Press release
Global Set-Top Box Market to Reach $43.98 Billion by 2029, Growing at 9.3% CAGR
Set-Top Box Market
The expected growth of the set-top box market is fueled by the increasing availability and usage of the internet and broadband. The internet is a global network system enabling the transmission of a vast array of data and media across linked devices, which include TVs, mobile devices, and laptops. This connectivity enhances the viewer experience offered by set-top boxes and ensures high-quality video streaming without interruptions. The Government of Canada projected in 2023 that by 2026, high-speed internet accessibility will encompass 98% of Canadians. This figure is set to rise to total national coverage by 2030. The International Telecommunication Union (ITU), a Switzerland-based ICT authority, reported that in 2022, 65% of the global population, equating to 5.1 billion individuals, used the internet. By 2023, this figure grew to 5.4 billion, indicating a worldwide internet penetration of 67%. Consequently, the escalating internet and broadband accessibility is stimulating the growth of the set-top box market.
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What growth opportunities are expected to drive the set-top box market's CAGR through 2034?
The industry for set-top boxes has seen robust growth in recent years. The market size is predicted to increase from $28.8 billion in 2024 to $30.73 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.7%. Various factors like cable and satellite TV subscriptions, the push for digital TV services, migration to HDTV and 4K content, growing preference for on-demand and streaming content, progress in technology related to set-top box features, worldwide reach of media and entertainment, and the development of the consumer electronics sector have fueled the growth in the past years.
Anticipated to witness robust growth in the forthcoming years, the set-top box market size is estimated to expand to $43.97 billion in 2029 with a compound annual growth rate (CAGR) of 9.4%. The surge during the forecast period can be ascribed to various factors such as the shift from cord to OTT (over-the-top) services, the integration of 5G and IoT connectivity in set-top boxes, and the advent of voice-controlled and interactive STBs. The market also benefits from increased security and content protection measures, incorporation of gaming and multimedia functionalities, and smart home compatibility with STBs, not to mention the push towards more sustainable and energy-efficient STBs. Key trends observed for the forecast period encompass the inclusion of AI assistants in set-top boxes, the implementation of edge computing and content caching, modular and upgradeable STB designs, cloud-powered streaming and DVR services, universal remote control applications for STBs, support for ultra-high-definition (UHD) and HDR content, and the adoption of biometric and facial recognition technologies for personalized content.
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What are the emerging trends shaping the future of the set-top box market?
The key trend making waves in the set-top box market is the advent of hybrid set-top boxes. Companies in this sector are innovating new and advanced products to offer superior service and satisfy customer needs. For example, GTPL Hathway, an Indian firm specializing in the provision of set-top boxes and satellite services, debuted a hybrid Android set-top box named GTPL Genie in March 2022. The GTPL Genie is a device powered by Android TV version 9, and is the workmanship of SEI Robotics. It is equipped with Widevine L1 support, VP9, H.264, and H.265 (HEVC) video codecs, and comes with an inbuilt Chromecast and Google Assistant. Subscriptions to 13 OTT applications such as Amazon Prime Video, Disney+ Hotstar, YouTube, SonyLIV, Zee5, Voot Select, MX Player, Eros Now, Hungama Play, Epic On, Gaana, Alt Balaji, and Shemaroo Me are included with the GTPL Genie set-top box.
Which growth-oriented segments of the set-top box market are leading the industry's development?
The set-top box market covered in this report is segmented -
1) By Type: Cable, Satellite, IPTV or OTT, Hybrid
2) By Resolution: High-definition (HD), Standard Definition (SD), Ultra HD
3) By Service Type: PayTV, Free-to-Air
4) By Distribution: Online, Offline
5) By End User: Residential, Commercial
Subsegments:
1) By Cable: Digital Cable Set-Top Boxes, High-Definition Cable Set-Top Boxes, Digital Video Recorder (DVR) Cable Set-Top Boxes
2) By Satellite: Standard Definition Satellite Set-Top Boxes, High-Definition Satellite Set-Top Boxes, DVR Satellite Set-Top Boxes
3) By IPTV or OTT: IPTV Set-Top Boxes, Over-the-Top (OTT) Streaming Devices, Smart TV Boxes
4) By Hybrid: Hybrid Cable Or Satellite Set-Top Boxes, Hybrid IPTV Or Cable Set-Top Boxes, Multi-Platform Streaming Devices
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What regions are leading the charge in the set-top box market?
Asia-Pacific was the largest region in the set top box market in 2024. The regions covered in the set-top box market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What companies are at the forefront of innovation in the set-top box market?
Major companies operating in the set-top box market include ADB Technology Co. Ltd., Humax Co. Ltd., Sagemcom SAS, Samsung Electronics Co. Ltd., Technicolor SA, Huawei Technologies Co. Ltd., ARRIS International LLC, EchoStar Corporation, Aferian plc, CommScope Holding Company Inc., KAONMEDIA Co. Ltd., Mybox Technology Co. Ltd., Shenzhen Coship Electronics Co. Ltd., Sercomm Corporation, SEI Robotics Co. Ltd., Skyworth Group Co. Ltd., Sumitomo Electric Industries Ltd., TechniSat Digital GmbH, DISH Network Corporation, Roku Inc., Apple Inc., Vishay Intertechnology Inc., Coship Electronics Co. Ltd., Broadcom Inc., Catvision Limited, Cisco Systems Inc., Comcast Corporation, Evolution Digital LLC, Gospell Digital Technology Co. Limited, Hisense Electric Co. Ltd., Intek Digital Technology Co. Ltd., Sichuan Jiuzhou Electric Group Co. Ltd., ZTE Corporation
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What Is Covered In The Set-Top Box Global Market Report?
•Market Size Forecast: Examine the set-top box market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the set-top box market for a structured understanding.
•Key Players Overview: Analyze major players in the set-top box market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the set-top box market.
•Segment Contributions: Evaluate how different segments drive overall growth in the set-top box market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the set-top box market.
•Industry Challenges: Identify potential risks and obstacles affecting the set-top box market.
•Competitive Landscape: Review strategic developments in the set-top box market, including expansions, agreements, and new product launches.
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