Future Market Insights (FMI) in a recent market survey offers insights into various aspects impacting the global set top box market, comprising key drivers, challenges, opportunities, and restraints. The study covers recent developments across segments of the market such as product type and video quality across seven major regions.
DUBAI, UAE, Nov. 30, 2021 /PRNewswire/ — Global sales of set-top boxes are projected to grow at a robust 9% CAGR over the forecast period of 2021 and 2031, opines Future Market Insights (FMI) in a recent market analysis.
Increasing adoption of smart technologies and devices will continue propelling sales of set-top boxes, pushing the market size from US$ 28 Bn in 2021 to US$ 46.09 Bn in 2031.
Growing penetration of smart televisions across the globe is anticipated to spur the demand for high-definition (HD) set-top boxes. Against this backdrop, FMI has forecast sales of set-top boxes to grow by 11% year-over-year between 2020 and 2021.
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Besides this, rising popularity of over-the-top (OTT) platforms is creating a conducive environment for growth in the global set-top box market. This trend is increasingly becoming prevalent in countries such as India, China, and Japan.
To capitalize on this trend, manufacturers are launching set-top boxes in collaboration with OTT platforms such as Amazon Prime and Discovery+ to gain a competitive edge. As a result, sales of OTT device set-top boxes are expected to gain traction in the forthcoming years.
Further, governments in various countries are encouraging the adoption of smart technologies and devices. For instance, the Cable Television Networks Act in India mandates the adoption of set-top boxes to prevent the broadcasting of illegal channels and provide a better video quality to residents living in rural areas.
As per FMI, the U.S. is expected to emerge as a lucrative pocket in the North America set-top box market. Growth is attributable to rising demand for IPTV set-top boxes and increasing popularity of OTT platforms in the country.
“Ongoing advancements in digital broadcasting technology are expected to create lucrative opportunities for players operating in the global set-top box market. In addition to this, growing popularity of OTT platforms through social media is expected to continue pushing sales of set-top boxes over the forecast period,” says an FMI analyst.
- In terms of product type, sales of OTT (over-the-top) set-top boxes are expected to total US$ 3.03 Bn in 2021.
- Based on video quality, the HD video quality segment is projected to top US$ 18.5 Bn by 2031.
- Sales of set-top boxes in the U.S. are estimated to remain high due to growing popularity of OTT device set-top boxes.
- North America set-top box market is projected to surpass US$ 4.2 Bn in 2021.
- India will emerge as a lucrative set-top box market, owing to government initiatives such as Make in India that are encouraging the adoption of smart technologies in rural areas.
- China is expected to account for a dominant share in the East Asia set-top box market, exhibiting an incremental opportunity of US$ 10.05 Bn by 2031.
- Japan and South Korea are expected to command 34% and 20% of the global set-top box market share in 202, respectively.
- Growing demand for features such as digital video recording is expected to propel sales of set-top boxes.
- Increasing preference for HD and 4K video quality support will continue boosting demand for IPTV set-top boxes.