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Set-Top Box Market Size
- Report ID: GMI4922
- Published Date: Jul 2024
- Report Format: PDF
Set-Top Box Market Size
Set-Top Box Market size was valued at USD 20.05 billion in 2023 and is anticipated to grow at a CAGR of 3.3% between 2024 and 2032, due to growing adoption of OTT services such as Netflix.com, Amazon prime and Disney plus hotstar which offer a variety of content and features to the users.
OTT services can be accessed through smart set top box that connect to the Internet and stream content directly to the TV. The increasing demand for 4K and HDR content which offer higher resolution and quality of video and audio can be delivered through set-top box that supports UHD and higher resolution and have advanced decoding and processing capabilities.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Set-Top Box Market Size in 2023: | USD 20.05 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 3.3% |
| 2024 – 2032 Value Projection: | USD 27.19 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 80 |
| Tables, Charts & Figures: | 52 |
| Segments covered: | Type, Recording, End User, Sales Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The rise of smart homes which integrated various devices and appliances to create a connected and convenient living environment. Smart set top boxes can be integrated with other smart home devices such as home automation systems smart speakers and cameras and offer voice control and remote access features.
Thus, the increasing availability of high-speed Internet and growing popularity of streaming services which enable user to access and enjoy various types of media content such as movies, shows, music’s from online platforms or local storage devices set-top boxes can enhance their user experience by offering them faster and smoother streaming better sound and picture quality and personalized recommendations.
The increasing inclination of consumers towards OTT platforms such as Netflix com Amazon prime which offer a variety of content and features to the user. OTT platform can be accessed through smart devices such as smart phones tablets laptops and smart tvs without the need for a set-top box especially in developed regions where broadband connectivity and OTT subscriptions are high.
The lack of standardization and interoperability also hinders the innovation and adoption of new technologies and services in the market.
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Set-Top Box Market Scope
