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The global set-top box market is expected to record upscale growth driven by increasing purchase of HD television worldwide. Consumers nowadays are gravitating towards HDTVs as they provide enhanced picture and sound quality. However, these devices operate at their best performance conditioned to the use of ultra HD and 4K set-top box (STB). A report published by Global Market Insights, states that the global market size is expected to exceed USD 21 billion by 2027. Government backed initiatives to boost digitalization and development of new infrastructures like hotels and offices could boost the demand for advanced set-top box.Mentioned below are certain trends budding in the market:
1) Surging demand for hybrid STBs
Hybrid STB are devices that support internet-based and satellite broadcasting capabilities. The trending scenario of combining OTT application with satellite & cables TVs could generate lucrative prospects for STB manufacturers. Consumers at the moment are requesting for hybrid set-top boxes that offers TV programs as well as support OTT application. This trend of OTT is particularly spurring among younger population, a factor that may propel the demand for hybrid STBs.
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2) Setbacks incurred by COVID-19
The COVID-19 pandemic has severely affected the set-top box market growth. Governments across the globe have imposed many restrictions on movements of public in the first half of 2020. These restrictions have resulted in a gradual reduction in set-top box sales, hindering market share. However, according to recent surveys, the set-top box industry is estimated to see substantial growth in the year 2021 with the expected revival of economy.
3) Travel & tourism sector to offer impetus
Steady expansion in the travel and tourism industry could encourage the construction of new hotels. Owing to increasing commercial infrastructural development in economies including the UK, France, and Germany, the set-top box market may witness decent growth. Lucrative growth opportunities are likely to be offered to set-top box service providers in view of the presence of new hotels and resorts such as Hilton Group and Courtyard Group in Europe.
4) Strategic initiatives by the key players
Some of the major players operating in the set-top box market include Technicolor SA, Sercomm Corporation, Kaon Media Co., Ltd., TechniSat Digital GmbH, ADB Global, Samsung Electronics, and Mybox Technologies Pvt. Ltd. Companies are focusing on taking strategic initiatives to maintain financial stability and stay competitive in the market. These players are also launching innovative products and are enhancing their product offerings. For instance, in September 2019, Sagemcom and SFR Group launched the Box 8 TV set-top box that is integrated with voice assistant to control audio and video, offering enhanced entertainment experience.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Info:
Name: Arun Hegde
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Organization: Global Market Insights Inc.
Address: 4 North Main Street, Selbyville, Delaware 19975 USA
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/set-top-box-market
Release ID: 89037974
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