs in developing economies are fuelling the growth of the Set-Top box market.

Set-Top Box market Challenges

Escalating Demand for OTT Platforms

The greatest significant threat to the set-top box business is over-the-top services. With their simplicity of use and unique content, online streaming services like Netflix and Amazon have proven popular among the young generation. The only approach to tackle this problem is to invest in bringing innovation to the set-top box experience. For instance, Huawei Technologies and Dolby Laboratories collaborated to create the world's first Dolby-vision capable set-top box, which attracted customer attention.

Set-Top Box market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Set-Top Box market. As of 2020, the market for the Set-Top Box market is consolidated with the top players including Huawei Technologies Co. Ltd., ARRIS International, DISH Network, HUMAX Co. Ltd., Technicolor, Samsung Electronics Limited, EchoStar Corporation, Coship Electronics Co.Ltd., Cisco Systems Inc., and ADB Global and among others.

Acquisitions/Technology Launches/Partnerships

In January 2020, Comcast Corp. acquired Xumo, a free, ad-supported video streaming service that is now available on multiple streaming platforms, including Comcast's own Internet-connected X1 cable boxes.

In March 2020, D2h launched two new connected devices in India - an Android-based set-top box named D2h Stream and a voice-enabled stick with built-in support for Amazon's Alexa, the D2h Magic.

Key Takeaways

Technological advancements have resulted in the creation of a diverse range of STBs with a variety of functions. One of the most sought-after features is digital video recording, which allows viewers to watch and record their favorite shows simultaneously.

The market growth is being driven by the ongoing commoditization of sporting and entertainment services, as well as increased competition among OTT providers.

The market in the APAC region is being driven by major improvements in digital technology, as well as a surge in broadband service usage.

Related Reports:

A. Smart TV Market

https://www.industryarc.com/Report/15816/smart-tv-market.html

B. Broadcast Equipment Market

https://www.industryarc.com/Research/Broadcast-Equipment-Market-Research-505170

For more Electronics Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

Source: EmailWire.com

Technology News & Search Engine

Set-Top Box Market Size Anticipated to Grow at a CAGR of 8% During the Forecast Period 2021-2026