BANGALORE, India, Sept. 3, 2020
BANGALORE, India, Sept. 3, 2020 /PRNewswire/ -- Major factors driving the growth of Set Top Box market size include, increasing penetration of high-definition channels among consumers and the growing adoption of smart TVs.
The report offers an in-depth insight into the set top box market size market drivers, market restraints, technology trends, regional analysis, and competitive analysis.
The global Set Top Box market size is projected to reach USD 23630 Million by 2026, from USD 23180 Million in 2020, at a CAGR of 1.8% during 2021-2026.
TRENDS INFLUENCING THE SET TOP BOX (STB) MARKET SIZE
The growth of the set-top box market size is driven by factors such as the rapid adoption of virtual and augmented reality (VR & AR), IoT integration, and increasing per capita income. Also, the growing demand for high-definition channels and value-added services, such as subscription packages, is projected to generate substantial demand in the years to come.
Digital Media changes have been instrumental in transforming consumers' viewership and attitude towards consuming entertainment content over television and the internet. The growing demand for OTT channels, such as Amazon Prime Video, Hulu, and Netflix is, in turn, expected to increase the growth of set top box market size during the forecast period.
Set top box (STB) architectures are becoming complex as new technologies and content security mechanisms are being implemented. The industry is undergoing a technological transition from providing standalone cable and satellite boxes to IP-based Over-The-Top (OTT) services connected hybrid boxes. This shift in technology is expected to increase the growth of the set top box market size. Furthermore, the increasing awareness of Internet-based set top boxes, such as Internet Protocol Television (IPTV), has further triggered product demand, more prominently across emerging economies, where there is a significant increase in the number of tech-savvy individuals.
Continuous transition to analog in emerging economies, and upgrades to improved features with a richer user interface for fast search, and content discovery is expected to further drive the set top box's growth market size.
SET TOP BOX MARKET SHARE ANALYSIS
North America is expected to hold the largest set top box market share. This dominance of the North American region is due to the favorable Government legislation concerning the production of content and the installation of the set top box, and technological advancements.
The Asia Pacific is expected to witness the highest growth during the forecast period. Growing viewership in countries like India, China, and Indonesia is giving impetus to the region's set top box market. Other important factors that boost the set top market in Asia-Pacific are policy reforms and advances in the telecom sectors.
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SET TOP BOX MARKET SEGMENTATION
Set Top Box Breakdown Data by Type
Set Top Box Breakdown Data by Application
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The Global 4K Set Top Box Market is expected to grow from USD 3,405.92 Million in 2019 to USD 4,901.34 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 6.25%.
Growing adoption of hybrid and Android STBs is anticipated to drive the 4K set top box market size due to the increasing popularity of OTT platforms. OTT aims to deliver attractive and engaging content that results in improved user experience. OTT STBs are gaining traction in the Pay TV broadcasting landscape in developing markets where there is plenty of free video content available, and service providers are looking to bundle live streaming programming with their broadband offerings.
In 2019, the global HD SET-TOP BOX (STB) market size was USD 17380 Million and it is expected to reach USD 31170 Million by the end of 2026, with a CAGR of 8.6% during 2021-2026.
This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
The global Ultra HD (UHD) Set Top Box market size is projected to reach USD 5820.9 Million by 2026, from USD 4603 Million in 2020, at a CAGR of 4.0% during 2021-2026.
This report focuses on Ultra HD Set Top Box (STB) volume and value at the global, regional, and company levels. This report represents the overall Ultra HD Set Top Box (STB) market size by analyzing historical data and future prospects from a global perspective.
The North America Set-Top Box (STB) market is valued at USD 3706 Million in 2018 and will reach USD 3890 Million by the end of 2025, growing at a CAGR of 0.72% during 2019-2025.
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