According to the latest report by IMARC Group, titled “Set-Top Box Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global set-top box market size reached US$ 21.66 Billion in 2019. A set-top box (STB) is a consumer electronics device that acts as a building block of the digital broadcasting system. It comprises receiving digital signals, compressing and encoding, modulation, and network management and transmission technologies. It is manufactured by assembling components, such as tuners, system buses, decoders, graphic processors, storage devices, modulators and demodulators, and demultiplexers and decryptors. It offers a seamless TV viewing experience and enables users to record different television programs and perform other functions, such as home networking, video conferencing, video-on-demand and internet protocol (IP) telephony.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Set-Top Box Market Trends:
The market is currently experiencing steady growth, which can be accredited to the stringent regulations imposed by governments of numerous countries for digitalizing television networks. Besides this, reducing average selling prices (ASPs) of television sets is further fueling the growth of the STB market. Moreover, on account of the inflating income levels and improving standards of living, TV sets are no longer a luxury product that can be afforded only by a few individuals. Consequently, there is a rise in the sales of TV sets, which in turn is escalating the demand for STBs around the world. Furthermore, the increasing adoption rates of smart TVs and Internet-based STBs, along with the steadily growing demand for high-quality video streaming and interactive videos, are bolstering the market growth. Other factors that are anticipated to propel the market growth in the coming years include the rising trend of over the top (OTT) STB and advancements in digital broadcast technologies. Looking forward, the market value is projected to reach US$ 24.14 Billion by 2025, expanding at a CAGR of 1.8% during the forecast period (2020-2025).
Market Summary:
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