Sarasota, FL -- (SBWIRE) -- 12/13/2018 -- Zion Market Research has published a new report titled "4K Set-Top Box Market by Product (Internet Protocol Television (IPTV), Digital Terrestrial Television (DTT), Over-The-Top Set-Top Boxes (OTT), Satellite, and Hybrid) and by Application (Residential and Commercial): Global Industry Perspective, Comprehensive Analysis,and Forecast, 2017 – 2024". According to the report, the global 4k set-top box market was valued USD 447 million in 2017 and is expected to reach around USD 3,091 million by 2024, at a CAGR approximately 32.75% for the forecast period from 2018 to 2024.

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The rising demand for 4K entertainment and the increasing availability of UHD channels with the presence of prominent international market players are anticipated to accelerate the overall growth of the 4K set-top box market in the forecast timeframe. Moreover, the decrease in the prices of smart TVs is predicted to be the key factor driving the growth of the global 4K set-top box market. In contrast, the lack of data storage infrastructure and high-speed internet connections are likely to hinder this market's development.

The 4K set-top box market is segregated based on product and application. By product, the 4K set-top box market is categorized into Digital Terrestrial Television (DTT), satellite, Internet Protocol Television (IPTV), Over-The-Top set-top boxes (OTT), and hybrid. Among these, the IPTV segment held the largest market share in 2017and is anticipated to witness a substantial rate of growth over the forecast timeframe. Increasing penetration of broadband is the key factor driving this segment growth in the 4K set-top box market. Moreover, the IPTV segment is expected to gain traction due to its various benefits, such as integration of PC, TV, wireless devices, and home phones to offer high-quality viewing or screen experience to the end-users. By application, the 4K set-top box market includes residential and commercial.

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By region, the 4K set-top box market is divided into five main regions: North America, AsiaPacific, Europe, the Middle East, and Africa, and Latin America. North America is expected to hold the largest share of the 4K set-top box market in the future, owing to the high disposable income of the population. The rising demand for high-resolution videos and images and the increasing implementation of 4K cameras are some other reasons for boosting the demand for the 4K set-top box market in the region. The Asia Pacific region is also expected to witness a significant rate of growth due to the rising popularity of wireless connectivity.

Several television operator companies are majorly focusing on expanding their product and service line-ups by incorporating advanced features. For instance, the digital broadcast providers, such as Airtel, Tata Sky, etc., are offering 4K set-top boxes with enhanced viewing experience and ultra HD video quality. Moreover, most companies offering 4K set-top box have exchange offers, where the consumers can upgrade their old set-top box to a new 4K set-top box, with some additional service charges.

Some prominent players in the global 4K set-top box market include ZTE Corporation, Arion Technology, Amazon, EchoStar Corporation, Humax Consumer Electronics Company, Inspur Information Technology Company, Infomir LLC, MStar Semiconductor, Inc., Roku Inc., SAGEMCOM, Technicolor SA, and Vestel Company, among others.

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This report segments the global 4K set-top box market as follows:

Global 4KSet-Top Box Market: By Product

Internet Protocol Television (IPTV)
Digital Terrestrial Television (DTT)
Over-The-Top set-top boxes (OTT)
Satellite
Hybrid

Global 4K Set-Top BoxMarket: By Application

Residential
Commercial

Global 4K Set-Top Box Market: By Region

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa