The global 4K set-top box (STB) market size is projected to reach USD 7.18 billion by 2024, as per a new report by Grand View Research, Inc. The growing inclination of the global public toward ultra-high definition video viewing can be attributed as a major reason for the 4K STB market growth.

The demand for media-rich home entertainment services among consumers is increasing and is anticipated to fuel market growth. The market is anticipated to gain traction in Asia-Pacific owing to the strong presence of low-cost STB manufacturers, especially in countries such as Korea, Taiwan, and China.

The increasing penetration of 3-D and 4K TVs and escalating demand for large-screen displays are fueling the demand for ultra high-definition (UHD) STBs. The computational capabilities of STBs in combination with the advent of quality standards to satiate growing customer expectations have culminated in the STB market growth.

The Asia-Pacific 4K STB market was valued at just over USD 50 million in 2015 and is projected to witness high growth over the next 8 years. India is poised to emerge as a lucrative market for UHD STBs with the country expected to witness a CAGR substantially higher than the regional average. Several DTH operators such as Tata Sky, Videocon, and Airtel have launched UHD STBs and are attempting to achieve a higher rural penetration with affordable regional packages.

Internet Protocol Television (IPTV) 4K STBs accounted for over 20 percent of the market share in 2015 and are expected to witness considerable growth over the forecast period. Increasing broadband penetration can be attributed as the major reason for the rise in the market share of IPTV 4K STB devices. The IPTV set top box product segment is projected to gain traction owing to benefits such as integration of TV, PC, home phone, and wireless devices offering a high quality of viewing experience to the end-users.