The latest report by IMARC Group, titled “Asia Pacific Set-Top Box Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” finds that the Asia pacific set-top box market is expected to exhibit a CAGR of 1.7% during the forecast period (2024-2032). A set-top box (STB), also known as a set-top unit, is an electronic device that receives digital transmissions and decodes audio and video programs to display them on televisions (TVs). It is a complex embedded system that connects the external source of signals to the television and converts them into content. It includes various features such as recording, video on demand, full high-definition (HD) Video output, and time shift mode viewing. It also supports two-way communication, allowing interactive features, including adding premium channels directly from the device or accessing the Internet. Moreover, it enables users to access multiple TV delivery methods, like the Internet, satellite, terrestrial, and cable. As a result, set-top boxes are widely adopted in residential and commercial sectors across the Asia Pacific region.
Asia Pacific Set-Top Box Market Trends:
The market is primarily driven by rapid urbanization, inflating disposable incomes of individuals, and the escalating demand for media-rich home entertainment services. Moreover, the rising utilization of Over the Top (OTT) and value-added services, including high-definition (HD) channels, interactive videos, and channel pack subscriptions, are providing a positive thrust to the market growth. Besides this, the growing integration of the Internet of Things (IoT), gaming platforms, virtual reality (VR), artificial intelligence (AI), motion sensors, and Bluetooth connectivity represent another major growth-inducing factor. Along with this, with the sudden outbreak of coronavirus disease (COVID-19) and lockdowns, individuals are spending more time indoors, thereby escalating the demand for media and entertainment services which is propelling the market growth. Apart from this, the introduction of hybrid set-top boxes, which support Internet Protocol (IP)-based and broadcasting video and encourages users to view digital cable programming along with videos from the local IP network or Internet, is augmenting the market growth. Furthermore, government authorities are taking various initiatives to promote the installation of set-top boxes across Asian countries, which is also creating a positive market outlook across the region.
- Based on the type, the market has been segmented into cable, satellite, digital terrestrial television (DTT), Internet protocol (IP), and over-the-top (OTT) STBs.
- On the basis of the resolution, the market has been divided into high definition (HD), standard definition (SD), and ultra-high definition (UHD).
- Based on the end user, the market has been segregated into residential, commercial, and others.
- On the basis of service type, the market has been bifurcated into pay TV and free-to-air.
- Based on the distribution, the market has been classified into online and offline distribution.
- Region-wise, the market has been divided into China, Japan, India, South Korea, Australia, Indonesia, and others.
- The competitive landscape of the market has also been examined in the report, along with the detailed profiles of key players operating in the industry.
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