Set-top Box Market: Current Analysis and Forecast (2021-2027)

Report Description

The Global Set-top Box is Expected to Display an Elevated CAGR of ~5% over the forecast period (2021-2027)

The rising demand for smart TVs is pushing the demand for the set-top box globally. More than half (51%) of all households worldwide will own a smart TV by 2026, corresponding with 1.1 billion homes, according to Strategy Analytics. Moreover, at the end of 2020, 34% of global households – more than 665 million – owned a smart TV. Sales of smart TVs grew by 7.4% in 2020 to reach 186 million units, accounting for 79% of all flat-panel TVs sold.

Also, the growing inclination of millenniums towards gaming is propelling market growth. Numerous gaming applications are delivered through STBs through cloud gaming providers like Google Stadia and Tencent Games in China. Cloud gaming requires STBs that enable video and command streaming and low latency features, alongside improved CPUs and GPUs for better gaming experiences. Even low-tier STBs supports basic cloud gaming experiences, with Android TV already supporting Android gaming apps

Furthermore, the emergence of fitness applications through DTVs and STBs comes following the COVID-19 pandemic, which has seen many people exercise from home. This new trend combined with the renaissance of smart cameras provides an opportunity for fitness applications

In addition, rising awareness about Internet-based set-top box devices such as IPTV and OTT, as well as increasing development and introduction of innovative products such as 4K UHD TVs, 3D smart interactive TVs, and OLED TVs are some factors further fueling the growth of the global set-top box market.

Global Broadband Subscriptions per 100 People, 2001 to 2019

Huawei Technologies Co. Limited, ARRIS International PLC (CommScope Inc.), Technicolor SA, Intek Digital Inc., HUMAX Electronics Co. Ltd, ZTE Corporation, Skyworth Digital Ltd, Sagemcom SAS, Samsung Electronics (M Box), Gospell Digital Technology Co. Limited, etc.,  are some of the prominent players operating in the Set-top Box market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Product Type, Cable segment holds the major share”

Based on product type, the market is fragmented into Cable, Satellite, IPTV, DTT, and OTT. The cable setup box segment grabbed the major market share and dominated the market in 2020. Moreover, the market of this segment would reach USD XX Mn by 2027. The demand for the cable setup box is emerging from the developing economies across the Asia Pacific due to low prices and accessibility. Cable TV remains the most popular platform for creating awareness and spreading messages among the masses, several cable service providers are improving their technology and service offerings. However, the OTT segment would witness the highest CAGR in the forthcoming years

“Amongst Resolution Type, HD& Full HD segment to grab considerable market share”

Based on the resolution type, the market is fragmented HD & Full HD, and 4K & Above. The HD & full HD segment captured XX% market share in 2020 and dominated the market. The services providers across regions are launching new services in the HD & full HD resolution, which is adding pace to the growth of the market. Vodafone TV added Facebook Watch to their STB in October 2021 in Europe to intensify their expansion into the region with HD content

“North America represents one of the largest markets of Set-top Box market”

For a better understanding of the market dynamics of the Set-top Box market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market and generated the leading revenue share in 2020 owing to the availability of Set-top Box providers in abundance. Also, leading manufacturers of Set-top Box are currently implementing technologically advanced production processes to increase production efficacy and optimize product offerings

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Set-top Box Market were the three major steps undertaken to create and analyze the demand for Set-top Box across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Set-top Box market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Set-top Box through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Set-top Box market, we conducted a detailed secondary analysis to gather historical market insights and share for product type, resolution type for major regions. Major segments included in the report are product type and resolution type. Further region and country-level analyses were conducted to evaluate the overall adoption of Set-top Box across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Set-top Box. Further, we conducted factor analysis using dependent and independent variables such as the lockdown due to COVID 19, rising disposable income, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Set-top Box industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Set-top Box market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Set-top Box across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Set-top Box market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Set-top Box market. Data was split into several segments sub-segments post studying various parameters and trends in the areas of product type, and resolution of the Set-top Box market.

Main Objective of the Set-top Box Market Study

The current & future market trends of Set-top Box were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Set-top Box in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type and resolution type
• Define and analysis of the regulatory framework for the Set-top Box industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Set-top Box market for the major countries
• The major region studied in the report includes North America, Europe, Asia- Pacific, and the Rest of the World.
• Company profiles of the Set-top Box market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry