What is the global market size of Set-Up Box Market?

Global Set-Up Box Market size was valued at USD 23.25 billion in 2021 and is poised to grow from USD 23.97 billion in 2022 to USD 30.53 billion by 2030, growing at a CAGR of 3% in the forecast period (2023-2030).

Global Set-Up Box Market Size, Share, Growth Analysis, By Product(IPTV, Satellite), By Content Quality(HD & Full HD, 4K & above) - Industry Forecast 2024-2031

Report ID: SQSG20D2016 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 64 | Figures: 75

Global Set-Up Box Market Insights

Global Set-Up Box Market size was valued at USD 23.25 billion in 2019 and is poised to grow from USD 23.97 billion in 2023 to USD 30.53 billion by 2031, growing at a CAGR of 3% in the forecast period (2024-2031).

Positive market outlook for set-top boxes is being created by rising demand for advanced digital broadcasting to improve the viewing experience and various countries' supportive initiatives for the digital transition. During the anticipated timeframe, it is anticipated that the addition of high-definition channel support in STBs and the provision of numerous value-added services by DTH operators will generate significant set-up box market growth opportunities. Set-top box improvements like built-in voice assistant, enhanced sound quality, high-definition gaming support, and remote recording capability are helping to drive market growth. Participants in the market are concentrating on working together with DTH operators to improve the service capabilities of their STBs.

Increased OTT content streaming on laptops, tablets, and smartphones is somewhat affecting the demand for set-top boxes. Data from the India Brand Equity Foundation (IBEF) shows that there were 29 million subscribers in the Indian OTT market in July 2020, a 30% increase from March 2020. Furthermore, industry statistics are expected to be impacted by OTT platforms' lower subscription costs than TV channels and their variety of features, including remote accessibility. However, the development of smart TVs with OTT platform and high-definition gaming applications built in is a major factor influencing the set-top box market. Due to their greater flexibility compared to STBs, OTT smartphone applications are gaining popularity with consumers, which will challenge industry statistics. Numerous telco firms, including China Mobile, Airtel, Jio, and T-Mobile, offer TV services on smartphones at a price that is less expensive than that of DTH providers.

US Set-Up Box Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Set-Up Box Market Report Snapshots

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The Global Set-up box market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'EchoStar Corporation (US)', 'Arris International', 'Technicolor SA', 'Humax Holdings', 'Samsung Electronics', 'Huawei Technologies', 'Apple Inc.', 'Amazon.com Inc.', 'Roku Inc.', 'Pace Plc', 'Skyworth Digital Holdings', 'Sagemcom', 'Broadcom Corporation', 'ADB SA', 'Coship Electronics', 'Cisco Systems Inc.', 'TiVo Corporation', 'Shenzhen SDMC Technology Co., Ltd.', 'ZTE Corporation', 'Changhong Electric Co., Ltd.'

The enhanced and personalized experience that Android STBs can provide is driving up demand for them. Android STBs are in high demand because of features like voice recognition, a thriving app ecosystem, TV Input Framework (TVIF), and video conferencing. The demand for the newest STB models is also being fueled by a variety of connectivity options, including Wi-Fi, Ethernet, HDMI, and Bluetooth. The integration of cutting-edge technologies, such as Bluetooth Low Energy (BLE), voice-enabled remotes, Full HD and 4K/8K resolution support, in the most recent STB models to set them apart from more traditional set top boxes also offers the market tremendous growth potential over the forecast period.

Artificial intelligence (AI) is being incorporated into set-top boxes by STB vendors to deliver personalized services, lower the cost of backend servers and human interference, and efficiently utilize the available bandwidth. Additionally, they are incorporating voice recognition technology for channel selection as well as other common commands for the weather, music, and digital signal strength. In addition to a modern design, STB integration of AI and voice interference is currently in full swing. Low-cost STBs are being developed by manufacturers in the market to satisfy escalating consumer demand. To gain a competitive edge, market leaders are providing set-top boxes that are technologically and feature-rich. In order to broaden their product offerings, a number of suppliers have formed alliances, mergers, and acquisitions in response to the rising popularity of OTT platforms.

Asia Pacific is expected to control the set-up box market share. The region's middle-class population in particular is increasingly consuming media and entertainment content, which is positive for the expansion of the local market. Over the projection period, product demand is likely to rise as consumers become more aware of technologically advanced products and their advantages over conventional set-top boxes in terms of quality, functionality, and cost-effectiveness. Prominent manufacturers like Kaon media Co. Ltd. and Huawei are aggressively incorporating the newest technology, such as Bluetooth, motion sensors, and Virtual Reality (VR), into their products as part of their efforts to strengthen their market positions. It is anticipated that the market for OTT media services will expand.

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Global Set-Up Box Market Size, Share, Growth Analysis, By Product(IPTV, Satellite), By Content Quality(HD & Full HD, 4K & above) - Industry Forecast 2024-2031

Global Set-Up Box Market Insights

Global Set-Up Box Market Report Snapshots

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