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The global market for set-top boxes reached US$ 23.1 billion in 2022. According to Astute Analytica, it is projected to grow to US$ 28.3 billion by 2031, displaying a compound annual growth rate of 2.9% over the forecast period from 2023 to 2031.
The set-top box consists of a digital demodulator that helps to demodulates the received broadcasted signal into visual and audio content which can be displayed, recorded, and captured. Nearly all set-top box manufacturer uses integrated circuit (IC) in the home entertainment products.
The Global Set-Top Box Market is estimated to grow at a CAGR of ~3% during the forecast period 2021-2027. The market growth is majorly attributed to key benefits offered by companies to improve the overall television viewing experiences, such as premium picture and sound quality, storage options, and digital video recording.
OTT platforms offer engaging and attractive content leading to an enhanced user experience. Hence, the rising adoption of hybrid set-top boxes due to the growing popularity of OTT platforms is anticipated to drive the overall set top box market. Stringent rules and regulations imposed by various government authorities in developing nations to boost digitization of traditional cable networks are expected to enhance the market for set top box towards growth trajectory in the near future.
Segmentation Overview of the Global Set-Top Box Market
The Global Set-Top Box Market is segmented on the basis of product, content, interaction service, and application. These major market segments are further categorized into various sub-segments to study the market in detail.
By Interaction Service:
Geographically, the global Set-Top Box Market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, the APAC accounted as the fastest growing market segment among all the other regions, as India is a huge market for set-top boxes, the country is nearing the end of digitization of its cable TV system, an effort that saw a massive upgrade of cable boxes across the country along with thriving direct-to-home satellite business. For instance, India recorded nearly 69.30 million subscribers by the quarter ending in September 2019. As per the Telecom Regulatory Authority of India (TRAI), the country witnessed the highest number of subscribers in 2019. While, on the other hand, the North America set-top box market analyzed as relatively mature market with stiff market competition among key vendors. Companies in North America are constantly trying to add innovative features to their set-top boxes to gain competitive advantages such as security, gateway abilities, and improved HD functionality.
Key Players Insights
TechniSat Digital GmbH, Technicolor S.A., Samsung Electronics Co. Ltd., Sagemcom SAS, LG CNS Co. Ltd., Shenzhen Jiuzhou Electric Co. Ltd., Echostar Corporation, Coship Electronics Co. Ltd., Arris International, plc, Altech Multimedia (Pty) Ltd. (Altech UEC) and Advance Digital Broadcast (ADB) among others are some major players included in the research study of the global set-top box market.
Research Report on the Global Set-Top Box Market Include: