Set Top Box Market to hit 25,535.9 million, Globally, by 2028 at 3.4% CAGR: The Insight Partners

According to The Insight Partners' research, the "Set Top Box Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 25,535.9 million by 2028, registering a CAGR of 3.4% from 2022 to 2028.

Technological advancements have led to the introduction of a wide variety of STBs exhibiting different characteristics. This has eventually led to a fierce rivalry among the set-top box providers. Digital video capture is one of the most desired functionalities of set-top boxes as it allows audiences to record their favorite shows and watch them later as per their convenience. A standalone set-top box that allows viewers to transmit and record TV programs is an over-the-air digital video recorder (DVR) system. Apart from DVRs, subscription-based TV service providers also sell STBs to consumers. DISH, a US-based television provider, has integrated artificial intelligence (AI) in its new set-top boxes for enabling recording facilities. Companies are integrating features such as voice command with the help of technologies such as natural language processing (NLP) to simplify searching channels and shows. For instance, ZTE has announced its far-field 4K AI STB S200 that can work with voice commands. The S200 is a home assistant with all-in-one features, such as IPTV/OTT services, smart speakers, home access, home media sharing, and home networking.

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Interactive features such as video-on-demand and electronic program guides are also increasingly being incorporated in satellite STB units. In addition to basic features, the set-top box units also include a range of interactive and multimedia facilities directly via a consumer television device, such as internet browsing, email, and instant messaging. The DVR feature is also included in cable and satellite set-top boxes, enabling viewers to enjoy the content at their convenience. Using MPEG-4.10 (H.264) and SMPTE 421 M (VC-1) allows more content sources and decreases the risk of early product obsolescence. Thus, the abovementioned technological advancements are contributing to the growth of the set top box market.

All STB tiers are becoming more advanced and enabling more and better use cases and experiences. enabling the end user to utilize their STB devices more than before. For instance, the STB devices' integration of super-resolution - when upconverting video sources from lower resolution to 4K, super-resolution employs a combination of AI and conventional video processing techniques to produce a high-quality picture. This may even reach 8K for the most expensive set-top boxes. Large-scale sporting events like the 2022 FIFA World Cup in Qatar and the 2022 Winter Olympics in Beijing are anticipated to fuel the adoption of 8K STBs among consumers. The set top box market is predicted to be driven by this assessment of the STB devices' quality.

Asia Pacific is expected to grow at the fastest CAGR over the forecast period, followed by the MEA and South America. Economic growth and favorable market conditions are fueling the set top box market growth in China, India, the Rest of APAC, Japan, and South Korea. Further, technological advancements in selected Asian markets, including Indonesia, the Philippines, and Vietnam, to develop their country's satellite telecasting are further influencing the demand for advanced set-top boxes and in turn propelling the set top box market. In countries such as Taiwan, Malaysia, Indonesia, and Singapore, the demand for IPTV and OTT service providers is increasing, which is predicted to generate profitable growth opportunities over cable TV STB. An increase in viewers from IPTV and OTT segments will positively contribute to the Rest of APAC set top box market.

The set top box market size is segmented based on product, content quality, and geography. Based on product, the set top box market analysis is categorized into cable, satellite, IPTV, and others. In terms of content quality, the set top box market size is segmented into standard definition, high-definition, and 4K. Based on geography, the set top box market analysis is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

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Key Findings of Study:

The global set top box market growth is segmented into five major regions- North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2021, APAC led the largest set top box market share, followed by Europe and North America. Moreover, APAC is expected to grow at the highest CAGR during the forecast period.

In North America, the US held the largest set top box market share in 2021. The rising adoption of television across the population of the US is fueling the demand for set-top boxes across the country for enhanced broadcasting. For instance, approximately, 120.6 million households across the country have reported having TVs in their homes. In addition, currently, 96.1% of US homes with televisions are receiving conventional TV signals via over-the-air, cable, DBS, or Telco, or via a broadband Internet link linked to a TV set. That is a 0.2% rise from 95.9% for 2019. Thus, this rise in the adoption of television is also increasing the demand for set-top boxes across the country, thereby contributing to the growth of the set top box market.

A next-generation set-top box was released by CommScope and Orange Belgium in April 2022. Through this collaboration, orange ecosystem partners and CommScope's technologies will work together to offer live TV and streaming services. Customers of Orange Belgium will be able to use CommScope's 4K Ultra HD digital video decoders, which also provide improved OTT streaming, on-demand, and broadcast TV services. Customers get access to CommScope's new multiscreen cloud recording service as well as several streaming applications. The aforesaid factors are projected to generate lucrative business opportunities for the set top box market providers.

The List of Companies - Set-Top Box Market

Humax, Technicolor, Huawei, Sagemcom, and Coship are among the key set top box market players. In addition, several other important set top box market players were studied and analyzed during this study to get a holistic view of the global set top box market and its ecosystem.

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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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