PUBLISHER: Grand View Research | PRODUCT CODE: 1301256
PUBLISHER: Grand View Research | PRODUCT CODE: 1301256
The global set top box market size is expected to reach USD 30.52 billion by 2030, expanding at a CAGR of 3.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to increasing consumer inclination toward smart TVs and High Definition (HD) channels across the globe. Several broadcasters are now offering various value-added services, such as subscription packages, that are driving the demand for Set Top Boxes (STB).
Government initiatives toward digitization of TV broadcasting across several developing countries is playing a key role in enhancing the set top box market outlook. In 2022, the National Radio and Television Administration of China issued a document aimed at expediting the development of HD and Ultra-high Definition (UHD) and broadcasting capabilities across provincial TV stations by the end of 2023.
The set top box market witnessed a drastic rise in product demand in recent years owing to the ongoing initiatives by industry players to deliver enhanced television experience through digital video recording, better picture & sound quality, and storage options. Therefore, cable service providers, telecommunication companies, and digital satellite providers are actively involved in the promotion, resulting in increased installation of set top boxes.
The growth of set top box market is being significantly proliferated by the ongoing technological developments and new product launches by the market layers. In 2022, a prominent telecommunications provider ZTE Corporation launched the ZTE 8K set-top box in collaboration with Amlogic. The latest 8K set top box provides immersive 4K UI and enhanced ultra-HD video quality, offering excellent audiovisual experience to the audience. It also has powerful AI computing capabilities that facilitate 3D digital services such as digital museum, digital theatre, and digital tours on the TV.
The outbreak of the COVID-19 pandemic made a serious impact on the set top box market, however, increasing OTT viewership and growing preference for engaging media content has helped the market recover and grow gradually. The rising adoption of Android and hybrid set top boxes in line with the growing popularity of OTT platforms is creating considerable growth opportunities for the market. OTT set top boxes are gaining massive traction across the Pay-TV broadcasting scenario in the emerging markets with abundant availability of free video content. Besides, several major OTT platforms, such as Netflix and Amazon, have been offering high-quality 4K content, driving the demand for set top boxes.
able of Contents