Set-Top Box Market Soars to New Heights with Advanced Technologies and Streaming Integration-By PMI

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Prophecy Market Insights latest research report on the Set-Top Box Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.

Covina, Oct. 10, 2023 (GLOBE NEWSWIRE) — Set-top-box a hardware device help users to view video content from specific internet video providers by internet. They also convert a digital television signal to be viewed on conventional television set.

Technological advancement and new launched product has provided lucrative opportunities in target market growth. The industrial players will introduce new UHD and OTT boxes, which will help the market grow even more. In addition to on-demand video content and HD channels, the spread of internet services and bandwidth is anticipated to increase the demand for Set-Top-Box market growth over the forecast period.

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Key Highlights:

  • In August 2023, Airtel launched new model of Xstream set-top box that will run on Android 12 operating system out of box powered by quad-core processor and featured with 2GB RAM and 8GB of inbuilt storage.

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Key players:

The prominent player operating in the global set-top box market includes ARRIS International plc., Technicolor SA, Apple Inc., Bharti Airtel Ltd., EchoStar Corporation, HUMAX HOLDINGS Co., Ltd. (HUMAX Electronics Co., Ltd.), SAGEMCOM SAS, Samsung Electronics Co. Ltd., Roku, Inc., Skyworth Digital Holdings Ltd., and Huawei Investment & Holding Co., Ltd. (Huawei Technologies Co., Ltd.).

Analyst View:
Surge in use of smartphones and the spread of internet services and bandwidth is anticipated to promote market growth throughout the projection period. Presence of major players and growing market consolidation activities across globe to strengthen its position in market growth.

Key Market Insights from the report:          

Set-Top Box Market accounted for US$ 23.98 billion in 2022 and is estimated to be US$ 34.2 billion by 2032 and is anticipated to register a CAGR of 3.8%.The market report has been segmented on the basis of type, content resolution, application, and region.

  • By type, the satellite segment is accounted for major revenue share in 2018, owing to its high picture quality.
  • By content resolution, the secure digital segment accounted for major revenue share in 2018, owing to growing demand for high quality audio and video content. In addition, high definition segment is expected to account for significant share in the target market over the forecast period.
  • By application, the residential segment is accounted for major revenue share in 2018 due to high adoption of set-up box in households in developed as well as some developing economies.
  • By region, Asia Pacific set-top box market accounted for major revenue share in the global set-top box market and is further anticipated to maintain its dominance over the forecast period. This is attributed to presence of well-established set-top box brands in the countries in the region, coupled with availability of these brands through online platform, particularly in countries such as China, Japan, and India. The market in North America is expected to account for second-highest revenue share in 2018.

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Trends:

  1. Transition to 4K and 8K: With the increasing availability of high-definition and ultra-high-definition content, there is a growing demand for STBs that support 4K and 8K resolutions, providing viewers with a more immersive experience.
  2. Integration of Streaming Services: Many STBs now come with pre-installed streaming apps or offer easy access to popular streaming services like Netflix, Amazon Prime Video, and Disney+. This integration caters to the trend of cord-cutting and the rise of over-the-top (OTT) content consumption.
  3. Voice and Gesture Controls: STBs are incorporating advanced user interfaces, including voice recognition and gesture controls, making it more intuitive for users to navigate through content and services.
  4. Hybrid and Multi-Service STBs: Hybrid STBs that combine traditional cable or satellite TV with internet-based content are gaining popularity. These devices offer a seamless transition between linear TV and on-demand streaming.
  5. Energy Efficiency: Environmental concerns are leading to the development of more energy-efficient STBs, which is a key trend given the growing focus on sustainability and reducing carbon footprints.

Challenges:

  1. Cord-Cutting and OTT Competition: The increasing popularity of streaming services has led to cord-cutting, posing a challenge to traditional cable and satellite TV providers, which often supply STBs.
  2. Technological Obsolescence: Rapid advancements in technology can lead to the obsolescence of older STB models, requiring regular updates and investments by service providers to stay competitive.
  3. Regulatory Changes: Changes in government regulations and policies can impact the STB market, affecting issues such as content licensing, privacy, and net neutrality.
  4. Security Concerns: STBs are vulnerable to piracy and hacking, which can lead to content theft and unauthorized access. Ensuring robust security measures is a constant challenge.
  5. Competition from Smart TVs: Smart TVs with built-in streaming capabilities are becoming increasingly prevalent, posing competition to standalone STBs.

About us:

Prophecy Market Insights is specialized market research, marketing/business strategy, analytics, and solutions that offer strategic support to clients for making well-informed business decisions and identifying and achieving high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome transform and advance their businesses with growth.

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