Home > > Semiconductor And Electronics > > Set-Top Box Market Size, Share, Trends | Industry Report, 2031
Id: CBI_ 1497 | Pages: 333 | Format : PDF | Published : | Author : Pawan Chasta
Set-Top Box Market size is estimated to reach over USD 29,412.86 Million by 2031 from a value of USD 23,116.11 Million in 2023 and is projected to grow by USD 23,411.07 Million in 2024, growing at a CAGR of 3.1% from 2024 to 2031.
A set-top box (STB) is a device that enables televisions to receive and display digital content from various sources, such as cable, satellite, or internet-based streaming services. It decodes or decrypts the signals into a format that can be displayed on the TV screen, enabling users to access a variety of content. Additionally, it provides a user-friendly interface including an on-screen menu and, an electronic program guide to help users navigate channels or apps. Moreover, modern STBs come with additional features including recording capabilities (DVR), internet connectivity for streaming apps, and support for ultra-high-definition content. The aforementioned features are major determinants for increasing their deployment in residential, education, hospitality, entertainment, and other industries.
High-resolution content includes high-definition, 4K, and 8K formats, which offer an immersive and detailed viewing experience. Set-top boxes that support high-resolution content are essential for delivering clearer and more detailed images, which enhances the overall quality of television programming and streaming content. Additionally, streaming platforms including Netflix, Amazon Prime Video, Disney+, YouTube, and others are offering a growing library of high-resolution content. This trend is further fueling their need that handle ultra-high definition, 4K, or 8K content without quality loss.
Therefore, according to the analysis, the need for high-resolution content is propelling the set-top box market growth.
As smart TVs with integrated streaming capabilities become more prevalent, consumers are less inclined to purchase separate set-top boxes. Modern smart TVs come equipped with pre-installed streaming apps and services, such as Netflix, Hulu, Amazon Prime Video, and others. These integrated features eliminate the need for a separate STB to access these platforms. Additionally, the rapid advancement of smart TV technology means that these devices are continually improving in terms of performance, content access, and smart features without needing stand-alone STBs.
Hence, the increasing adoption of smart TVs with integrated streaming capabilities is a major restraint for the set-top box market demand.
The integration of set-top boxes with smart home ecosystems represents a significant opportunity to enhance their functionality beyond traditional media consumption. As smart home technology continues to advance, STBs can serve as a pivotal component in creating a unified, interconnected environment. This integration allows STBs to interact with various smart home devices. Additionally, it adds value beyond traditional media functions by incorporating features including voice control and automated home management.
Consequently, smart home integration presents a valuable for the set-top box market opportunities to enhance its functionality.
Based on the type, the market is segmented into cable STB, satellite STB, IPTV, over-the-top (OTT) STB, hybrid STB, and others.
Trends in the Type:
The over-the-top (OTT) STB accounted for the largest revenue share of 31.28% in 2023.
The hybrid STB is anticipated to register the fastest CAGR during the forecast period.
Based on the resolution, the market is segmented into the standard definition (SD), high-definition (HD), full HD, 4K, 8K, and others.
Trends in the Resolution:
The 4K STB accounted for the largest revenue share in the year 2023.
The 8K resolution is anticipated to register the fastest CAGR during the forecast period.
Based on connectivity, the STB market is segmented into wired and wireless.
Trends in the Connectivity:
The wired connectivity accounted for the largest revenue in the year 2023.
The wireless connectivity is anticipated to register the fastest CAGR during the forecast period.
Based on sales channels, the market is segmented into online and offline.
Trends in the Sales Channel:
The offline sales channel accounted for the largest revenue share in the year 2023.
The online sales channel is anticipated to register the fastest CAGR during the forecast period.
Based on end-users, the market is segmented into telecom, media and entertainment, residential, hospitality, educational institutes, and others.
Trends in the End-User:
The residential segment accounted for the largest revenue share in the year 2023 and is anticipated to register the fastest CAGR during the forecast period.
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 5,881.70 Million in 2023. Moreover, it is projected to grow by USD 5,970.52 Million in 2024 and reach over USD 7,691.46 Million by 2031. Out of this, China accounted for the maximum revenue share of 27.2%. The Asia-Pacific region is experiencing rapid expansion in broadband and telecommunications infrastructure, supporting the widespread adoption of advanced STBs. Additionally, the region is witnessing technological advancements in STB technology, including the integration of 4K and 8K resolution support, smart features, and enhanced connectivity options.
North America is estimated to reach over USD 10,403.33 Million by 2031 from a value of USD 8,135.91 Million in 2023 and is projected to grow by USD 8,243.12 Million in 2024. North America, particularly the United States and Canada is the dominant region in the market. The region has a well-established telecommunications industry and broadcasting infrastructure, supporting the deployment and adoption of high-definition, 4K, and smart STBs. Additionally, the strong market presence of streaming services such as Netflix, Hulu, Amazon Prime Video, and Disney+ drives the need for STBs that support these platforms, further enhancing set-top box market expansion.
Europe has a diverse market with varying preferences across countries. The market is influenced by high internet penetration rates and a growing need for high-definition and interactive content. The rise of OTT platforms and IPTV services is reshaping the European STB market, with an increasing need for STBs that can handle multiple streaming and on-demand services.
Latin America is a growing market for STBs, driven by increased internet access, improvements in cable and satellite infrastructure, and growth in consumer need for digital content. There is a growing tendency towards expanding digital TV services with increasing investments in STBs that support high-definition content on OTT platforms.
The market in the Middle East and Africa is characterized by a mix of traditional and emerging technologies, with varying levels of market maturity across different countries. There is a growing need for premium and high-definition content, leading to increased adoption of advanced STBs, and boosting the set-top box market expansion.
The set-top box market is highly competitive with major players providing a content display on television to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the global set-top box market. Key players in the set-top box industry include-
Product Launches:
Collaboration:
Report Attributes | Report Details |
Study Timeline | 2018-2031 |
Market Size in 2031 | USD 29,412.86 Million |
CAGR (2024-2031) | 3.1% |
By Type |
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By Connectivity |
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By Resolution |
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By Sales Channel |
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By End-User |
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By Region |
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Key Players |
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North America | U.S. Canada Mexico |
Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
Middle East and Africa | GCC Turkey South Africa Rest of MEA |
LATAM | Brazil Argentina Chile Rest of LATAM |
Report Coverage |
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A set-top box (STB) is a device that enables televisions to receive and display digital content from various sources, such as cable, satellite, or internet-based streaming services. It decodes or decrypts the signals into a format that can be displayed on the TV screen, enabling users to access a variety of content.
Set-Top Box Market size is estimated to reach over USD 29,412.86 Million by 2031 from a value of USD 23,116.11 Million in 2023 and is projected to grow by USD 23,411.07 Million in 2024, growing at a CAGR of 3.1% from 2024 to 2031.
IPTV STBs are increasingly supporting advanced features such as interactive TV, video-on-demand (VoD), and time-shifted viewing, providing a more dynamic and engaging viewing experience.
The major key players in set-top box market are Apple Inc. (USA), Humax Co., Ltd. (South Korea), Cisco Systems, Inc. (USA), ZTE Corporation (China), Shenzhen Skyworth Digital Technology Co., Ltd. (China), Comcast Corporation (USA), Sagemcom Broadband SAS (France), ARRIS International Limited (USA), EchoStar Corporation (USA), Kaonmedia Co., Ltd. (South Korea), Roku, Inc. (USA), Broadcom Inc. (USA), Nokia Corporation (Finland), Netgear, Inc. (USA), and others