Set Top Box Industry Overview
The global set top box market demand is expected to reach 357.0 million units by 2028, registering a CAGR of over 4% in terms of volume from 2021 to 2028, according to a new report by Grand View Research, Inc. The STB demand has witnessed a dramatic surge over the past few years owing to the continued efforts by the industry players to enhance the television experience for viewers by offering facilities, such as digital video recording, improved picture and sound quality, and storage options. As a result, cable service providers, telecommunication companies, and digital satellite providers are actively involved in the promotion and installation of STBs. Although the market has been witnessing dwindling sales and subsequently sluggish growth in the wake of the outbreak of the COVID-19 pandemic, the rising OTT viewership and growing preference for engaging media content has helped the market recover and grow gradually.
Mandates regarding the digitization of TV broadcasting issued by various governments across developing countries worldwide and the growing preference for smart TVs among consumers are some of the critical factors that are expected to drive the market growth. The growing preference for High Definition (HD) channels and the popularizing trend among broadcasters to offer various value-added services, including subscription packages, are also poised to trigger the demand for set top box (STB) over the forecast period.
Set Top Box Market Segmentation
Grand View Research has segmented the global set top box market based on product, content quality, and region:
Based on the Product Insights, the market is segmented into IPTV, Satellite, Cable, DTT, and OTT
- Cable STBs dominated the market in 2020 with more than 70 million units sold during the year.
- The OTT segment is anticipated to exhibit the highest CAGR of more than 6.0% from 2021 to 2028.
Based on the Content Quality Insights, the market is segmented into HD & Full HD and 4K & Above
- The HD and Full HD segment is anticipated to dominate the market with a volume and revenue share of over 90% over the forecast period, primarily owing to the range of benefits, including accessibility to a broader variety of channels than the 4K counterpart.
- The 4K and above segment is projected to grow substantially, exhibiting a CAGR of more than 8% from 2021 to 2028. The growth can be attributed to the rising demand for high-resolution content and sharp picture quality.
Set Top Box Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The vendors are introducing Artificial Intelligence (AI) in set top boxes to provide personalized services, cut the backend server costs, reduce human interference, and utilize the available bandwidth effectively. They are also integrating voice recognition technology for channel control, issuing other commands for services, including weather and music, and enhancing digital signal strength. At present, market incumbents are aggressively focusing on integrating AI and voice interfaces within STBs while ensuring a sleek design.
Some prominent players in the global Set Top Box market include:
- Commscope (ARRIS International, plc)
- Coship Electronics Co.Ltd.
- Huawei
- Kaonmedia Co., Ltd.
- Sagemcom SAS
- Samsung Electronics Co. Ltd.
- Technicolor SA
- Advanced Digital Broadcast (ADB)
Order a free sample PDF of the Set Top Box Market Intelligence Study, published by Grand View Research.
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