LONDON–(BUSINESS WIRE)–January 4, 2021. The global set-top box market size is expected to grow by USD 4.19 billion during 2020-2024, progressing at a CAGR of over 3% during the forecast period.
The integration of voice control into set-top boxes is one of the major factors propelling market growth.
The convenience provided by the integration of voice control into set-top boxes has increased their preference among consumers. This is encouraging vendors to focus on the development of voice control features for their set-top boxes. Moreover, vendors that do not have their voice technology are integrating the Google or Amazon voice functionality. New set-top boxes can be controlled using Google Assistant-enabled devices, including Google Home, Android phones, and iPhones. Furthermore, these new set-top boxes allow consumers to change channels and adjust television and A/V receiver volume. For instance, Dish Network started integrating Google Assistant into its Hopper, Hopper Duo, Joey, and Wally set-top boxes. The integration of voice control features into set-top boxes to make them more convenient to use will subsequently fuel the growth of the set-top box market during the forecast period.
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Global Set-top Box Market: Type Landscape
The increasing demand for high-definition televisions among consumers is increasing the preference for satellite set-top boxes as it provides a wide variety of programs with clear visuals and immersive surround sound. Additionally, satellite service providers are also using new compression standards such as MPEG-4, which allow vendors to provide more HD channels by streaming them efficiently. Market growth in this segment will be faster than the growth of the market in the DTT set-top box and cable set-top box segment.
Global Set-top Box Market: Geographic Landscape
APAC had the largest set-top box market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing number of households with TVs, decreasing TV subscription charges, and the launch of new set-top boxes with added functionalities will significantly influence set-top box market growth in this region. 52% of the market’s growth will originate from APAC during the forecast period. US, China, Japan, and India are the key markets for set-top boxes in APAC. Market growth in this region will be faster than the rowth of the market in other regions.
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