The global set-top box market is expected to grow exponentially in the forthcoming years. The rising personal disposable income levels and the surging demand for set-top box (STB) products across the commercial and household sectors are anticipated to boost the market growth. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Set-top Box Market, 2024-2032”.
Technological advancements in STBs have revolutionized the entertainment industry. The rising demand for enabled STBs that feature the internet and android support is expected to create lucrative growth opportunities for the market.
Top Company Covered in the Set-top Box Market
- Ecostar Corporation
- Samsung Electronics Ltd.
- ARRIS International
- Huawei Technologies Ltd.
- DISH Network
- HUMAX
- CISCO Systems Inc.
- Skyworth Group
- ADB Global
- Technicolor
Information Source: https://www.fortunebusinessinsights.com/set-top-box-market-104429
COVID-19 Impact-
The global pandemic has potentially boosted the growth of the set-top box market. Due to lockdowns and curfews, the stay-at-home agenda has amplified the consumers’ streaming activities. Online and offline streaming activities of consumers have increased during the pandemic. The demand for OTT streaming platforms, such a Netflix, Hulu, and Amazon Prime have dramatically increased during the pandemic. The demand for the internet and Android supporting set-top boxes has surged and is expected to rise monumentally during and post-pandemic.
Segmentation-
Based on type, the market is fragmented into satellite receiver box, IP, cable, and others. Based on content quality, the market is segmented into 4K & above, UHD, HD, and SD. Based on sales channels, the market is divided into online, third-part distributors retail outlets, and direct selling. Based on end-user, the market is bifurcated into commercial and residential. Geographically, the market is classified into five major regions- Europe, North America, South America, Asia Pacific, and the Middle East & Africa.
Report Coverage-
- Features a comprehensive assessment of the prospected market.
- Presents valuable insights concerning market size and different segments of the prospected market, such as type, content quality, end-user, and sales channels.
- Highlights the regional analysis across five major geographies: North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
- Highlights the impact of the COVID-19 pandemic and suggests strategies for future growth.
- Incorporates Porters’ Five Forces Analysis and SWOT Analysis for an infallible market prediction.
Drivers & Restraints-
Rising Personal Disposable Incomes to Boost Market Growth
The COVID-19 pandemic has accelerated the market growth significantly. The demand for OTT streaming services, such as Netflix, Amazon Prime, and HotStar has increased during the pandemic due to rising consumer streaming activities. The manifold increase in streaming activities of consumers is expected to bolster the global set-top box market growth. Additionally, the rising personal disposable incomes are expected to drive the demand for set-top box in the upcoming years.
The rising demand for functionally enabled television STB setups with Android and internet features are anticipated to foster market growth. Additionally, the increasing technological innovations in the set-top box are expected to stimulate market growth. The rising focus on quality-price fit by companies operating in the market is expected to augment the market growth. Moreover, the increasing marketing and advertisement activities are expected to garner growth for the market.
However, stringent government regulations for limited frequency bandwidth use may hinder the market growth.
Regional Insights-
Asia Pacific to Dominate Global Market Backed by Higher Populations
Asia Pacific is projected to emerge dominant in terms of the global set-top box market share. The rising demand for on-demand video services across countries, such as India, Japan, and China is anticipated to augment the market growth in the region. The diverse populace in India would extend video consumption in several languages and is likely to induce market growth. Additionally, major players present in the area, such as Huawei Technologies Ltd. and Samsung Electronics Inc., are expected to amplify the product demand in the future.
South America is expected to witness rapid growth during the forecast period. The rising demand for energy-efficient home appliances is likely to surge the demand for set-top boxes and TV sets. Moreover, the high consumer expenditure on OTT platform subscriptions, namely, Netflix and Hulu across countries such as Brazil and Argentina are anticipated to expand the market growth.
Competitive Landscape-
Key Players Launch New Products to Generate More Sales and Compete in Market
The set-top box market comprises a few key players operating at regional and international levels. They are emphasizing on several growth strategies such as partnerships, acquisitions, mergers, new product launches, and technological developments. For instance, Tata Sky unveiled an Android supportive DTH set-top box called Tata Sky Binge+ in December 2019. The set-top box is based on an Android 9 processor and offers 4K quality content. 1.8 GHz Broadcom BCM72604 B processor empowers it.
Industry Developments-
- March 2020: Videocon D2H unveiled a new Android enabled set-top box that features an Android 9 operating system and is internet and voice-enabled.
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