The Latin America, Middle East and Africa Set Top Box Market would witness market growth of 5.2% CAGR during the forecast period (2021-2027).
Governments in developing countries have made rules mandating the installation of set-top boxes. And, STB companies' deployment of open OS-based devices, and analogue switch-off transition in developing countries are all factors behind the increasing demand for STBs.
With rising disposable income and a growing middle-class population in developing countries, consumer demand for media-rich home entertainment services is on the rise. As a result, the market incumbents are seeing new opportunities since demand for next-generation Set Top Boxes (STBs) that can support internet-based services, Video on Demand (VoD), and television transmission grows.
Due to the enhanced and personalized experience that Android STBs can provide, there is a substantial increase in demand for them. Along with that, the demand for Android STBs is being fueled by features such as a vibrant app ecosystem, voice recognition, TV Input Framework (TVIF), and video conferencing. Multiple connectivity choices, such as Wi-Fi, Ethernet, HDMI, and Bluetooth, are also boosting demand for the most recent STB models. The incorporation of modern technologies in the latest STB models, such as Bluetooth Low Energy (BLE), voice-enabled remote, and Full HD and 4K/8K resolution support, to set them apart from conventional set top boxes, also presents significant growth potential for the market throughout the forecast period.
The growing popularity of over-the-top (OTT) services in the Latin American region has prompted manufacturers to release new IPTV and hybrid STBs. Claro Company, for example, debuted the Hybrid Claro TV Box in all Latin American nations in April 2021. Through multiple OTT platforms, this STB enables access to free-to-air networks, Facebook Watch, YouTube, and diverse material from America Movils Brazilian. Furthermore, in October 2020, Izzitv teamed with Mirada, a Mexican firm, to develop an Android Hybrid STB that supports foreign channels and VoD services and is equipped with Android OS features such as the Google Play Store.
Latin America is predicted to be a flourishing market for set-top box services in the upcoming time period. Due to intense competition between regional internet service providers across the region, the public have gotten access to high speed internet at a relatively low price. Several government-approved digitization projects have sparked demand for advanced set-top boxes at the same time.
The Brazil market dominated the LAMEA Set Top Box Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $665.8 Million by 2027. The Argentina market is poised to grow at a CAGR of 5.8% during (2021 - 2027). Additionally, The UAE market would experience a CAGR of 5% during (2021 - 2027).
Based on Product, the market is segmented into Cable, Satellite, DTT, IPTV, and OTT. Based on Resolution, the market is segmented into HD & FHD, SD, 4K & Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Set Top Box Market is Predict to reach $28.7 Billion by 2027, at a CAGR of 3.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LG CNS Co., Ltd., Advanced Digital Broadcast SA, Shenzhen Cozhou Electronics Co., Ltd., EchoStar Corporation, Kaonmedia Co., Ltd., Sagemcom Broadband SAS, Technicolor SA, CommScope Holding Company, Inc., Samsung Electronics Co., Ltd., and Huawei Technologies Co., Ltd.
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