According to Stratistics MRC, the Global Set-Top Box Market is accounted for $21.31 billion in 2020 and is expected to reach $32.71 billion by 2028 growing at a CAGR of 5.5% during the forecast period. Growing digitization of television networks, advancements in digital broadcast technologies and government regulations mandating the installation of set-top-boxes are driving the market growth. However, increasing cost of production and end-user consolidation is hampering the growth of the market.
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Based on the type, the over the top (OTT) segment is going to have lucrative growth during the forecast period owing to significant technological advancements in the OTT industry. OTT provides enhanced features, such as reduced time-to-content, simplified payment methods, and accessible time-shifted viewing. By geography, Asia Pacific is going to have high growth during the forecast period due to rising penetration of digital entertainment among the rural and urban populations across the region.
Some of the key players profiled in the Set-Top Box Market include Advanced Digital Broadcast, Aventsecurity, Altech Multimedia (Pty) Ltd. (Altech UEC), Arris International, Coship Electronics, Echostar Corporation, Huawei, Humax, Shenzhen Jiuzhou Electric, KaonMedia, LG CNS, Netgem, Sagemcom, Samsung Electronics and Sky plc.
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