The smart set top box market is growing profusely. The growth can be attributed to the steep growth in consumer retail of over-the-top (OTT) boxes and the consolidation of leading players in the global market. Increased constructional activities in residential and hospitality sector will further increase the demand for smart STBs. The smart set top box market was valued around $1.2 billion in 2018, which is expected to witness significant growth in coming years.

Vendors are also playing a major role in augmenting the growth. They are focusing on adopting technological innovations and trying to expand their geographical presence across the globe. Vendors are considering Europe and North America as potential markets. However, to capitalize on increasing demand from APAC, Latin America, and MEA regions, major players are increasing their geographical presence.

Digitization Trend at a Glance

  • The expanding broadband connectivity is expected to attract new advertisings, which is likely to add around $110 billion incremental spending in coming years.
  • As the number of broadband connections is increasing, opportunities for digital expenditure on part of consumers are expected to grow in the near future.
  • Digital spending will grow at a CAGR of 9.5% by 2024.

In the last few years, the consumption of HD streaming content such as linear, IP, and OTT channels and the adoption of HD, 4K, and UHD equipment have increased significantly among consumers in developed countries. However, developing economies are also witnessing a surge in the introduction of new HD channels, which is fuelling the demand for the smart set top box. In addition, stringent government and federal regulations mandating digitization of cable networks in high population countries such as India and China are accelerating the demand for set top box in the market.

Growing Internet Penetration and Increasing Shift toward OTT Content

Evolving cloud infrastructure and low data prices are emerging as major drivers for strengthening internet connectivity. The worldwide internet penetration is set to grow to 59.935 by 2022, thereby offering immense opportunities to the smart set top box market. Further, the growing internet penetration, high smartphone adoption, and the growing consumption of OTT content are the three major factors driving the demand for the smart set top box.

Read: Smart Set-top Box (STB) Market - Global Outlook and Forecast 2019-2024

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