Global Television and Set Top Box Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Global Television and Set Top Box Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The television and set-top box market is expected to register a CAGR of over 6.21% during the forecast period (2021-2026).

• The government regulations mandating the installation of set-top boxes, deployment of open OS-based devices by STB vendors, and analog switch-off transition in emerging countries are driving the demand for the STB market. ​For instance, the Government of India has made STBs compulsory through an amendment to the Cable Television Networks (Regulation) Act. Set-top boxes provide a better viewing experience because of digital signals and help in preventing illegal channels from being broadcasted in India.
• Technological innovations led to the development of a wide range of STBs equipped with various features. This, in turn, has made the competition fierce among the set-top box companies. Digital video recording is one of the most desired features, as it enables the viewers to watch and record their favorite shows. ​
• Additionally, the market is witnessing the integration of OTT and IPTV. For instance, ZTE is about to launch its 4K Hybrid STB for operators. This STB has been integrated with IPTV and Google ecosystem functioning with a wide range of Google apps, like Google Music and Google Games, thereby allowing users to access both the IPTV and OTT services at the same time.
• According to a study by Uscreen in 2020, when streaming video, 65% of the time, it’s done on mobile and TV apps rather than on browsers. Also, according to Conviva, the most popular OTT TV device as of Q1 2021 was Roku, with a 37% share of TV viewing time in North America. Moreover, enhanced viewer experience, owing to the advent of technologies, such as 4K, coupled with better infrastructure and devices, has also led to the emergence of bundled voice-video and data services.
• Further, during the pandemic, the TV viewership continued to surge, as reported by television viewership measurement agency Broadcast Audience Research Council of India (BARC India). It stated that week 12 (March 21 to 27, 2020) saw viewership surge by 11% as compared to the pre-COVID-19 period (January 11 to 31, 2020). The average daily reach grew 62 million between the two time periods from 560 million to 622 million. Such trends are further expected to act as catalysts for the growth of the studied market.
• With the worst effect of the pandemic on the supply chain, players operating in the market had suffered a lot to develop their planned STB products. For instance, GTPL Hathway, a cable feed provider, has been forced to postpone the launch of its hybrid Android set-top box for the second time after the COVID-19 pandemic hit its supply line. However, due to COVID-19, in April 2020, the Ministry of Information & Broadcasting (MIB) asked the television broadcasters and DTH operators to cooperate with distributors across the value chain to provide for the interest of viewers and public safety.

• Satellite television is one of the most important applications of the set-top box market. One of the innovations in satellite TV is the introduction of a show-recording facility, which enables consumers to record their shows in real-time and watch them later, at their convenience.
• Apart from this, Satellite STB units are also increasingly equipped with interactive features, like video-on-demand, electronic program guides, etc.
• More advanced STB units also provide a suite of interactive and multimedia services directly through a user television system, such as internet browsing, email, and instant messaging, in addition to basic functionality.
• D2h provides an HD SMART Set-top Box that converts an existing LED TV into a Smart TV. This set-top box allows the users to browse content from Twitter, Facebook, Daily Motion, video on demand sites, OTT apps, and news. HD Smart Set Top Boxes work as tools for personalization and new customer experiences.
• Besides, this set-top box, developed by TRAI (Telecom Regulatory Authority of India), allows the subscribers to use the same STB interchangeably between various service providers in India. According to reports, the first phase of testing was over, which meant that the deployment of these interoperable systems could take place sometime in 2020.

• Due to the market saturation of Pay-TV consumers and stiff competition, vendors in the Asia Pacific (a relatively competitive market) region are constantly trying to add features to their Smart android-based televisions, such as gateway abilities, security, applications, and HD functionality.
• However, with the advancements in technology, the growing focus on better quality videos and powerful interfaces with technology are the major factors driving the growth of the television and set-top box market in the region.
• The year 2020 had a significant impact on the pay-TV industry. It forced an already highly dynamic industry to review its long-term plans due to the accelerated consumer behavior and consumption evolution. This need for innovation, required to match both the speed of evolution and the ever-savvy consumer, brings solutions like NAGRA and Samsung's TVKey into sharp focus.
• Reliance Industries' next steps for a 'digital India' include Jio TV+ to offer content from 12 OTT players on one sign-in. The service has content from the likes of YouTube, Voot, Prime Video, Sony Liv, Sun Nxt, Amazon Prime Video, Disney Hotstar, and Netflix under one login ID.
• Also, in March 2021, SITI Networks launched SITI Playtop Magic – a next-generation Android TV Set-top box. The SITI Playtop Magic set-top boxes, manufactured in India, are a technological leap compared to the conventional set-top boxes, which deliver a new era of 'empowered viewing experience' for the customers by providing advanced features that make viewing television smart, informative, and entertaining.

The television industry has been witnessing a myriad of changes over the past several years, and it has become more diverse than ever. The players are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions and partnerships.

• September 2021 - Xiaomi launched a new Redmi Smart TV in India. The Redmi TV is available in two sizes: 32-inch and 43-inch. Xiaomi unveiled the smart TV during an online event, and it complements the company's existing low-cost offerings.
• September 2021 - LG Electronics launched a 'direct view LED TV' which offers an expansive screen and a home cinema system for the super-luxury segment of customers. The company has dubbed the giant Tv as 'Extreme Home Cinema' which measures a whopping 325 inches (27ft) wide. The tv is available in 2K, 4K, and 8K configurations.

• The market estimate (ME) sheet in Excel format
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