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Set Top Box Market to Grow by 9% through 2031 Driven by Increasing Sales of Smart Television: FMI
Increasing adoption of smart technologies and devices will continue propelling sales of set-top boxes, pushing the market size from US$ 28 Bn in 2021 to US$ 46.09 Bn in 2031.
Growing penetration of smart televisions across the globe is anticipated to spur the demand for high-definition (HD) set-top boxes. Against this backdrop, FMI has forecast sales of set-top boxes to grow by 11% year-over-year between 2020 and 2021.
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Besides this, rising popularity of over-the-top (OTT) platforms is creating a conducive environment for growth in the global set-top box market. This trend is increasingly becoming prevalent in countries such as India , China , and Japan.
To capitalize on this trend, manufacturers are launching set-top boxes in collaboration with OTT platforms such as Amazon Prime and Discovery+ to gain a competitive edge. As a result, sales of OTT device set-top boxes are expected to gain traction in the forthcoming years.
Further, governments in various countries are encouraging the adoption of smart technologies and devices. For instance, the Cable Television Networks Act in India mandates the adoption of set-top boxes to prevent the broadcasting of illegal channels and provide a better video quality to residents living in rural areas.
As per FMI, the U.S. is expected to emerge as a lucrative pocket in the North America set-top box market. Growth is attributable to rising demand for IPTV set-top boxes and increasing popularity of OTT platforms in the country.
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Key players operating in the global set-top box market are investing in collaborations and partnerships to launch innovative products aligning with rapid technological advancements. This is anticipated to assist set-top box players in gaining a competitive edge in the market. For instance:
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The latest market study on the set top box market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global set top box market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai , and has delivery centers in the UK, U.S. and India . FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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