MUMBAI: The growing inclination of people towards ultra-high definition video viewing can be attributed as a major reason for the 4K Set-Top Box’s (STB) market growth. According to a report by Grand View research, the global 4K STB market size is projected to reach US$7.18 billion by 2024.
The demand for media-rich home entertainment services among consumers is increasing and is anticipated to fuel market growth. Improved standard of living owing to increased purchasing power is positively impacting the industry growth. The growth is further fostered by favorable government initiatives, large-scale digitization programs, and mandatory installation of set top boxes.
Valued at at over US$ 50 million in 2015, the is projected to witness high growth over the next eight years, especially in countries such as Korea, Taiwan, and China.
India is poised to emerge as a lucrative market for UHD STBs with the country expected to witness a CAGR substantially higher than the regional average. DTH operators like Tata Sky, Videocon, Airtel, etc have launched UHD STBs and are attempting to achieve a higher rural penetration with affordable regional packages.
The increasing penetration of 3D and 4K TVs and escalating demand for large screen displays are fueling the demand for Ultra High-Definition (UHD) STBs. Smart features such as STB operability through voice commands given by Remote Control Unit (RCU) is garnering high potential.
Internet Protocol Television (IPTV) 4K STBs accounted for over 20 per cent of the market share in 2015 and are expected to witness considerable growth over the forecast period. Increasing broadband penetration can be attributed as the major reason for the rise in the market share of IPTV 4K Set-top Box devices. The IPTV set top box product segment is projected to gain traction owing to benefits such as integration of TV, PC, home phone, and wireless devices offering a high quality of viewing experience to the end-users.
Key industry participants include ZTE Corporation, SAGEMCOM, Arion Technology, Roku Inc., and Infomir LLC. Manufacturers are emphasizing on UHD STBs incorporated with interactive 4K content to gain a competitive edge in the industry.
Technology giants such as Apple Inc. have managed to make their mark in this competitive industry. The Apple TV device aids the streaming of OTT content and other videos over the internet. The launch of advanced OTT devices such as Google Inc.’s Chromecast media streaming device and Amazon’s Fire TV STBs have opened up new avenues in the industry.
