LONDON–(BUSINESS WIRE)–#ConsumerApparel–The set-top box market is expected to post a CAGR of more than 3% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Vendors in the market are increasing their R&D efforts to introduce voice control feature for their set-top boxes that will allow customers to change channels and adjust TV and A/V receiver settings using voice commands. Vendors are also introducing products that can be integrated with Google Assistant and Amazon Alexa to provide more convenience to their customers. For instance, in 2018, TiVo introduced a new range of set-top box models that support Alexa, Amazon’s virtual assistant. Therefore, the integration of voice control feature into set-top boxes is expected to have a positive impact on the growth of the market during the forecast period.
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As per Technavio, the integration of new technologies into set-top boxes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Set-Top Box Market: Integration of New Technologies into Set-Top Boxes
Consumers are increasingly opting for set-top boxes that are backed with the latest technologies and provide high-quality video streaming along with value-added services. This is encouraging vendors to introduce hybrid set-top boxes that allow users to watch live channels through TV subscriptions and stream on-demand videos through OTT apps. For instance, in September 2018, Airtel launched its Android TV-based set-top box, Xtreme Box in India, which allows customers to access digital content, play games, browse the internet, along with a host of other features. Such innovative product launches will boost the growth of the global set-top box market during the forecast period.
“Decreasing prices of dynamic random-access memory (DRAM) chips and the increasing affordability of TVs will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Set-Top Box Market: Segmentation Analysis
This market research report segments the global set-top box market by type (satellite set-top box, DTT set-top box, IPTV set-top box, OTT set-top box, and cable set-top box) and geography segmentation (APAC, Europe, MEA, North America and South America).
The APAC region led the set-top box market in 2019, followed by Europe, North America, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing number of households with TVs, decreasing TV subscription charges, and the launch of new set-top boxes with added functionalities.
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Some of the key topics covered in the report include:
- Satellite set-top box
- DTT set-top box
- IPTV set-top box
- OTT set-top box
- Cable set-top box
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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