STB market to be worth $29.78 billion in 2024Tuesday, December 6th, 2016
Set Top Box (STB) Market Size To Reach $29.78 Billion By 2024: Grand View Research, Inc.
- Factors such as a compliance with the stringent regulations mandating the digitization of cable TV and the subsequent migrations toward digital TV from analog TV, have increased the global demand for set top boxes
The global Set Top Box (STB) market size is anticipated to reach USD 29.78 billion by 2024, according to a new report by Grand View Research, Inc. Factors, such as a compliance with the stringent regulations mandating the digitization of cable TV and the subsequent migrations toward digital TV from analog TV, have increased the global demand for set top boxes.
With an increase in the disposable income and the emerging middle-class population, the demand for media-rich home entertainment services is increasing among the consumers. With the growing demand for interactive digital entertainment services, the set top box industry is expected to present significant innovative and new revenue generation opportunities in the near future.
An emerging trend amongst the STB manufacturers is to provide remote control-less mobile-controlled TV operating systems, by adopting interfaces developed by companies such as Google, Firefox, and Roku. These companies utilize dedicated set top box devices for accessing such contents.Contemporary STBs are being used as content servers, acting as video sources for various devices including other set top boxes, digital televisions, personal computers, and other consumer electronics devices.
Further key findings from the report suggest:
- DTT set top box dominated the market, accounting for over 25% of the global revenue in 2015. Optimum bandwidth usage through DTT is expected to fuel the demand for such STBs.
- The global market for 4K STB was valued over USD 350 million in 2015 and is presumed to witness a significant growth in the near future. The growth can be attributed to the rising inclination of global population toward ultra-high definition video viewing.
- The Asia Pacific region dominated the overall market share in 2015 and is expected to retain its dominance over the forecast period. The increasing consumer acceptance of technologically advanced products and government regulations mandating cable digitization across the region are presumed to spur the regional market growth.
- STB Original Equipment Manufacturers (OEMs) and operators are heavily influenced by regulatory bodies and standard groups. For instance, to promote consumer electronics interoperability and retail STB competition, regulatory standards, such as DVB-CI+ in Europe and CableCARD in North America, are enabling the third-party STB vendors to become a part of the operator ecosystem.