Global Set Top Box Market By Product Type (OTT, IPTV, Cable, DTT, and Satellite), By Content Quality (HD & Full HD, and 4K & Above), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Set-Top Box Market Overview:

The Global set-top box market was valued at USD 24,000 million in 2021. It is expected to grow at a compound annual rate (CAGR) of more than 4.9% between 2023 and 2032.

Market growth is expected to be driven by the increasing internet penetration and preference for HD channels as well as on-demand video services.

The digital TV industry has seen significant changes in the way customers consume media content online and on television. High revenue generation is expected to be aided by a significant increase in viewership on OTT platforms like Amazon Prime Video, Hulu, and Disney+ Hotstar.

Global Set-Top Box Market Scope:

Product Type Analysis

With more than US$ 236.3 mn units sold in the past year, cable STBs dominated 2021’s market. The market has been dominated by cable STBs for the past decade due to their widespread adoption in developing countries across the Asia Pacific. Cable TV is gaining popularity due to government mandates and the benefits such as increased channel carrying capacities.

Many cable service providers have been improving their technology and offering new services to realize that cable TV is still the best platform for spreading awareness and messages to the masses. Cable TV’s popularity has declined over the years due to the shift in consumer preference towards more technologically advanced content viewing options.

From 2023 to 2032, the OTT segment will experience the highest CAGR at 6.2%. Technology has made it possible for broadcasters to offer better sound quality and high-resolution pictures. OTT platforms provide many enhanced features such as simplified payment options, shorter time-consuming content, and access to time-shifted viewing. Kaonmedia Co. Ltd. is focusing its efforts on creating AI-enabled set-top boxes that support AI assistants, home IoT, and media services.

AVIQ Systems is one of the leading companies that has developed STBs for operators who want to bundle multi-screen strategies with STBs. These STBs can be used in lieu or in addition to apps for smartphones, smart televisions, tablets, and other devices.

Content Quality Analysis

The set-top box market can be divided into HD, Full HD, and 4K. With a market share of more than 88% and a volume exceedingly high, the HD and Full HD segments are expected to dominate, primarily due to the wide range of benefits that include access to a wider variety of channels than their 4K counterparts.

Due to their unique channels and sound quality, the HD and Full HD STBs have been replacing traditional SD boxes more often than ever before. This has led to an increase in HD TV sales and 8K TV sets. This bodes well for the segment’s growth over the forecast period.

The segment 4K and higher are expected to expand significantly, with a CAGR exceeding 8.2% between 2023 and 2032. This growth can be attributed largely to the growing demand for high-resolution content and sharp picture quality. The growth of this segment is expected to be aided by a regulatory environment that favors the installation of set-top boxes and large-scale digitization efforts in different countries.

The Federal Communications Commission (FCC) in the United States is pursuing favorable measures to support third-party STB manufacturers. This creates new opportunities for manufacturers of 4K STBs. In the Asia Pacific region, the 4K and higher segment will gain rapid popularity, especially since several STB manufacturers are located in countries like South Korea, China, Taiwan, and China.

Маrkеt Ѕеgmеntѕ:

By Product Type

• OTT
• IPTV
• Cable
• DTT
• Satellite

By Content Quality

• HD & Full HD
• 4K & Above

Market Dynamics:

The market is expected to grow in the future due to increasing demand for wireless devices and frequent technological changes. Companies are developing the most recent technologies, such as wireless headphones and speakers. In recent years, this has increased the industry’s market demand. As teenagers are more likely to use smartphones, there is a greater demand for accessories like headphones and mobile covers.

The market has seen a significant increase in its growth due to the increasing number of young workers. Market growth has also been affected by the changing outlook of the consumer segment. Market growth is influenced by the fact that women prefer to change their phone covers more often. The men consumer group prefers changing other accessories like headphones and fast-chargers.

These products simplify and make using a mobile phone easier, making them popular with consumers. Smartwatches have made it easier to view notifications and make calls, without having to take the phone out of your pocket. The power bank innovation has made it easier for consumers who travel frequently and use smartphones a lot.

With smartphones becoming more advanced and featuring better features, the price of smartphones has fallen. This has resulted in a rise in consumers who want to purchase the phone. Modern consumers don’t care if their phones are secure, fashionable, or trendy. The market growth is also driven by increasing internet penetration and artificial Intelligence that online retailers use to notify users about new products.

Regional Analysis

The Asia Pacific accounted for more than 41.2% of the global market in 2021. It is expected to continue its dominance over the forecast period. The region’s middle class is increasing its consumption of entertainment and media content. This bodes well for the market’s growth.

Over the forecast period, the market will be driven by the growing awareness of technologically advanced products. These products offer a better value in terms of quality, features, and pricing than traditional set-top boxes.

Market growth will also be supported by the growing OTT media service market. Many established companies, including Kaonmedia Co. Ltd., and Huawei, are located in the Asia Pacific. They are working hard to integrate the most recent technologies such as Bluetooth, motion sensors, and Virtual Reality (VR) into their products to strengthen their market position.

South America is expected to experience rapid growth. It will show the highest CAGR (more than 5.9%) between 2023 and 2032. High internet speeds have been achieved due to fierce competition among regional internet service providers. Many government-approved digitization initiatives have also led to high demand for set-top boxes.

Other important factors expected to drive market growth over the forecast period include initiatives pursued by different governments for complete digitization and a shift in media consumption preferences in the wake of COVID-19’s outbreak.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Vendors are using Artificial Intelligence (AI) to offer personalized services, reduce backend server costs, decrease human interference and maximize bandwidth. They integrate voice recognition technology to control channels, issue other commands for services, such as weather, and music, and increase digital signal strength.

Market incumbents are focusing aggressively on integrating AI/voice interfaces into STBs while maintaining a sleek design. In 2019, SK Broadband, Inc., a South Korean telecom company, launched AI 2 Set-top Box. It includes voice recognition technology, stereo speaker, AI assistance, and voice recognition technology.

To keep up with the transition from traditional TV to OTT platforms, IPTV set-top box providers are investing heavily in technological innovations and promoting service providers to improve their offerings. The following are some of the most prominent players in the global set-top box market:

Маrkеt Kеу Рlауеrѕ:

• Commscope (ARRIS International plc)
• Coship Electronics Co. Ltd.
• Huawei
• Kaonmedia Co., Ltd.
• Sagemcom SAS
• Samsung Electronics Co. Ltd.
• Technicolor SA
• Advanced Digital Broadcasting (ADB)
• Other Key Players

For the Set-Top Box Market research study, the following years have been considered to estimate the market size: