Set-top boxes (STB) are external hardware which picks up satellite signals for normal and smart televisions. The emergence of OTT platforms and nominal prices for high resolution content on channels is likely to culminate in cord-cutting and adoption of these boxes. The global Set-Top Box Market report by Market Research Future (MRFR) contains accumulated data on cable viewing statistics, consumption of content, and other dynamic variables for the period of 2017 to 2023 (forecast period). The impact of the COVID-19 outbreak on the industry has been taken into account for revising industry projections.
Market Scope
The global Set-Top Box (STB) Market is expected to exhibit a compound annual growth rate (CAGR) of 7.2% during the forecast period. It is likely to reach a valuation of USD 26,630.4 million.
According to a recent study report published by Market Research Future, The global market of set-top box is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Increasing demand for of 4K TVs is expected to provide support to the growth of the set-top box market one major factor driving the growth of set-top box market. Also, growing demand for IPTV is another major factor responsible for fuelling the market growth. Technological advancements and growing acceptance of standard protocols for lighting control is boosting the growth of set-top box market. Also, increasing demand for set-top box from various end users like residential, and commercial is another major factor driving the market growth. The set-top box market is highly competitive due to the increase in demand for digital terrestrial television and developments in the field of internet of things. On the other hand, domestic production and availability of low-cost products are major factors hindering the growth of set-top box market. Also, security and privacy issues are other factors that may hamper the market growth.
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Competitive Outlook
Vishay Intertechnology, Inc., Skyworth Digital Holdings Limited, Google LLC, Apple Inc., Huawei Technologies Co. Ltd., ARRIS International plc., EchoStar Corporation, Technicolor SA, Samsung Group, Kaonmedia Co, Ltd., and Sagemcom SAS are key players of the global set-top box market.
Segmentation
By product type, it is segmented into over-the-top content (OTT), internet protocol (IP) TV, digital terrestrial television, cable, satellite, and others. The satellite segment accounted for close to 28% market share with a valuation of USD 4,884.1 million in 2017.
By content quality, it is segmented into standard definition, high definition, and 4K. The high definition segment is predicted to exhibit 5.8% CAGR over the forecast period. This is driven by the high picture and sound quality of HD content.
By services, it is divided into managed Services (Testing, Repairing, and Screening) and interactive services (Video on Demand, Video Conferencing, and High-Speed Internet Television). The interactive services segment is deemed to perform exceptionally owing to the popularity of on-demand services by the public.
End users of set-top boxes are commercial and residential. The residential segment accounted for 75.90% in 2017. It can continue to be the biggest revenue generator till 2023 owing to the high viewership in residential households.
Regional Analysis
Asia Pacific (APAC) is likely to spearhead the global STB Market Share during the forecast period. In 2017, the region accounted for 39.52% market share and is projected to exhibit a CAGR of 8.8% over 2023. Factors such as rapid adoption of virtual and augmented reality (VR & AR), IoT integration, shift towards Wi-Fi, and growing per-capita income are supporting the growth of the set-top box market. At the same time, rising viewership in countries such as India, China, and Indonesia is providing an impetus to the set-top box market in the region. Policy reforms and advances in the telecom sector are other business drivers of the market in the region. For instance, Dish TV has decided to offer channel packages in light of various Indian festivals to appeal to their sense of celebration.
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