The global set-top box market is showing immense growth; mainly due to the growing need for high definition content and growing popularity of smart televisions. The growing adoption of hybrid boxes is boosting the market growth due the increasing demand of over-the-top content services. With the advancements in technology, increasing focus on HD videos and powerful interfaces with technology are major factors driving the growth of set-top box market.
According to a recent study report published by Market Research Future, The global market of set-top box is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Increasing demand for of 4K TVs is expected to provide support to the growth of the set-top box market one major factor driving the growth of set-top box market. Also, growing demand for IPTV is another major factor responsible for fuelling the market growth. Technological advancements and growing acceptance of standard protocols for lighting control is boosting the growth of set-top box market. Also, increasing demand for set-top box from various end users like residential, and commercial is another major factor driving the market growth. The set-top box market is highly competitive due to the increase in demand for digital terrestrial television and developments in the field of internet of things. On the other hand, domestic production and availability of low-cost products are major factors hindering the growth of set-top box market. Also, security and privacy issues are other factors that may hamper the market growth.
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Huawei Technologies Co. Ltd. (China), Apple Inc. (U.S.), Google Inc. (U.S.), Samsung Group (South Korea), Arris International Plc. (U.S.), EchoStar Corporation (U.S.), Humax (U.K), Sagemcom (France), Technicolor SA (France), and Skyworth Digital (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Set-top Box Market.
The global Set-Top Box Market is growing rapidly over 6% of CAGR and is expected to reach at USD 31 Billion by the end of forecast period.
Latest Industry News
Jan 2017 – Facebook Inc. is creating an app for television set-top boxes, including Apple’s TV. An app for set-top boxes would bring Facebook closer to live video and video advertisements. Live video is also becoming a highly competitive feature on social platforms, with companies competing to stream major sports events and exclusive video components from high-profile events.
Jan 2018 – Dish adds Google Assistant to Set-Top Boxes. Google Assistant is going to add a host of new functionality to these set-top boxes. “OK, Google” voice commands will control the cable box, and it can use your smartphone to issue those commands.
Oct 2017 – Huawei IPTV set-top box now supports Dolby HRD system. The Huawei Q22 internet protocol television set-top box is similar to the Apple TV and Amazon Fire TV, which claims to improve the TV experience in the home by delivering better brightness and contrast as well as a palette of rich colours. Huawei has partnered with the Dolby Laboratories to announce the first Internet Protocol television (IPTV) set-top box integrated with Dolby Vision high-dynamic-range (HDR) technology, dubbed as the Huawei Q22.
Set-top Box Global Market – Competitive Analysis
The market of set-top box appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the set-top box market in North America owing to the presence of a large number of established key players such as Apple Inc., Google Inc., Arris International Plc. And EchoStar Corporation among others. Also, U.S. is leading the market in North America due to the rising demand for hybrid set-top boxes and high-speed communication. Also, growing demand for digital terrestrial television broadcasting and BS digital broadcasting, are the major factors driving the growth of set-top box market in the region. Also, due to the drastic fall in the usage of native applications and a considerable shift towards the adoption of over-the-top (OTT) streaming and app-based multi-screen experiences capturing mindshare from traditional TV and smart TVs in the region, the market is likely to show immense growth in the coming future. Set-top box market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to increasing adoption of smart TVs and growing demand for high definition content in China and India in the region. Whereas, the Europe market for set-top box is expected to grow at a considerable CAGR (2017-2023).
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