Pune, May 09, 2023 (GLOBE NEWSWIRE) -- As per the report by SNS Insider, “The size of Smart Set-Top Box Market was assessed to be USD 30.03 billion in 2022, and it is projected to escalate to USD 60.72 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period from 2023 to 2030”.
Market Report Scope
Smart Set-Top Boxes are digital devices that are used to convert a digital signal into a format that can be displayed on a television or monitor. They offer a range of features and functions that are not available with traditional set-top boxes, such as the ability to access streaming services, on-demand content, and interactive TV. Smart set-top boxes provide users with access to a variety of content, including movies, TV shows, and live sports, as well as apps and games.
Market Analysis
The smart set-top box market is experiencing a significant boost in growth due to the changing consumer behavior patterns towards media content consumption. With the ongoing transitions in the digital TV domain, consumers are shifting away from traditional television towards the internet for their entertainment needs. One of the main factors driving this shift is the increased preference for on-demand video services and HD channels, which provide viewers with more control over their viewing experience. Additionally, rising internet and broadband penetration has made it easier for consumers to access streaming services and high-quality content.
Impact of Recession
While a recession may have some impact on the smart set-top box market, its current position as an essential entertainment device coupled with its ability to adapt to changing consumer demands make it a market that is expected to remain resilient and continue to grow over time.
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Key Regional Development
The smart set-top box market in Asia Pacific is dominated by a range of factors such as the growing demand for online video streaming, internet penetration, and an increase in the disposable income of consumers. Consumers are looking for convenient and affordable options to access high-quality content on their television screens, and Smart Set-Top Boxes provide just that. With a large and growing population of tech-savvy consumers, the Asia Pacific region presents a significant opportunity for Smart Set-Top Box manufacturers. The industry is expected to witness further growth as more consumers adopt these devices for their media consumption needs.
Key Takeaway from Smart Set-Top Box Market Study
- The market is witnessing a significant shift towards Over-The-Top (OTT) content, which is expected to dominate the market in the coming years. This trend is driven by the increasing demand for on-demand content and the availability of high-speed internet connectivity.
- The market is witnessing a significant shift towards high-speed internet television, which is expected to dominate the market in the coming years. This trend is driven by the increasing demand for high-quality video content and the availability of high-speed internet connectivity.
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Recent Developments Related to Smart Set-Top Box Market
- Dish TV and SEI recently collaborated to showcase their smart solutions at the Android TV APAC Summit. The event, which took place in the Asia-Pacific region, was focused on the latest innovations in Android TV technology and its applications.
- FPT, SEI, and Amlogic have jointly launched a new Android TV set-top-box, which promises to offer an immersive and personalized viewing experience to users. The new set-top-box has been designed to cater to the growing demand for smart home devices that offer seamless integration and easy access to content.
Smart Set-Top Box Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 30.03 Billion |
| Market Size by 2030 | US$ 60.72 Billion |
| CAGR | CAGR of 9.2% From 2023 to 2030 |
| Key Segments | • By Product (Over- The- Top Content, Internet Protocol TV, Digital Terrestrial Television, Cable, Satellite, Others) • By Service (High-Speed Internet Television, Video On Demand, Managed Service, Repairing, Screening, Interaction Services, Video Conferencing, Testing) • By Quality (4k, High Definition, Standard Definition) • By End-User (Commercial, Residential) |
| Company Profiles | EchoStar Corporation, Samsung group, Apple Inc., ARRIS International PLC., Sagemcom SAS, Kaonmedia Co.Ltd, Vishay Intertechnology Inc., Google LLC, Commscope |
| Market Drivers | • Smart television • Digital broadcasting industry |
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