The high consumption of HD streaming content is driving production of smart set-top boxes.
Arizton’s recent research report on the global smart set-top box market identifies CommScope, Technicolor, Apple, and Skyworth as the prominent vendors in the market. The research report provides comprehensive industry analysis, trend forecasts, and competitive analysis. The 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.
Governments worldwide are pushing toward the adoption of smart appliances to reduce energy consumption. The share of content broadcasted over the internet and OTT platforms is growing, primarily driven by the increased penetration and adoption of high-speed internet services globally and the availability of high-quality entertainment content over this medium.
The top drivers and trends driving the growth of the smart set-top box market are discussed below:
Rising Internet Penetration & Shift Toward Over the Top Content
The growing internet penetration and the increasing consumption of OTT content on smartphones and other handheld devices are major drivers for the smart set-top box market. The worldwide internet penetration is set to grow 59% by 2022, which is increasing opportunities for the smart set-top box market. Further, smartphone subscriptions are expected to increase, with the mobile traffic constituting 68% of the total data traffic. Further, the increasing shift of consumers to watch premium IP and OTT content over the internet is fueling the demand for hybrid set-top boxes, which can deliver linear channels through cable or DTH as well as IP and OTT content thorough inbuilt internet access points and applications.
Growing Demand for Energy-efficient Products
Smart appliances play a major role in increasing energy efficiency in households. A smart home equipped with connected devices, appliances, and sensors can be controlled or monitored remotely. These technologies allow consumers to effectively manage the level of energy consumption. Studies suggest that connected technologies at homes can reduce utility bills by 10−25%. The rising demand for energy-efficient smart appliances is expected to generate high innovation opportunities for smart set-top boxes during the forecast period. The introduction of artificial intelligence and voice assistant technology is also fueling market growth. Several vendors have launched smart set-top boxes with inbuilt smart assistants such as Amazon Alexa and Google Assistant. Like other connected devices, smart set-top devices consume a small quantity of energy.
Increasing Digitization in Emerging Economies Worldwide
Consumers worldwide are opting for HD content over linear as well as IP and OTT channels. Developed countries are witnessing an increase in the adoption of HD and smart televisions, representing the acceptability of HD, 4K, and UHD content. The introduction of new HD channels/content or the availability of existing channels in the HD format is driving the demand for HD capable devices in emerging and developing countries. Thus, the high consumption of HD streaming content is driving the production of smart set-top boxes. Further, stringent government and federal regulations, mandating the digitization of cable networks in highly populated countries such as India and China are expected to augur well for the market.
ZTE, Evolution Digital, Huawei, AirTies, Xiaomi, Humax, TelergyHD, Comcast, Arion, KAON, Bharti Airtel, Hathway (Reliance Industries), YuppTV (Global Takeoff), MyBox Technologies are identified as other prominent vendors in the global smart set-top box market.
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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