Global Set-Top Box Market to Reach US$ 21.8 Billion by 2024

According to the latest report by IMARC Group, titled “Set-Top Box Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global set-top box market size reached US$ 17.6 Billion in 2018. A set-top box (STB) is a device that receives and decodes a television signal or Internet data and broadcasts it on a television screen or other display devices. The STB is widely used in cable, satellite, and over-the-air (OTA) television systems. Apart from offering the users a seamless TV viewing experience, it also enables them to record television programs and perform complex functions, such as home networking, video-on-demand, video conferencing and internet protocol (IP) telephony.

Global Set-Top Box Market Trends:

Digitization of televised networks, along with the reduced average selling prices (ASPs) of television sets, is one of the key factors driving the market growth. With improving living standards and inflating disposable income levels, TV sets are no longer a luxury product afforded only by a handful. This has consequently increased the sales of TV sets, which in turn has accelerated the demand for set-top boxes. Moreover, the rising adoption rates of smart televisions and Internet-based STB devices, along with a steadily growing demand for high-quality video streaming and interactive videos, are influencing the growth of the market. The rising trend of over the top (OTT) set-top box, advancements in digital broadcast technologies, and the implementation of governmental regulation promoting the shift from cable TV to set-top boxes in various countries, such as India, are some of the other factors driving the market further. On account of the aforementioned factors, the market is expected to reach a value of US$ 21.8 Billion by 2024, registering a CAGR of 3.6% during 2019-2024.

Market Summary:  

• On the basis of type, the market has been divided into cable, satellite, Digital Terrestrial Television (DTT), Internet Protocol (IP) and Over-The-Top (OTT) STBs. Among these, satellite STBs represent the most preferred type.   
• Based on the resolution, High Definition (HD) represents the largest segment in the market. Other major segments include Standard Definition (SD) and Ultra-High Definition (UHD).
• On the basis of the end user, the residential segment accounts for the majority of the total market share, followed by commercial and others.
• Based on the service type, the market has been bifurcated into PayTV and Free-to-Air, wherein PayTV exhibits a clear dominance in the market.
• On the basis of the distribution channel, the online segment leads the market, followed by offline stores.
• On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some of these include ARRIS International Limited, HUMAX Electronics Co. Ltd., DISH Network Corporation, Roku, Inc., Huawei Technologies Co., Ltd., Technicolor SA, Apple, Inc., Google LLC, Samsung Electronics Co., Ltd., EchoStar Corporation and Skyworth Digital Technology Co. Ltd.

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