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According to the new research report titled “Set Top Box Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 24,530.2 million by 2027, registering a CAGR of 3.0% during 2020–2027.
Set top box market in APAC to Grow at Highest CAGR from 2020 to 2027
Major advances in digital technology, coupled with rise in adoption of broadband services, are driving the set top box market in APAC. In addition, the market growth is positively influenced by the introduction of motion sensors and cameras into STBs. Moreover, leading players are launching smart remotes using gesture control for running STBs. To detect hand movements, these remotes use ultrasonic sensors and infrared light-emitting diodes to relay decoded signals to the STB. Market players also collaborate with content and internet service providers to raise STB sales in Asian countries.
APAC holds the largest share in the global set top box market. Owing to rising adoption of various set-top boxes in countries, such as China and India, APAC is projected to become the largest market. A large portion of the Asian population tends to rely on TV cable and set-top boxes for their entertainment over the years. The launch of Smart TVs and HD channels has contributed to a rise in digital TV viewing, which would eventually fuel the set-top box market growth in APAC during the forecast period.
The COVID-19 outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global electronics and semiconductor sector is suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The restricted growth of this sector is also restraining the other businesses related to it, including set top box business. The lockdown of various plants and factories in China has adversely affected the global supply chains, thereby hampering manufacturing activities, delivery schedules, and various electronic goods sales. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities.
Key Findings of Study:
Technological advancements have led to the introduction of a wide variety of STBs exhibiting different characteristics. This has eventually led to fierce rivalry among the set-top box providers. Digital video capture is one of the most desired functionality of set-top boxes as it allows audiences to record their favorite shows and watch them later as per their convenience. A standalone set-top box that allows viewers to transmit and record TV programs is an over-the-air digital video recorder (DVR) system. Apart from DVRs, subscription-based TV service providers also sell STBs to consumers. DISH, a US-based television provider, has integrated artificial intelligence (AI) in its new set-top boxes for enabling recording facilities. All these factors are positively influencing the market growth for set top box globally.
Further, Government regulations on mandating the installation of set top boxes (STBs), deployment of free OS-based devices by STB vendors, and analog switch-off transition in emerging countries are among the prime factors escalating the demand for STBs. However, several drawbacks are associated with analogue systems; determining the number of households using cable services is difficult, and only local cable operators who also work as bill collection agents are aware of the actual figure. The broadcasters, first, transmit the signals via satellite. The multi-system operators then download these signals into their devices. Multi-system providers are now transmitting these signals to local cable operators, and cable operators are eventually responsible for transferring these signals directly to consumers’ home via a variety of channels using co-axial cables. The inability of governments to monitor the exact number of consumers using cable TVs in home is the most significant drawback faced by current analog signals. In this case, digitization enables them to know the exact amount of cable consumption. To combat this limitation, emerging countries such as China and India have mandated the use of set top boxes for cable connection.
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