Set Top Box Market - Forecast (2021 - 2026)
Entertainment will never die and it will continue to impact human civilization in innumerable ways. In the present day and age, in an average household, it is nearly impossible to imagine a life without a television set. Families’ entertainment needs center around the television which is brought to life by a small and significant information appliance device called the set top box. India for example, the world’s second largest population, is a key country-wide set top box market. As per the Telecom Regulatory Authority of India, in the year 2017, set top box user base stood at 67.56 million, a number which has seen progress in the upward direction since then. In 2018, the set top box market size stood between $16.5 billion to 18 billion, and the demand is projected to grow with a healthy CAGR of 6%-7% during the forecast period of 2019-2025.
APAC remains the geographical demand leader of the set top box market with a regional share close to 40% as of 2018, which is primarily due to Asian population still depending on set top boxes and television sets for entertainment instead of opting for newer options like pay-per-view or over-the-top technology.
Set Top Box Market Outlook:
Our cable television sets need a digital device that decodes and convert a digital signal for the audience to view and flip through various channels. Set top box is the device that makes this technology possible and enables viewers to watch television at ease. Technology that pertains to this device has evolved at a good rate, and statistics are proof of it. Apple for example has introduced 4k video upgrade to their set top boxes. They will be supplemented by both Dolby Vision and Dolby Atmos, and will be supporting HDR quality videos. According to Apple, around 100 different applications around the world have been developed for Apple TV, the set top box offered by them. Such is the reach of the set top box market as it experiences innovation, and consistent consumer growth. Satellite television is the most important application of the set top box market and this segment is expected to grow with an annual CAGR of 7%-9%. One of the new innovations in satellite TV is the introduction of show recording facility that enables consumers to record their shows in real-time and watch it later according to their convenient times.
Set Top Box Market Growth Drivers:
- Television Still Remains To Be Primary Source Of Entertainment
An annual survey titled American Time Use Survey conducted by Bureau of Labor Statistics, USA in 2018 deduced that watching television was American people’s favorite pastime. Between 2013-2017, an average American spent 2 hours and 46 minutes watching television[1]. These statistics are reflective of the need for set top box market growth, and innovation of its product. Capitalization on this constant demand will propel the growth of the market.
- Mergers Between Market Players Will Encourage Market Growth
In 2018, India’s two biggest set top box market players Videocon d2h and Dish TV joined hands together to develop a symbiotic relationship and sell a unified product that provides the services of both. Through this, they created the largest listed media company in India, and promised to lower the procurement costs of set top boxes. Mergers of this stature supplement market growth and help in increase of demand from consumers.
Set Top Box Market Challenges:
Over-the-top services is the most prominent challenge faced by the set top box market. Online streaming services like Netflix, and Amazon have become popular amongst the young population with their ease of accessibility and original content. Investment in introducing innovation to the set top box experience is the way to combat this challenge. Huawei Technologies for example, teamed up with Dolby Laboratories and released world’s first Dolby-vision enabled set top box which highly interested consumers.
Set Top Box Market Key Players Perspective:
Huawei Technologies recently won the iF design award for their set-top box called Huawei X22 for its innovative characteristics. X22 provides 4K UHD that enables a 360 degree panoramic view, enhanced user interaction, efficient interface, and provides the facility of playing 3D games.
Some of the key players in the set top box market are Huawei Technologies Co. Ltd., ARRIS International, DISH Network, HUMAX Co. Ltd., Technicolor, Samsung Electronics Limited, EchoStar Corporation,Coship Electronics Co.Ltd., Cisco Systems Inc., and ADB Global.
Set Top Box Market Trends:
- Set Top Boxes Coupled With Artificial Intelligence
Television companies have increasingly adopted Artificial Intelligence because of the latter’s popularity and usefulness. DISH, US television provider has introduced AI in their latest set top boxes. Hopper, Jolly, and Wally- the set top boxes offered by them have an option to be connected to the Internet and are equipped with a voice remote that uses Google Assistant as its primary feature. DISH has also added Alexa as an update to its set top boxes in 2018 that can be accessed simply through our voices, a much needed automation update. This is a disruptive trend that will define the set top box market in the upcoming years.
Set Top Box Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the set top box market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the set top box market, and their specific applications in different areas.
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