Set-top box market to grow 9% through 2031 thanks to increased sales of smart TVs: IMF
DUBAI, United Arab Emirates, November 30, 2021 / PRNewswire / – Global Sales of decoders are expected to grow at a robust 9% CAGR over the forecast period of 2021 and 2031, estimates Future Market Insights (IMF) in a recent market analysis.
The growing adoption of smart technologies and devices will continue to drive sales of set-top boxes, increasing the market size from 28 billion US dollars in 2021 to US $ 46.09 billion in 2031.
The growing penetration of smart TVs across the world is expected to drive the demand for high definition (HD) set-top boxes. In this context, IMF predicts that sales of set-top boxes will increase by 11% year-on-year between 2020 and 2021.
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In addition to this, the growing popularity of over-the-top (OTT) platforms is creating an environment for growth in the global set-top box market. This trend is increasingly widespread in countries such as India, China, and Japan.
To capitalize on this trend, manufacturers are launching set-top boxes in collaboration with OTT platforms such as Amazon Prime and Discovery + to gain a competitive advantage. As a result, sales of OTT device set-top boxes are expected to gain momentum in the coming years.
In addition, governments in various countries are encouraging the adoption of smart technologies and devices. For example, the law on cable television networks in India mandates the adoption of set-top boxes to prevent the broadcasting of illegal channels and provide better video quality to residents living in rural areas.
According to the IMF, the United States is expected to become a lucrative pocket in the North America decoder market. The growth is driven by the growing demand for IPTV set-top boxes and the growing popularity of OTT platforms in the country.
âThe continued advancements in digital broadcasting technology are expected to create lucrative opportunities for players operating in the global set-top box market. In addition to this, the growing popularity of OTT platforms via social media is expected to continue to push sales of set-top boxes over the forecast period, âsays an IMF analyst.
Key points to remember:
- In terms of product type, sales of over-the-top (OTT) decoders are expected to total 3.03 billion US dollars in 2021.
- Based on the video quality, the HD video quality segment is projected at the top US $ 18.5 billion by 2031.
- Set-top box sales in the United States are estimated to remain high due to the growing popularity of OTT device set-top boxes.
- North America the set-top box market is expected to exceed 4.2 billion US dollars in 2021.
- India will become a lucrative set-top box market, thanks to government initiatives such as Make in India that encourage the adoption of smart technologies in rural areas.
- China should represent a dominant part in the East Asia set-top box market, presenting an additional opportunity to US $ 10.05 billion by 2031.
- Japan and South Korea are expected to hold 34% and 20% of the global set-top box market share in 202, respectively.
- Growing demand for features like digital video recording is expected to drive sales of set-top boxes.
- Growing preference for HD and 4K Video quality support will continue to drive demand for IPTV set-top boxes.
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Leading players operating in the global set-top box market are investing in collaborations and partnerships to launch innovative products aligned with rapid technological advancements. This should help set-top box players gain a competitive advantage in the market. For example:
- In March 2021, Discovery + has announced its collaboration with the JioFiber decoder. Through this partnership, Discovery + brings quality content in over 40 genres to JioFiber users, including science, adventure, lifestyle, food and animation.
- Broadcom has launched a high definition satellite set-top box with integrated MoCAÂ® to deploy an interconnected entertainment environment featuring a multi-room DVR supported by the Digital Living Network alliance.
The major players operating in the set-top box market presented by FMI are:
- Humax Co. Ltd.
- Huawei Technologies Co. Ltd.
- Kaonmedia Co. Ltd.
- Technicolor SA
- ADB (Advanced Digital Broadcast) SA
- Sagemcom SAS
- Samsung Electronics Co. Ltd.
- ARRIS Group inc.
- EchoStar Corporation
- Texan instrument
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More information on the IMF decoder market
The latest market research on Set Top Boxes Market by Future Market Insights gives detailed segmentation for the forecast period 2021-2031. In order to get a better perspective on the global set-top box market potential, growth, trends, and opportunities, the market is segmented on the basis of:
- Cable decoders
- Satellite decoders
- IPTV set-top boxes
- OTT (Over the Top) devices
- Standard definition decoders
- High definition decoders
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (AEM)
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Key Questions Answered In The Set Top Boxes Market Report
- The report offers in-depth information about the demand outlook of the Set-top Box market for 2021-2031.
- The market research also highlights the expected sales growth for the Set Top Boxes market between 2021 and 2031.
- The Set Top Boxes market research identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancements within the industry. .
- Analysis of the set-top boxes market share of key companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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About Future Market Insights (FMI)
Future Market Outlook (IMF) is a leading provider of business information and advisory services, serving clients in more than 150 countries. IMF is headquartered in Dubai, and has delivery centers in UK, US and India. the last IMFmarket research reports and industry analysis help companies meet challenges and make critical decisions with confidence and clarity amid fierce competition. Our personalized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continually monitors emerging trends and events across a wide range of industries to ensure our clients are preparing for the changing needs of their consumers.
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