Set Top Box Market Size, Share & Trends Analysis Report By Product (IPTV, OTT), By Content Quality (HD & Full HD, 4K & Above), By Distribution Channel, By Application, By Operating System, By Region, And Segment Forecasts, 2023 - 2030

Set Top Box Market Size, Share & Trends Analysis Report By Product (IPTV, OTT), By Content Quality (HD & Full HD, 4K & Above), By Distribution Channel, By Application, By Operating System, By Region, And Segment Forecasts, 2023 - 2030

Set Top Box Market Growth & Trends

The global set top box market size is expected to reach USD 30.52 billion by 2030, expanding at a CAGR of 3.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to increasing consumer inclination toward smart TVs and High Definition (HD) channels across the globe. Several broadcasters are now offering various value-added services, such as subscription packages, that are driving the demand for Set Top Boxes (STB).

Government initiatives toward digitization of TV broadcasting across several developing countries is playing a key role in enhancing the set top box market outlook. In 2022, the National Radio and Television Administration of China issued a document aimed at expediting the development of HD and Ultra-high Definition (UHD) and broadcasting capabilities across provincial TV stations by the end of 2023.

The set top box market witnessed a drastic rise in product demand in recent years owing to the ongoing initiatives by industry players to deliver enhanced television experience through digital video recording, better picture & sound quality, and storage options. Therefore, cable service providers, telecommunication companies, and digital satellite providers are actively involved in the promotion, resulting in increased installation of set top boxes.

The growth of set top box market is being significantly proliferated by the ongoing technological developments and new product launches by the market layers. In 2022, a prominent telecommunications provider ZTE Corporation launched the ZTE 8K set-top box in collaboration with Amlogic. The latest 8K set top box provides immersive 4K UI and enhanced ultra-HD video quality, offering excellent audiovisual experience to the audience. It also has powerful AI computing capabilities that facilitate 3D digital services such as digital museum, digital theatre, and digital tours on the TV.

The outbreak of the COVID-19 pandemic made a serious impact on the set top box market, however, increasing OTT viewership and growing preference for engaging media content has helped the market recover and grow gradually. The rising adoption of Android and hybrid set top boxes in line with the growing popularity of OTT platforms is creating considerable growth opportunities for the market. OTT set top boxes are gaining massive traction across the Pay-TV broadcasting scenario in the emerging markets with abundant availability of free video content. Besides, several major OTT platforms, such as Netflix and Amazon, have been offering high-quality 4K content, driving the demand for set top boxes.

Set Top Box Market Report Highlights

• In terms of product, the OTT segment is estimated to record a notable CAGR from 2023 to 2030 owing to advances in technology allowing broadcasters to deliver improved sound quality and high-resolution picture quality
• In terms of distribution channel, the online segment is estimated to record a substantial growth rate over the forecast period with increasing consumer preference for ecommerce platforms as they offer greater convenience, offers, and attractive discounts
• In terms of content quality, 4K and above segment is expected to capture a sizeable revenue share by 2030 owing to increasing demand for high-resolution content and sharp picture quality. Several market players have introduced their 4K UHD set top boxes to gain a competitive edge
• In terms of operating system, the android segment is estimated to expand at a notable rate from 2023 to 2030. This can be attributed to the trend of OTT and video sharing platforms whose applications can be downloaded and run on Android-based set top boxes
• In terms of application, the residential segment is expected to record a significant CAGR over the forecast period owing to increased penetration of television sets in residential homes
• North America set top box market is expected to record significant growth rate over the forecast period due to favorable regulatory environment in the region. The government authorities, such as the Federal Communications Commission (FCC) has set standards for set top box installation and content creation
• Few market players are introducing set top boxes that can support major OTT platforms, such as Netflix, Amazon Prime, and Hulu, as part of the efforts to strengthen their position in the market

Please note The report will be delivered in 3-8 business days upon order notification.