Set-top boxes (STB) are external hardware which picks up satellite signals for normal and smart televisions. The emergence of OTT platforms and nominal prices for high resolution content on channels is likely to culminate in cord-cutting and adoption of these boxes. global set-top box market report by Market Research Future (MRFR) contains accumulated data on cable viewing statistics, consumption of content, and other dynamic variables for the period of 2017 to 2023 (forecast period). The impact of the COVID-19 outbreak on the industry has been taken into account for revising industry projections.
The global set-top box market is expected to exhibit a compound annual growth rate (CAGR) of 7.2% during the forecast period. It is likely to reach a valuation of USD 26,630.4 million.
The upsurge in STBs due to the affordability of smart TVs, network infrastructure, and network communication technologies can bode favorably for the market. Innovation in terms of channels, content, and pricing are pivotal metrics considered by vendors in driving the market demand. for new-age content as well as the expendable income levels of customers can drive the need for set-top boxes till 2023.
Rise of over-the-top (OTT) services for viewing channels without further payment to existing subscription can favor the global STB market. The potential for STB boxes to be viewed across multiple screens can fuel its potential till the end of the forecast period. The offerings in 4K and UHD resolutions and rise of intelligent homes amid Wi-Fi as well as emergence of applications for shopping to fuel sales can drive the market growth.
But regulations for making interoperability within set-top boxes can hamper the market growth.
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Vishay Intertechnology, Inc., Skyworth Digital Holdings Limited, Google LLC, Apple Inc., Huawei Technologies Co. Ltd., ARRIS International plc., EchoStar Corporation, Technicolor SA, Samsung Group, Kaonmedia Co, Ltd., and Sagemcom SAS are key players of the global set-top box market.
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By product type, it is segmented into over-the-top content (OTT), internet protocol (IP) TV, digital terrestrial television, cable, satellite, and others. The satellite segment accounted for close to 28% market share with a valuation of USD 4,884.1 million in 2017.
By content quality, it is segmented into standard definition, high definition, and 4K. The high definition segment is predicted to exhibit 5.8% CAGR over the forecast period. This is driven by the high picture and sound quality of HD content.
By services, it is divided into managed Services (Testing, Repairing, and Screening) and interactive services (Video on Demand, Video Conferencing, and High-Speed Internet Television). The interactive services segment is deemed to perform exceptionally owing to the popularity of on-demand services by the public.
End users of set-top boxes are commercial and residential. The residential segment accounted for 75.90% in 2017. It can continue to be the biggest revenue generator till 2023 owing to the high viewership in residential households.
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Asia Pacific (APAC) is likely to spearhead the global set-top box market during the forecast period. In 2017, the region accounted for 39.52% market share and is projected to exhibit a CAGR of 8.8% over 2023. Factors such as rapid adoption of virtual and augmented reality (VR AR), IoT integration, shift towards Wi-Fi, and growing per-capita income are supporting the growth of the set-top box market. At the same time, rising viewership in countries such as India , China, and Indonesia is providing an impetus to the set-top box market in the region. Policy reforms and advances in the telecom sector are other business drivers of the market in the region. For instance, Dish TV has decided to offer channel packages in light of various Indian festivals to appeal to their sense of celebration.