The set-top boxes market has been projected to reach the value of US$ 35.2 Bn and extent at a CAGR of 6.4% in the foreseeable years from 2020 to 2030.
Increasing flexibility in the subscription models along with the rising requirement for smart TVs with dynamic content has been predicted to propel revenue generation opportunities in the set-top boxes market in the upcoming years. The users can avail more options with additional access to the services through smart TVs. YouTube, Netflix, and some other streaming services are some popular choices that are provided by the industry players. In addition to this, emerging subscription models across the industry are likely to serve with an increased number of choices that too with their rising counts on the basis of pay-per-channel models. This trend is apparent in the countries, for instance, the U.S. where HBO is in increased demand. In India, certain regulations have empowered the providers of set-up boxes to compete efficiently with the dynamic Internet content. Further, these services help the market players to make way for more choices and more competition for consumers. These trends are further expected to serve as revenue generators in the set-top boxes market in the near future.
The companies serving in the market are concentrating on quality to achieve the effectiveness of the set-top boxes. These companies are actively involved in the acquisition and integration strategies in order to reap the benefits of promotional success, distribution base, and partner innovation. Growing acceptance of novel and high-quality products for household appliances along with increasing global income is likely to fuel expansion opportunities in the set-top boxes market in the following years.
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COVID-19 Pandemic and Set-top Boxes Market
The sudden outbreak of the COVID-19 around the world has resulted in the lockdown imposition in order to curb the spread of injections. The lockdown has forced the global population to stay indoors which has further increased the application of online video. These factors are predicted to intensify the requirement for STB products. Along with this, growing consumer acceptance of digital and efficient STBs has been creating sales avenues in the set-top boxes market in the forthcoming years.
Rapid growth in the e-commerce sector has made the supply tasks of electronic products comparatively easier. Furthermore, the government regulations related to the limited bandwidth use of the high-volume speakers have been predicted to boost expansion opportunities in the set-top boxes market.
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Demand for High Resolution Video and High-Quality Sound Quality to Contribute Market Growth
In recent years, there has been a noticeable growth the television networks. Along with this, rapid advancements in digital broadcasting technologies have also been estimated to work as significant drivers for the set-top box market growth. Users around the world are looking for high-quality and seamless video streaming. There has also been an increased demand for profitable services, for instance, interactive videos, HD channels, and channel package subscriptions. In addition to these, the rising adoption of the set-top boxes among the global population has also increased at a noticeable pace. Thus, based on these factors, the set-top boxes market is likely to witness noteworthy growth opportunities.
A noticeable increase in the acquisition of smart TVs and significant growth of OTT (Over the Top) media services has enabled the viewers to access their preferred content without paying any additional cost. Along with this, numerous technological advancements, for example, IoT integration, Bluetooth connectivity, and dynamic sensors are also driving market growth avenues. Artificial intelligence, virtual reality, and support for interactive playgrounds have also enhanced the demand for set-top boxes. Implementation of the government policies authorizes set-top box installation in various countries. Thus, owing to these factors, the set-top boxes market has been predicted to grow significantly.
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