The COVID-19 pandemic disruption is estimated to transform the set-top box market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the set-top box market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
The digitization drive carried on by governments is expected to catalyze the adoption of set-top boxes over the next couple of years. The report offered by Market Research Future (MRFR) also highlights the fact that the global set-top box market is set to remain highly lucrative in the years to come. It asserts that the market is anticipated to reach USD 26,630.4 Mn mark by 2023, reflecting a CAGR of 7.2% across the assessment period (2017 to 2023). Increasing purchasing power owing to the economic development being observed in the global front is expected to lead the expansion of the market in the forthcoming years.
The rising demand for over the top (OTT) services is anticipated to provide impetus to the proliferation of the set-top box market in the years to come. Increasing awareness about the higher picture quality is also poised to fuel the shift to set-top boxes across the projection period. Also, increasing demand for HD channels is likely to influence the consumer preferences in favor of the set-top box market in the nearby future.
Drivers and Restraints
Adoption of set-top box has been wide-spread in the past couple of years. Numerous factors are linked with the upsurge of set -top box market. Moreover, increasing affordability of smart TV coupled with the rapid growth of HD channels is also influencing the market growth. At the same time, enhancing satellite commination and lowered cost of broadcasting along with increasing affordability of set-top box has also helped generate growth avenues for market players. The expansion of over the top (OTT) services has enabled viewers to view content of their choice without having to pay any extra monetary amount. Such factors are reflecting favorably on the set-top box market over the review period.
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The segmental analysis of the market is carried out on the basis of content quality, product type, services and end-user.
Based on the product type, the set top box market has been segmented into internet protocol (IP) TV, digital terrestrial television, satellite, Over-the-top (OTT) content, cable and others. The satellite segment holds the largest market share and is slated to exhibit an impressive growth rate during the projected future. This is mainly owing to the improved usage of set-top box to power satellite TV installations. The cable segment holds the second spot and was valued at USD 3,582.9 Mn in 2017.
Based on the content quality, the market has been divded into high definition, standard definition and 4K. In 2017, the high definition (HD) segment directed 41.5% share of the market and is anticipated to growth at 5.8% CAGR over 2023. High definition has become an essential technological feature in set-top boxes owing to the growing preference for HD content. The 4K segment holds the second major market share in terms of value. Moreover, the segment is expected to grow at the fastest CAGR during the forecast period.
Based on the services, the set top box market has been segmented into interactive and managed services. The managed services segment is further divided into repairing, testing, and screening. The interactive services segment is further classifed into video conferencing, high-speed internet television, and Video on Demand. The interactive services segment denotes the largest market share and is poised to witness a considerable growth rate during the projected future. Meanwhile, the managed services segment expected to rise at moderate pace till 2023.
Based on the end-user, the market has been bifurcated into residential and commercial segment. The residential segment commended for more than two-third share of the market in 2017. The is primairly owing to higher popularity of set-top box in the residential sector. The residential segment is slated to maintain its leading position beyond 2019.
The geographic analysis of the global set top box market has been conducted in four major regions, comprising the Asia Pacific, North America, Europe, and the rest of the world (includingLatin America, the Middle East and Africa).
Of these, Asia Pacific is the most lucrative regional market for set-top box systems. The set-top box market in APAC is poised to record 8.8% CAGR during the forecast period. The growing popularity of technologies such as AR & VR, growing viewership and improving infotainment and communication infrastructure are some of the influential lfactors fueling the market growth in APAC. Countries such as China, Japan, and India present tremendous growth opportunities owing to presence of a high number of viewers. North America is second in the profitabilty order, with a market valuation of more than USD 5.8 billion. Developed economies such the U.S and Canada are playing an essential role in propelling market in the region. Further presence leading market players puts the region at a favorable position in the global set-top box market.
The notable market players operating in the global market as identified by MRFR are Samsung Group, Apple Inc., EchoStar Corporation, Kaonmedia Co, Ltd., Technicolor SA, Sagemcom SAS, Huawei Technologies Co Ltd., Vishay Intertechnology, Inc. Skyworth Digital Holdings Limited, ARRIS International plc., and Google LLC.
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