Set-Up Box Market Size, Share, Growth Analysis, By Product(IPTV, Satellite, Cable, DTT), By Content Quality(HD & Full HD, 4K & above), By Region - Industry Forecast 2024-2031

Global Set-Up Box Market size was valued at USD 23.25 billion in 2019 and is poised to grow from USD 23.97 billion in 2023 to USD 30.53 billion by 2031, growing at a CAGR of 3% in the forecast period (2024-2031).

Positive market outlook for set-top boxes is being created by rising demand for advanced digital broadcasting to improve the viewing experience and various countries' supportive initiatives for the digital transition. During the anticipated timeframe, it is anticipated that the addition of high-definition channel support in STBs and the provision of numerous value-added services by DTH operators will generate significant set-up box market growth opportunities. Set-top box improvements like built-in voice assistant, enhanced sound quality, high-definition gaming support, and remote recording capability are helping to drive market growth. Participants in the market are concentrating on working together with DTH operators to improve the service capabilities of their STBs.

Increased OTT content streaming on laptops, tablets, and smartphones is somewhat affecting the demand for set-top boxes. Data from the India Brand Equity Foundation (IBEF) shows that there were 29 million subscribers in the Indian OTT market in July 2020, a 30% increase from March 2020. Furthermore, industry statistics are expected to be impacted by OTT platforms' lower subscription costs than TV channels and their variety of features, including remote accessibility. However, the development of smart TVs with OTT platform and high-definition gaming applications built in is a major factor influencing the set-top box market. Due to their greater flexibility compared to STBs, OTT smartphone applications are gaining popularity with consumers, which will challenge industry statistics. Numerous telco firms, including China Mobile, Airtel, Jio, and T-Mobile, offer TV services on smartphones at a price that is less expensive than that of DTH providers.

US Set-Up Box Market is poised to grow at a sustainable CAGR for the next forecast year.