Increasing Adoption of Smart TVs Boosts Set Top Box Market Growth
According to our latest market study on "Set Top Box Market Size and Forecast (2021–2031), Regional Share, Trend, and Growth Opportunity Analysis — by Product Type, Torque, Speed, and End User," the market was valued at US$ 25.33 billion in 2024 and is anticipated to reach US$ 31.08 billion by 2031. It is estimated to register a CAGR of 3.1% during 2025–2031. The report includes growth prospects in light of current Set Top Box Market trends and driving the growth.
The rise of Smart TVs is increasing the need for improved connectivity and content accessibility. Smart TVs typically rely on set-top boxes to enable advanced features such as streaming services, live TV, and interactive applications. As consumers demand more seamless viewing experiences, the integration of set-top boxes with smart technologies—such as voice control, apps, and high-definition streaming—accelerates market growth. Additionally, the growing popularity of OTT platforms and digital content is fueling the demand for advanced set-top box solutions.
Set Top Box Market Analysis – by Geography
Set Top Box Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (IPTV, Satellite, Cable, and Others), Content Quality (Standard Definition (SD), High-Definition (HD), and 4K), and Geography
Set Top Box Market Size, Share, Growth & Forecast to 2031
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Source: The Insight Partners Analysis
The adoption of smart TVs is growing globally. Global adoption of Smart TVs is on the rise, driven by expanding internet access, growing demand for streaming services, and increasing integration of smart home ecosystems. For example, the Stream TV Insider report in March 2025 indicated that smart TVs were present in 83% of the 122 million TV households in the US and 77% of the total 133 million US households. Samsung leads the market with 67.8 million smart TVs in US homes, more than double the number of smart TVs installed by its closest competitor, LG. Moreover, in March 2024, ~19–20 million smart TVs in India are now connected to the internet, driven primarily by the growing adoption of fiber broadband. ~20–25 million urban households in India have access to fiber broadband, making it easier to connect smart TVs to the internet. Furthermore, the increasing prevalence of smart TVs in Italy reflects a shift toward digital viewing habits. As stated by Lorenzo Sassoli de Bianchi, President of Auditel, in October 2024, smart TVs (22.4 million) have surpassed traditional TVs (21.2 million) in terms of household penetration, highlighting this growing trend. Therefore, the increasing adoption of smart TVs among consumers propels the set top box market growth.
The scope of the Set Top Box Market report focuses on North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Russia, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In Europe, Germany held the largest Set Top Box Market share in 2024. The rising IPTV adoption, growing preference for on-demand streaming, enhanced broadband access, and telecom operators bundling content services to improve user experience and retention. In May 2024, Vodafone Germany expanded its TV and entertainment portfolio with the launch of its latest Android TV-based GigaTV set-top box and a new CI+ module. These innovations are designed to enhance the viewing experience for its 12 million TV customers, reinforcing the company's commitment to delivering advanced, user-centric solutions in the evolving digital entertainment landscape. GigaTV provides an integrated entertainment solution that combines a broad selection of live TV channels, streaming platforms, media libraries, and video-on-demand services. With support for both cable and Internet-based viewing through a single device, it delivers a seamless and versatile user experience. Thus, all the above factors are likely to impact the Set Top Box Market forecast.
In North America, the US held the largest Set Top Box Market share in 2024. Smart TVs are becoming more prevalent in US households, fueled by the popularity of streaming services and advancements in display technology. According to the StreamTV Insider report, in 2025, smart TVs represented 83% of the 122 million TV households in the US and 77% of the total 133 million US households. Samsung leads the market with 67.8 million smart TVs installed in US homes, more than double the number of its nearest competitor, LG. In recent years, "IPTV United States" has emerged as a prominent term in the American entertainment industry. In the US, IPTV refers to television services delivered through internet protocol instead of conventional terrestrial, satellite, or cable platforms. Essentially, it enables users to stream live TV channels, on-demand content, and exclusive events over the Internet across multiple devices. As more consumers move away from traditional cable and satellite TV, IPTV (Internet Protocol Television) is transforming the way Americans access and enjoy their preferred shows, movies, sports, and live events.
Advanced Digital Broadcast SA, CommScope Holding Co Inc, Huawei Technologies Co Ltd, Humax Co Ltd, Kaonmedia Co Ltd, SagemCom UK Ltd, Shenzhen Skyworth Digital Technology Co Ltd, EchoStar Corporation (DISH Network L.L.C.), Vantiva, Shenzhen Coship Electronics Co Ltd, and Apple Inc are among the key players profiled in the Set Top Box Market report. Several other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The market study provides detailed market insights, which help the key players strategize their growth.
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