The Set-top Box Market is expected to grow at a CAGR of around 5% from 2021-2027.
A comprehensive overview of the Set-top Box market is recently added by UnivDatos Market Insights to its humongous database. The Set-top Box report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Set-top Box market. The Set-top Box report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Set-top Box at the global and regional levels. The Set-top Box Market is expected to grow at a CAGR of around 5% from 2021-2027.
Market Overview
A set-top box is a hardware device that allows a digital signal to be received, decoded, and displayed on a television. The signal can be a television signal or Internet data and is received via cable or telephone connection. A rise in internet penetration coupled with the surging 4G or 5G technology globally is leading to the growth of the market. It was expected that globally, almost 85% of the population will be covered by a 4G network at the end of 2020. Moreover, between 2015-20, 4G network coverage increased two-fold globally
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Furthermore, around 93% of the world population has access to a mobile broadband network, less than half a percentage point higher than a year ago. FWA (4G and 5G) subscriptions will reach 473 million by 2030, representing 36% of the global fixed broadband users. APAC and Europe will represent almost half of the global 5G FWA subscribers. With 5G in the pipeline across a majority of the countries, allied market players are encompassing allied features to make the STB compatible for 5G networks. In October 2020, ZTE launched the first 5G converged set-top box with a gigabit gateway and router However, more than 68% of the households in the world excluding China do not have access to fixed broadband. This number is expected to decrease to 54% by 2030
COVID-19 Impact
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities, during the COVID-19 pandemic, Millions of Americans sit at home during the COVID-19 crisis and turn to their TVs as a primary source of news, information, and entertainment. Cable news network viewing rose by 73% versus the same week in 2019. This rise tends to be powered by viewing, with increases of 102% and nearly 82% compared to the same week in 2019. Thus, this has created a huge demand on the set-top box market across the region.
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The Set-top Box Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily bifurcated into
• Cable
• Satellite
• IPTV
• DTT
• OTT
The cable segment gathered a major market share of Set-top Box in 2020 and grabbed
X% market share. However, the OTT segment would witness the highest CAGR in the forthcoming years. As per a study, more than 51 million US households regularly stream content from an OTT platform and 46% subscribe to two or more OTT services (most average 3.4 subscriptions), a 130% increase since 2014. people spend over 100 minutes on OTT apps every day and pay an average of US$8.53 per month per service.
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By Resolution Type, the market is primarily bifurcated into
• HD & Full HD
• 4K & Above
The HD & full HD segment grabbed a major market in 2020. The amplified demand for reliable content and the ability of HD STBs to be connected to monitors and TVs makes them a versatile addition to viewing experiences. Moreover, most STBs maintain HD content as their median product in the market, with lower ends typically featuring SD and the higher ends moving towards 4K and 8K content. The rise of Blu-ray technology allowed HD media to grow and made it a staple in the industry
Set-top Box Market Geographical Segmentation Includes:
· North America
· Europe
· Asia-Pacific
· Rest of the World
Based on the estimation, the North America region grabbed a major market share in 2020. An increase in digital entertainment penetration among rural and urban populations across the region is one of the main factors influencing the market growth positively. Increased consumer knowledge of rapid technological developments and the comparison between quality, features, pricing, and benefits have been seen in the region, especially among the urban population. Regional development has been positively impacted by the emergence of major set-top box vendors in countries such as the US and Canada. In addition, in developing countries, the rising prominence of global Over-the-top service providers—such as Netflix, and Amazon Prime Video—is expected to accelerate growth exponentially.
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The major players targeting the market includes
• Huawei Technologies Co. Limited
• ARRIS International PLC (CommScope Inc.)
• Technicolor SA
• Intek Digital Inc.
• HUMAX Electronics Co. Ltd
• ZTE Corporation
• Skyworth Digital Ltd
• Sagemcom SAS
• Samsung Electronics (M Box)
• Gospell Digital Technology Co. Limited
The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Set-top Box market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Set-top Box Market?
· Which factors are influencing the Set-top Box market over the forecast period?
· What are the global challenges, threats, and risks in the Set-top Box Market?
· Which factors are propelling and restraining the Set-top Box Market?
· What are the demanding global regions of the Set-top Box Market?
· What will be the global market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by global companies?
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