Smart Set Top Box Market in APAC to witness $200 million Incremental Growth by 2024
Arizton’s recent research report on the global smart set top box market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by technology (OTT, IPTV, and hybrid), end-user (residential and commercial), distribution (retail and online), and geography (APAC, Europe, Latin America, MEA, and North America).
The global smart set top box market is expected to reach revenues of over $1.5 billion, growing at a CAGR of around 8% during 2018−2024.
Changing consumer preferences to adopt technologically advanced equipment, growing internet penetration with improving wireless communication, and increasing disposable incomes are majorly driving the smart set top box market. The shifting from pure linear to non-linear and on-demand content is increasing market size for smart set-top boxes significantly.
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The STB market is divided into three major segments−technology, end-user, distribution type, and geography.
Hybrid set-top boxes are experiencing the fastest growth in the APAC market
Hybrid smart set-top boxes can stream linear content offered by broadcasting service providers, including cable and satellite, over-the-top, as well as dedicated content through the internet protocol via managed and private content delivery networks. Hospitality, educational, and residential buildings sectors are the major consumer segments for hybrid set-top boxes. These boxes are also widely prevalent in the commercial user segment as they allow end-users to offer a wider service portfolio to their clients. Vendors offering hybrid set-top boxes are majorly concentrated in Europe and the US due to the presence of a stronger potential consumer base than emerging economies. MYBOX Technologies has launched a hybrid set-top box, which enables users to watch television channels as well as access over 5,000 Google Play store applications to stream OTT content and play games.
The residential segment occupies the largest share in the smart set top box market
Emerging economies are emerging as the high-potential market for smart set top box market devices, as these regions and countries are witnessing an increase in the internet penetration, increased government regulations for digitization, and the consumer shift from linear content to non-linear and on-demand content. The residential segment consists of existing and potential consumers in TV households. Smart set-top boxes installed in the residential segment accounted for a market share of over 61% in 2018. The availability of high-speed internet access, growth in product awareness, increased popularity of over-the-top content are important factors for the growth of smart set-top boxes.
APAC is expected to account for the highest incremental growth in the global smart set top box market
In terms of market share, Europe and APAC accounted for 31% and 25%, respectively, in 2018. By 2030, APAC is likely to lead the global smart set top box market due to the increase in internet penetration, the emergence of global OTT providers in closed economies such as Netflix in China. The market is likely to have an incremental growth of over $200 million during the forecast period. China was the major market for smart set-top boxes in the region in 2018, followed by South Korea, Japan, and India. These countries are expected to lead the market during the forecast period. The primary factors that are driving the demand from APACinclude improvement in economic conditions, high penetration of the internet, rapid urbanization, the availability of IP and over-the-top content, and high acceptance of smart gadgets among consumers. Changes in lifestyle and the growth in consumer expenditure are likely to increase the market growth of the entertainment and media industry, thereby increasing the consumption of over-the-top content in APAC countries.
CommScope, Technicolor, Apple, and Skyworth are identified as the prominent vendors in the global smart set top box market.
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The complete overview of the latest market research report on the global smart set top box market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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