Set Top Box Market Size to Boost USD 20 Billion By 2026 | CAGR 8% - IndustryARC
September 23, 2022
Stringent Government Initiatives for Mandating Digitalization of Cable TV are fuelling the growth of the Set Top Box Market.HYDERABAD, TELANGANA, INDIA, September 23, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that The Global Set-Top Box Market size accounted for $20 billion in 2020 and is anticipated to witness significant market growth with CAGR of 8% during forecast period 2021 to 2026. The market is anticipated to increase due to rising internet and broadband adoption, as well as a growing desire for HD channels and on-demand video services. Over the projected period, a considerable increase in viewership across OTT platforms such as Amazon Prime Video, Hulu, Disney+ Hotstar, and Netflix are attributable to high-income generation. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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This IndustryARC report on the Set-Top Box Market highlights the following areas -
1. Technological advancements have resulted in the creation of a diverse range of STBs with a variety of functions. One of the most sought-after features is digital video recording, which allows viewers to watch and record their favorite shows simultaneously.
2. The market growth is being driven by the ongoing commoditization of sporting and entertainment services, as well as increased competition among OTT providers.
3. The market in the APAC region is being driven by major improvements in digital technology, as well as a surge in broadband service usage.
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1. Over-The-Top (OTT) STB segment is anticipated to witness significant market growth with CAGR 6% during the forecast period 2021-2026. The restricted genre selection, packaging flexibility, broader device availability, internet penetration, and overall cheaper costs are all factors that have contributed to increased acceptance. Furthermore, the growing desire for customized experiences has resulted in high OTT device adoption rates.
2. APAC region is anticipated to witness significant market growth with a CAGR of 35% during the forecast period 2021-2026. Rapid urbanization, rising disposable incomes, and increased use of Over the Top (OTT) media services are among the major drivers driving the market growth.
3. 4K&above segment is anticipated to witness significant market growth with a CAGR of 7% during the forecast period 2021-2026.The lower pricing of high-resolution televisions is attracting buyers and generating demand in emerging markets. The rise is due to new features like high resolution and picture clarity, as well as Dolby Digital sound, which enables theatrical experiences on larger screens.
The top 5 players in the Set-Top Box industry are -
1. ARRIS International
2. DISH Network
3. HUMAX Co. Ltd.
5. Samsung Electronics Limited
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