Set-top box market revenue to cross USD 20 bn by 2028

The set-top box market size is anticipated to record a valuation of USD 20 billion by 2028, according to the most recent study by Global Market Insights Inc. The market growth is attributed to the company’s focus on new product innovations to improve their industry statistics. Integration of high-performance graphics processors to enhance the user experience is creating robust opportunities.

COVID-19 pandemic has adversely affected the set-top box market expansion across the globe. First and second wave in 2020 & 2021 forced almost every country to enforce severe lockdown to curb the virus transmission. These safety measures has created hinderance in the sales and installations of set-top boxes in majority of regions. Import and exports of STBs were disrupted due to restrictions on the international goods transport. However, market is estimated to show steady growth post pandemic owing to initiatives by government for economy revival.

Set Top Box Market

Europe set-top box market is growing credited to the increasing use of technology in the entertainment sector. The key players, such as Advanced Digital Broadcast, Amino Technologies, and Technicolor SA, are focusing on partnership to enhance their service offerings. For instance, in December 2020, RealVNC and Technicolor Connected Home announced a joint initiative to provide Network Service Providers (NSPs) and Android TV STBs & their comprehensive remote support for Android TV CPE customers. The connected TV solution from RealNVC allows NSP Customer Service Representatives (CSRs) and installation engineers to remotely view, control & diagnose the Android TV CPEs

Key players operating in the set-top box market include TechniSat Digital GmbH, Kaon Media Co., Ltd., Advance Digital Broadcast SA, Mybox Technologies Pvt. Ltd. (Hero Electronix Venture), Zinwell Corporation, Guangdong Hybroad Vision Electronics Technology Company Ltd., Samsung Electronics, Amino Technologies plc, Shenzhen SEI Robotics Co., Ltd, HUMAX Co., Ltd., Sagemcom Broadband SAS, Commscope,Inc.(Arris), Technicolor SA, Skyworth Digital Co., Ltd., HUMAX Co., Ltd., Sercomm Corporation and Sumitomo Electric Industries, Ltd. Market leaders are focusing on partnership with cable broadcasting companies to supply their STBs and to increase their revenue stream.

Some major findings in the set-top box market report include:

• Increasing consumer disposable income and growing set-top boxes adoptions in commercial applications is driving the market demand in North America. Companies are launching their new products to stay competitive in this potential market.
• Rising demand for hybrid STBs and availability of technologically advanced STBs is supporting the industry growth in the Europe. Industry participants are establishing strategic partnership with OTT service providers to enhance their service offerings.
• Increasing population and urbanization at significant pace is accelerating the set-top boxes acceptance in residential sector of APAC. Supportive government regulations regarding digital broadcasting services are propelling the industry demand in the region.
• Proliferation of OTT service providers and increasing number of DTH subscribers is fueling the STB sales in the Latin America. OTT companies are offering discounts on their subscription to increase their consumer base, will foster the sale of IPTV/OTT set-top boxes.
• Significant proliferation of hospitality industry in MEA region is creating robust market opportunities in the commercial sectors. Furthermore, considerable internet penetration and significant digitalization is playing vital role in improving the industry expansion.

PR Newswire