The Global smart television market is expected to register a CAGR of 3. 17%, while the global set-top box market is expected to register a CAGR of -1. 50% during the forecast period (2022-2027).
New York, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Television and Set-Top Box Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06227806/?utm_source=GNW Key Highlights The television industry is witnessing a spike in growth due to the various technological advancements and the growing adoption of smart home technologies across the world. Vendors across the globe are making significant innovations to their products to cater to customer needs and market requirements. The government regulations mandating the installation of set-top boxes, deployment of open OS-based devices by STB vendors, and analog switch-off transition in emerging countries are further driving the demand of the STB market. For instance, the Government of India has made STBs compulsory through an amendment to the Cable Television Networks (Regulation) Act. Set-top boxes provide a better viewing experience because of digital signals and help in preventing illegal channels from being broadcasted in India. The demand for better picture resolution, in line with the increase in the sales of high-definition TVs, is also pushing the growth of the market for the set-top box, which delivers HD and UHD content. However, the Consumer Technology Association (CTA) predicted that television shipments in the United States would drop 8% to 43 million units in 2021, according to its latest "Tech Trends to Watch" research. The COVID-19 pandemic led to lockdowns imposed by the government to curb the spread of the virus. The lockdown imposed across countries has affected the supply chains of various telecom service providers. In September 2021, Airtel DTH arm announced plans to stop imports of high-definition set-top boxes by the end of 2021 to tackle the COVID-19 induced supply chain disruption and make locally-developed set-top boxes. Tata Sky, Airtel’s major competitor, partnered with Technicolor for the domestic production of set-top boxes in India. Key Market Trends High levels of technological innovations to drive the market The adoption of Artificial Intelligence in set-top boxes has been increasing, as it helps in enhancing the picture quality of STB devices. In October 2021, SK Broadband announced the launch of AI Sound Max. This set-top box combines the lasted artificial intelligence with the audio technology from Danish luxury audio company Bang & Olufsen. Furthermore, AI technology improves the voice functions for complex applications and helps in improving customer experience. There has been the introduction of new voice technologies to navigate content. Specifically, the Android set-top boxes come with many applications related to gaming, OTT platforms, and music. These heavy applications need a processor, which ensures smooth running, improving the engagement of viewers. There is a strong demand for an Android TV set-top box, as it offers better picture quality and sound quality, along with access to streaming content. In August 2021, Sumitomo Electric announced that its BS4K*1 set-top box powered by Android TV exceeded a cumulative domestic shipment of one million units in May 2021. According to the company, the sales were influenced by the pandemic. In October 2021, the Czech Republic-based media platform provider nangu.TV unveiled a new 4K UHD Android TV Operator Tier set-top box. The company partnered with Orange Slovensko, CommScope, and Viaccess Orca. It recently launched in Slovakia and gave Orange customers a live and on-demand streaming entertainment experience. Asia Pacific Account for Largest growing Market The Asia Pacific region is one of the prominent regions when it comes to subscription video on demand (SVOD) subscribers. According to the data published by Digital TV Research, the Asia Pacific region is anticipated to have 698 million SVOD subscriptions by 2026. This figure is up by almost 39% from 2021 levels, where the SVOD subscriptions stood at 502 million. Moreover, countries such as China are expected to significantly contribute to SVOD subscriptions, with 354 million subscriptions by 2026. Therefore, the rising SVOD subscriptions, coupled with the growing inclination toward large-screen displays, are anticipated to propel the market’s growth over the forecast period. In January 2022, Sony Electronics announced the launch of the BRAVIA XR television series, which includes MASTER Series Z9K 8K and X95K 4K Mini LED models, MASTER Series A90K, MASTER Series A95K, A80K 4K OLED models, and X90K 4K LED model. Powered by Cognitive Processor XR, the unique XR Backlight Master Drive precisely controls with its latest generation Mini LED backlight in the Z9K and X95K series for incredible brightness. These innovations enable the company to deliver the best and most immersive viewing experiences, authentically delivering the creator’s true intent. Moreover, according to one of the company’s representatives in the Asia Pacific region, the company is committed to offering an enhanced viewing experience to the viewers. Over-the-top (OTT) video has hit critical mass across various regions globally, and the Asia Pacific is no exception. The global pandemic has augmented existing digital consumption trends, propelling OTT from a niche offering into the mainstream. Asia Pacific is already home to a diverse ecosystem of local, regional, and global OTT players offering a variety of subscription and ad-funded access models with a vibrant mix of local and international content — and there’s massive growth ahead as the ecosystem continues to evolve. According to the Indian arm of Netflix, India is one of the most promising countries in the world, with more than 200 million potential TV households and still underpenetrated. Smart televisions have become more affordable over the past couple of years and represent most new TVs sold. Moreover, according to the company, Indian people love connecting to the internet and streaming their favorite films and series on demand. Also, the company witnesses an ever-growing need among audiences to watch Netflix on a smart TV, at home, with their family. Therefore, the positive outlook of such renowned companies towards the Indian market represents the expanding market growth of smart TVs in the country. According to the data released by the Telecom Regulatory Authority of India (TRAI), Cable and direct-to-home television service providers ceded ground to streaming services during the pandemic as Netflix, Amazon Prime Video, and AltBalaji reached a significant number of subscribers while the combined user base of cable TV operators and DTH companies declined by 4.1 million in the year through March 2021. On similar lines, telecom DTH providers are also partnering with OTT players to offer complete entertainment content. In September 2021, Vodafone Idea announced that the telecom industry is undergoing a digital transformation due to the growing consumption of over-the-top (OTT) platforms along with the Internet of Things (IoT) acceleration. The company partnered with local OTT platforms such as Voot Select Sun NXT, among others. Competitive Landscape The Smart Television Market is Highly concentrated due to the high initial investments and few dominant players in the market. Some of the key players in the market are Samsung, TLC, LG, etc. However, the set-top box market is fragmented due to the presence of multiple players and regional providers. Some recent development in the market includes: February 2021 - LG Electronics announced the global rollout of its 2021 TVs. The new line-up features new OLED, QNED Mini LED, and NanoCell TVs. The range of screen sizes begins from 43 inches to 88 inches. LG’s 2021 OLED TV technology is featured in the Z1, G1, C1, B1, and A1 series. All models in the G1 series feature the new OLED Evo technology that the company claims delivers better luminosity for higher brightness. The C1 series offers the most screen size options, starting with the 48-inch up till 83-inch. November 2021 - The Australian TV operator Foxtel partnered with Commscope to launch its new iQ5 streaming set-top box. The iQ5 STB offers over 50,000 hours of content in 4K UHD. Its stacked design features a detachable 1TB hard drive and access to streaming apps including Netflix, YouTube, ABC iView, SBS On Demand, Amazon Prime, Vevo, and coming soon to the Foxtel platform, Paramount+, and 10Play. Commscope has provided Foxtel with a fully managed service to design, develop, and deploy its flagship set-top box software for iQ5. It also leans on Commscope’s ECO Service Management Solutions for device automation. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06227806/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________
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